Committee begins study of draft Organic Monetary Code
11 enero 2019

On January 9, the Economic Regime Committee met to present a draft bill reforming the Organic Monetary and Financial Code. The text proposes that the entities of the financial system, except for in certain cases, may not charge for the provision of any services save for those that are financial. This draft, which until now had yet to begin its legislative process, will continue to be studied by the committee.

 

Henry Cucalón (Social Christian Party – opposition), author of the draft that entered the Assembly in October 2018, explained that the aim of his proposal is to regulate charges for non-financial services by preventing “any kind of abuse against users of the system”. This proposed article establishes that the entities of the national financial system may not levy any charge for the provision of services other than financial ones, on behalf of third parties, if they do not comply with the regulation issued by the Board or do not have the prior and express acceptance of the user.

 

In this context, the legislator pointed out that the fees charged by financial institutions that cannot be verified under this modality should be reinstated, without prejudice to any penalties that may apply. The project will continue to be studied by the Economic Regime Committee.

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