In a plenary session on February 10, 2021, the Congress of the Republic approved Decree 2-2021 ordering the Leasing Law, which will enter into force once it is validated by the Presidency of the Republic and published in the Official Gazette, as expected to happen in the next few days.
With the entry into force of the Leasing Law, financial leasing becomes part of the range of regulated operations. The Decree recognizes Leasing in the following ways: a) Financial with purchase option; b) Housing or housing finance; c) Real estate finance; and d) Operational.
We consider it prudent to note that legal persons (entities) that carry out leasing operations as lessors must include this activity in their corporate purpose. In the case of financial entities supervised by the Superintendency of Banks, specific regulatory provisions will be issued.
In addition to the regulation of leasing modalities, the Decree includes the determination of the rights and obligations of the supplier, the lessor, and the lessee. It also regulates the basic contractual stipulations to be taken into account in contracts and procedures to enforce the purchase option. Finally, the Decree stipulates a specific process for execution due to breach of contract.
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