Parliamentary opinion on consumer rights law in Nicaragua

29 Jan 2021 0: 5
MANAGUA, January 29 (Prinsa Latina) The Economy and Budget Committee of the National Assembly (Parliament) in Nicaragua today has the powers to express an opinion on the initial draft of the reform of the Consumer Rights and Protection Act.

The digital newsletter Pastrán Report states that the novelty of the legal rule proposed by the Sandinista Front Council is that it would consider the state “a consumer and a user”, for both basic and financial services.

According to the legal text, the Central Bank of Nicaragua will be merged between the regulatory entities in the case of financial services, in order to regulate the commercial activity of remittance service providers, and those designated for the sale and exchange of currencies.

The reform of the law also aims to strengthen the right of users of financial services, who will provide them with protection in the event of unilateral cancelation or suspension of contracts.

Economist Freddy Cruz told La Primerísima radio that the law is positive because it will strengthen the rights of users of financial services such as small and medium-sized companies.

He described the relationship between clients and financial institutions as unequal, and for this there are many complaints about breaches of contracts signed between the two parties.

The economist explained that there is a public complaint about late interest charges, with inflated interest rates.

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