Spanish
The Association of Multiple Banks of the Dominican Republic (ABA) considered the approval of the Law regulating withholding orders in the country as urgent and of high interest, whose revision proposal was led by the Superintendency of Banks, in order to guarantee the rights of financial users and avoid arbitrariness as a result of these legal processes.
The ABA argued that the withholding embargo has become a mechanism of coercion, frequently used without clear criteria or adequate mechanisms of prior judicial control, which generates distortions that translate into legal uncertainty and economic effects for financial users.
In a press document, he expressed his hope that Congress will prioritize this regulation in the legislature that is just beginning, considering that it would largely avoid abuses against users of the financial system, especially those with fewer resources and who cannot afford adequate legal representation to resolve the situation of conservatory measures that are hindering them, without any basis.
He cited among the main distortions recorded: the presentation of embargoes without valid credit titles, mass embargoes in a single act of a bailiff on unrelated clients or credits, and embargoes that are carried out repeatedly on the same credit, after a court has ordered its lifting previously.
The ABA thanked the congressmen for their receptiveness and understanding regarding the complexity of the problem that exists with these processes, although it observed that a consensus has not yet been reached for the bill to be known and approved.
The considerations of the banking guild were presented through a letter sent during the last legislature to Senator Antonio Taveras Guzmán, proponent of one of three projects under study in the Senate's Justice and Human Rights Commission. The other two pieces are authored by Senators Cristóbal Castillo Liriano and Ricardo de los Santos Polanco.
In a press document, the banking guild indicated that this situation has become a source of uncertainty, weakening confidence in the judicial and financial system of the Dominican Republic.
"The essence of this regulation is to guarantee the effective protection of the rights of all parties involved, promoting transparency and ensuring that embargoes are carried out exclusively when there are legitimate, duly proven causes," assured the ABA.
"Our country requires to have, within its legal system, a regulation that clearly establishes the requirements, conditions, and procedures for the correct application of the withholding embargo, both in its conservatory and executory modalities," stated the ABA.
"From the ABA, we actively advocate for the approval of comprehensive and balanced legislation, convinced that clear regulations will significantly strengthen the legal security of the country, but more importantly, will prevent the violation of fundamental rights and principles of justice and due process enshrined in our Constitution," the banking entity stated.
The Banks Association reiterated its commitment to continue actively participating in any dialogue space that contributes to the rapid and effective approval of the aforementioned legislative project, which it considers of transcendental importance for the country, the national financial system and its users.
