Panama: Financieringsmaatschappijen
From Handelswijzer Midden-Amerika
The law defines finance companies as natural or legal persons that offer to the public loans or financing facilities in cash. At December 2005, 136 finance companies were operating, governed by Law No. 42 of 23 July 2001 and Law No. 33 of 26 June 2002. At the same date, these companies' total assets were B 599 million, of which some three-quarters were personal loans. Since 2006, activities by finance companies have been open to foreign investors pursuant to Resolution No. 18 of 15 February 2006.
The MICI's Finance Companies Department is the body that governs, controls and regulates finance companies. The latter must have minimum paid up registered capital of B 500,000. They may freely determine the amount of the nominal interest rate for their transactions and the effective interest rate charged, but must indicate in their advertising, quotations and loan agreements the effective interest rate charged, calculated according to the method provided in the Law on Finance Companies. Finance companies granting loans exceeding B 5,000 are subject to a deduction of 1 per cent for the FECI.
Bron: Organization of American State's Foreign Trade Information System (SICE)
