President Carlos Alvarado said that from January the government will prioritize in Congress the approval of the bill to set ceilings on the collection of interest from credit operations, to curb usury..
When legislators return to their duties, on January 13th, the Congress will continue until April 30th in extraordinary sessions. In this period, the Presidential House manages the agenda of legislators.
This bill that would set ceilings on the collection of interest on credit operations to stop usury divides the legislators. Four benches represented in the Committee on Tax Affairs argue that it is urgent to stop the collection of disproportionate interests that drown thousands of Costa Rican families.
However, the legislators from the National Restoration (PRN), Social Christian Republican (PRSC) and independent Erick Rodríguez, who oppose the wording of the text, say that the solution could be more expensive than the problem.
According to the bill, which would be issued within several weeks in the Committee on Tax Affairs, the Central Bank of Costa Rica (BCCR) would set the annual maximum ceilings for the collection of interest on credit operations in colones and dollars.
With the methodology accepted by the majority of the commission, the maximum annual rate in colones would be 30.18%, and in dollars 15.31%, according to calculations made by the Central Bank. Charging interest above those caps would be considered usury and would be punished by the law.
I hope that this bill will be a reality starting next year, to be voted on. What I asked for was that the technical discussion be expanded. I hope it comes true soon. When a credit is given there is a two-way responsibility, the one who receives the loan and the one who lends. The project will continue,”
said Alvarado.