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Tuesday, June 23, 2020Law
against loan-sharking
interest rate enacted By the A.M. Costa Rica staff On Saturday, the Usury Law No.9859, also called loan sharking law against expensive interests, was published in the government newspaper, La Gaceta. The new law establishes a methodology to be used in setting the maximum interest rate applied in credit cards and loans. "This law manages to put a limit on high rates," said President Carlos Alvarado during the signature of the new law last week. The law establishes the methodology that the Central Bank of Costa Rica must use to set the maximum interest rate, twice a year: in July and January. The bank rate percentage will apply to all other banks and financial entities that issue credit cards and loans. Also it will set that the charges for carrying out administrative procedures may not, under any circumstances, exceed the amount equivalent to 5% of the part of the principal payment. Nor can it ever be more than $12 dollars. This fine, in addition, may only be applied from the fifth day of delay, and may not be applied more than once a month. This law is not retroactive, so it will only apply to new loans and credit cards produced by banks after law publication. ------------------------------ What have you heard about high-interest charges on credit cards? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com ---------------------------------------------
AM Costa Rica notice With the U.S. general elections less than five months away, A.M. Costa Rica wishes to encourage participation by readers. The newspaper welcomes paid political advertising at standard rates but requires clear identification of those individuals or organizations placing the ad. And the ad must carry a line stating exactly who placed the ad along with contact information, perhaps an email address. In addition, the newspaper will require a complete identification of those placing the ad, including address and telephone number for its records. The newspaper will continue to publish local or international news stories with political content at the discretion of the editor and based on the news value of the information. ---------------------------------------------
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