Antiusury: The Italian Department of the Treasury publishes the Circular No. 1/2021 about the use of the Fund for the Prevention of Usury
On 4th March 2021, The Italian Department of the Treasury publishes on its website the Circular No. 1/2021 that highlights how to use the Fund for the Prevention of Usury.
Established by Italian law no. 108 of 1996 and managed by the Department of the Treasury, this Fund makes it easier for businesses and families in financial difficulty, and who are therefore at risk of falling prey to usurers, to gain access to credit.
The Circular No. 1/2021 provides clarification about paragraphs 256, 257 and 258 of article 1 of law 178/2020:
The point a of paragraph 256, the Circular highlights the new types of transaction, supported by a guarantee of 50% or 80% covered by the Fund Antiusury, can only be aimed to small and medium-sized enterprises with a higher financial risk.
The point b of paragraph 256, the Circular clarifies the refinancing, granted by the same bank or a bank belongs to the same banking group, has to provide to the same beneficiary of an additional credit of at least 20% of the amount of the outstanding debt.
The paragraph 258 highlights “Minor Confidi” are not enabled to directed provision of financing for Funds Antiusury in according to point c of paragraph 256.
Read or download here:
Circular No. 1/2021 – Department of the Treasury