This Tuesday the President of the Republic, Carlos Alvarado Quesada, signed the Usury Law, designed to protect people from the crime of credit usury.
“This law manages to put a stop to high interest rates to alleviate the pocket of Costa Rican households and alleviate the overindebtedness that exists in the country. This was a commitment from the campaign that I am very pleased to fulfill. ”
“I want to express my gratitude to the proposing deputies and to those who promoted this initiative such as deputy Welmer Ramos, David Gourzong and the deputy María Vita Monge who, together with our push, made this a reality today,” said the president.
With the law, articles 36 bis, 36 ter and 36 quarter are added to Law 7472, Law of Promotion of Competition and Effective Defense of the Consumer of December 20, 1994.
For the Minister of the Economy, Victoria Hernández Mora, “this regulation is a valuable opportunity to provide the population and companies with more information when it comes to establishing and evaluating financial products, allowing them fairer and more balanced relationships in their credit operations.”
This regulation is not retroactive, so it will benefit those who acquire their credits after the law comes into force.