Decree 519,Through which a New Type of Microcredit is Established

Share: 

This decree establishes two new types of credit: microcredit and cnsumption credit.The rate of active operations will be analyzed through a methodology which will be published by the Financial Regulator of Colombia. The regulator will store the financial and accounting information that will be distributed to credit establishments.

The interest rates of microcredit and consumption credit must be certified. The base interest rate published by the regulator must be considered when calculating the interest rate for all credit operations. The limits for housing credit interest rates will be established by the Bank’s Board of Directors. These limits should follow the Constitutional Court’s guidelines on the matter.

Document Details

Title (Non-English): 
Decreto 519 por el cual se crea la Nueva Modalidad de Microcrédito
Document Type: 
Document Topic: 
Doument Author (Entity): 
Authoring Country: 
Originating Country or Trade Block: 
Issue Status: 
Year of Document: 
2007
Date of Document: 
Tuesday, February 26, 2008
Document Authors: 
Finance and Public Credit Ministry of Colombia
Language (This Document): 
Spanish

Legal Disclaimer: The content appearing on this site is for general information purposes only and made available on an "AS-IS" basis. The law is subject to change and no representation or warranty is made with regard to accuracy or fitness for a particular purpose.