Central Bank submits plan to regulate consumer credit

ORANJESTAD – The Central Bank of Aruba recently submitted a proposal to Finance Minister Angel Bermudez for the regulation of consumer credit, the Amigoe reported yesterday. The main objective of the initiative law is to make sure that consumers are sufficiently informed before contracting a loan.

The bank also wants to set a limit for the interest moneylenders are allowed to charge; it also wants to prevent that consumers are able to borrow more than they are able to pay back. The proposal is on the desk of Minister Bermudez, the Central Bank reports in its annual supervision report for the financial sector.

The proposal does not mention the establishment of a credit registration bureau, as proposed earlier by the Caribbean Credit Bureau. This organization hosted a mini conference about credit registration on Aruba in 2014.

Source: Today SXM Central Bank submits plan to regulate consumer credit