On May 6, Congressman Hans Troyes (Acción Popular – opposition) presented a bill to partially modify the setting of interest and commissions rates in the financial system to prevent abusive fees being set for bank users. The measure is expected to be submitted to committee in the coming weeks.
The regulations seek to reform Article 9 of the General Law of the Financial System, establishing that companies in the financial system may set compensatory, moratorium and penalty interest rates. However, additional costs or commissions may only be applied with prior justification and approval on the part of the Banking Superintendency.
In addition, should they wish to establish compensatory interest rates, they must observe the limits established by the Central Bank, taken as reference. However, insurance companies are allowed to freely determine the conditions of their policies, commissions and rates.