Reformed Art. 66 Of The Promotion For Financial System Development Law.

Original Language Title: Refórmase el Art. 66 de la LEY DEL SISTEMA FINANCIERO PARA FOMENTO AL DESARROLLO.

Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/reformase-el-art.-66-de-la-ley-del-sistema-financiero-para-el-fomento-al-desarrollo/archivo_documento_legislativo



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DECREE No. 18 THE LEGISLATURE OF THE REPUBLIC OF EL SALVADOR, CONSIDERING
:
I. That pursuant to Section 101 paragraph two of the Constitution, the State shall promote
economic and social development by increasing production, productivity and the rational use of resources. Same purpose will encourage the various sectors of production.
II.- by Legislative Decree No. 847, dated September 22, 2011, published in the Official Gazette No. 197, Volume No. 393, October 21
same year, he issued Financial System law for Development Promotion; in the Act Development Bank of El Salvador, Bandesal, which will have as its main objective to promote, with financial and technical support, development projects
viable and profitable of the country's productive sectors investment is created.
III that the law gives the possibility to cooperative associations to access credit; however, it is necessary to provide them with better facilities
order to promote their development. So it is necessary to reform the Financial System Law for Promoting Development in order to provide better options in obtaining credit.
THEREFORE,
in exercise of its constitutional powers and initiative of Deputy Francisco José Zablah Safie,
DECREES the following LAW reform
FINANCIAL SYSTEM TO PROMOTE DEVELOPMENT
Art . 1. Intercálase one second paragraph to Article 66, as follows:.
"In the case of Cooperatives Associations, with resources of the Fund, may grant loans up to 95% of the amount of the project, when they with a value of up to one hundred thousand dollars of the United States of America
;.. and even 90% of the amount of the project when it exceeds the above amount "
Art 2. this Decree shall enter into force eight days after its publication in the Official Journal
GIVEN iN tHE BLUE ROOM oF tHE LEGISLATIVE PALACE:.. San Salvador, on the eleventh day of June of the year two thousand and fifteen

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LORENA GUADALUPE MENDOZA PEÑA, PRESIDENT.
GUILLERMO ANTONIO NAVARRETE GALLEGOS Ana Vilma Albanez de Escobar, FIRST VICE. SECOND VICE PRESIDENT.
ORANTES SERAFIN JOSE RODRIGUEZ, NORMAN NOEL GONZALEZ Quijano, THIRD VICE. FOURTH VICE.
SANTIAGO FLORES ALFARO, FIFTH VICE.
GUILLERMO FRANCISCO MATA BENNETT, DAVID ERNESTO MOLINA REYES, First Secretary. Second Secretary.
MARIO ALBERTO GUERRERO TENORIO, REYNALDO ANTONIO LOPEZ Cardoza Third Secretary. Fourth secretary.
JACKELINE AVALOS NOEMI RIVERA, JORGE ALBERTO ESCOBAR BERNAL, QUINTA Secretariat. SIXTH SECRETARY.
ABILIO Orestes MENJIVAR RODRIGUEZ, JOSE FRANCISCO LOPEZ MERINO, seventh Secretary. EIGHTH SECRETARY.
PRESIDENTIAL HOUSE: San Salvador, on the thirtieth day of June in the year two thousand and fifteen.
Published, Salvador Sanchez Ceren,
President of the Republic.
Juan Ramon Caceres Carlos Enrique Chavez, Minister of Finance.
OJ No. 117 Volume No. 407
Date: June 30, 2015 SV
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Adar 07/23/2015 LEGISLATIVE INDEX