Celso Juan Marranzini, the boss of the Dominican Republic Association of Industries (AIRD) is asking the government to speed up the implementation of Law 45-20, also known as the Law on Chattel Guarantees or “security agreements.” The legislation should have been implemented in December 2019. The law authorizes that movable property, or chattel, guarantees a loan, and the lender holds an interest in it. This differs from a conventional mortgage in which the loan is secured by a lien on real stationary property.
For Marranzini, the law provides business and industries access to credit under more favorable conditions and could not be more timely in these Covid-19 epidemic days.
He made the remarks when introducing the presentation by Maria del Pilar Bonilla on “Secured Transactions: A Tool for Access to Credit.”
Also participating in the webinar were Vice Minister for Small Business Ignacio Méndez. The event was moderated by Circe Almánzar, executive vice president of AIRD.
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El Caribe.
11 May 2020