CHL GVT Transporter, Solidarity Loans

On Oct. 18, CHL GVT published new law on repayment of loans.

  • CHL GVT published Law 21.616 promoted by Ministry of Finance re payment of loans.
  • That is, repayment agreements re loans granted to drivers and goods transporters.
  • Context
  • On Sep. 27, National Congress approved bill creating payment agreements to alleviate debt associated with solidarity loans for transporters under Laws 21,256 and 21,323.
  • Key Aspects
  • For 6 months from official publication i.e. until Apr. 18, 2024, General Treasury may enter into agreements of up to 36 months for payment in periodic, monthly, successive installments of solidarity loans granted under art 6 Law 21,256, art 19 of Law 21,323.
  • The above-mentioned laws established the new middle class bonus and solidarity bonus to protect income of middle class, respectively.
  • On agreement date Treasury will convert debt or remaining balance from development units to pesos; it will not generate readjustments, interest or fines if debtor complies.
  • All taxpayers benefited by mentioned laws can opt for this benefit, whether or not they have current payment agreements, or they are partially or totally non-compliant.
  • General Treasury empowered for judicial and extrajudicial collection actions needed to obtain reimbursement of loan granted per art 6 Law 21,256 and art 19 Law 21,323.
  • The actions will be subject to the general rules of the Tax Code Third Book Title V.
  • For these purposes, payrolls of beneficiaries in arrears, issued under signature of corresponding Regional or Provincial Treasurer, constitute legally executive titles.
  • General Treasurer will determine via internal instructions form and means in which beneficiaries in arrears payrolls must be prepared, administrative actions, procedures.
  • Effectiveness
  • Law 21616 promulgated Oct. 10, 2023, published in official gazette on Oct. 18, 2023.
  • Loan repayment agreements possible until Apr. 18, 2024 (6 months from publication).
  • Oct. 2023 Editorial Update
  • On Oct. 23, 2023, Reg-Track made an editorial update to add reference and content of Congress approval of the law (note 18.841 of Sep. 27, 2023) sent to CHL President.

Regulators CHL GVT
Entity Types Bank; CNSM; Thrift
Reference OG, CVE 2392560, 43.679, 10/18/2023; RF, Law 21.616, 10/10/2023; Nt 18.841, 9/27/2023; Law 21.256; Law 21.323; Tax Code; ESG;
Functions Compliance; Financial; Legal; Product Administration; Settlement; Social; Treasury
Countries Chile
Products Banking; Loan; Payments
Regions Am
Rule Type Final
Rule Date 10/18/2023
Effective Date 4/18/2024
Rule Id 188460
Linked to N/A
Reg. Last Update 10/18/2023
Report Section International

Last substantive update on 10/23/2023