Economy September 10, 2019 | 10:43 am

Banks await Real Estate Guarantee Law

Santo Domingo.- The Association of Commercial Banks of the Dominican Republic (ABA) welcomes the approval, by the Chamber of Deputies, of the bill for the Real Estate Guarantee Law and said it expects the initiative to pass in the Senate in the short term.

“This legislation reinforces the legal security to do business in the country and will be highly beneficial for small and medium-sized businesses, as it will allow more dynamic credit directed to this sector that makes up the largest part of the productive chain of the economy,” said the organization that groups the country’s multiple banks.

The ABA stressed that the legislation, as conceived, guarantees the protection to the creditors regarding the real property guarantees on which transactions are generated, “which facilitates the granting of loans covered by these guarantees.”