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How does the new usury law change credit in Costa Rica?

(QCOSTARICA) On June 20, 2020, the Usury Law went into effect in Costa Rica after being published in the official government newsletter, La Gaceta, which establishes the methodology to be used to set the maximum interest rate, from which the crime of usury will...

President signs law to regulate usury

(QCOSTARICA) On Tuesday, President Carlos Alvarado signed into law the usury law that sets a maximum interest rate of 39% loans in colones and 31.5% in dollars for loans of ¢675,000 colones and higher. For loans of less than ¢675,000, classified as microcredit, the rate...

Costa Rica Usury Rate Defined

Legislators of the Legislative Committee on Tax Matters negotiated to establish a ceiling of a 55% interest rate on loans of less than ¢675,000 colones, and 39.4% for loan amounts over. Those rates are based on a technical calculation that is currently still part of...

Government wants to punish usury: the first thing is to define the interest rate

Within the bill that would allow people with a high indebtedness to consolidate their loans, with lower rates and longer terms, to pay a lower monthly fee, the government of Carlos Alvarado will include an article for the Central Bank to define what range...

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