ENP Newswire - 15 January 2014 Release date- 14012014 - Central Bank publishes Fees Legal Maxims of Law against usury force in the first half of 2014. The Central Bank introduced the Maximum Legal Rate applied to loans which by their nature, are not located in any of the established loan segments, as required by Article 7 of the Law on Usury, will be 189.66% for Next semester, they said spokesmen of the institution.Legal to be applied to loans which by their nature, are not located in any of the established loan segments, as required by Article 7 of the Law on Usury, will be 189.66% for next semester, said spokesmen for the institution. This is the maximum ceiling rate that can be charged on a loan and is the highest of those applied to eighteen segments. Will run from February 3 to July 31, 2014 , the source added. Most legal maximum rates calculated for the segments have been significant reductions, highlighting the highest, compared to the previous semester, has been reduced by 40.53 percentage points, going from 230.19% in July 2013 to 189.66% in January 2014 . ( See table attached ). The Top Legal Fees will be published on January 15, 2014 , pursuant to Article 8 of the Law The table contains the effective interest rate ceilings and credit contains five segments according to their destination, as indicated in Article 5 of the Law . Each segment is broken by ranges of amounts of credit granted based on the number of urban minimum wages in the trade sector, the Central Bank said.destination , as indicated in Article 5 of the Law Each segment is broken by ranges of amounts of credit granted based on the number of urban minimum wages in the trade sector, the Central Bank said. These rates have been calculated with the information provided by creditors on new loans during the second half of 2013, corresponding to Consumption, Credit, Housing, Business and Microcredit Multidestino. With this information eighteen loans ranges are established and Legal Maxims rates are calculated for each range, as required by the Law on Usury, which are the maximum effective rate ceiling which can be charged on credit operations. The information has been enriched by expanding the number of creditors who submitted their information to the Central Bank for the calculation of the maximum legal rate, so now has better information. The Central Bank explained that the effective interest rate that is charged for a loan, including all fees and costs associated with credit at the time was hired. The Central Bank asked creditors review the Legal Maximum Rate published by the institution and place the credit segment serving as the amount awarded at the time that the loan contracted or negotiated, verify the Maximum Legal Rate rightful so that its operations do not exceed the legal limit. Given the effect of the publication, any borrower or natural or juridical person who has received a loan from a creditor, they can compare the effective rate of interest charged on your loan will respect to Maximum Legal Fees published. If this rate exceeds the Maximum Legal Rate, you can ask your creditor to apply the appropriate rate. If not resolve your case with the creditor, you can arrogate the Consumer Advocate , if your creditor is not supervised by the Superintendency of the Financial System or in the case where it is a supervised institution, you can arrange in the latter institution. The Central Bank is available on its website ( www.bcr.gob.sv / Button: Law against Usury, homepage) a calculator to facilitate users to establish their effective interest rate, so they can make the corresponding comparison with published rates for the purposes of the Law Against Usury.
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