Secured Transactions Law comes into effect on January 2011
On January 28, 2010, Decree No. 182-2009 on the Securitization Law, was published in the Official Gazette of Honduras; its Regulation should be approved and come into effect in January 2011.
The purpose of this Law is to increase credit access, as it broadens the spectrum of assets, rights or actions to be used as guarantee. These guarantees, shall be registered in a secured transactions registry, operated by the Chamber of Commerce and Industry of Tegucigalpa under the supervision of the Land Registry.
The coming into force of this Law, will allow small and medium-sized farmers to gain access to credit more easily as the Secured Transactions Law will create a dynamics for funding and foreclosure of guarantees in the case of defaults.
The Secured Transaction Law will increase credit access for small and medium-sized farmers.
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