Court Upholds Maximum Annual Percentage Rate (“APR”) of 27% Set by the CBCS, while Adjusting the Transition Period and Establishing a Distinct Maximum for Three-Month Loans. | SMN NEWS

Willemstad/Philipsburg:— By decisions addressed to lenders in Curaçao and Sint Maarten, the Centrale Bank van Curaçao en Sint Maarten (CBCS) has established a maximum APR of 27 percent. The maximum APR consists of the total costs of the credit, expressed as an annual percentage of the total credit amount. The maximum APR is intended to protect consumers from usurious interest rates and excessive credit costs.
Four lenders appealed this measure by the CBCS up to the highest court. On February 1, 2021, the Joint Court of Justice ruled1 in this case that:
1 https://uitspraken.rechtspraak.nl/inziendocument?id=ECLI:NL:OGHACMB:2021:32&showbutton=true
1. The ...

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