Establish regulations for retail installment sales

Havana, Cuba, Jul 22.- The Cuban Ministry of Internal Commerce (Mincin) approved the provisions for the sale by installments to natural persons, of goods whose prices exceed two thousand five hundred pesos, such as furniture, mattresses, bicycles and equipment home appliances.

Resolution 98/2021, published this Tuesday in the Extraordinary Official Gazette number 66, establishes among the requirements to acquire these items, be a Cuban citizen with permanent domicile in the country, reside in the province where the sale is requested, as well as have over 18 years of age, legal and payment capacity.

Likewise, they must have demonstrable, fixed and regular income guaranteed, and have honored or be honoring other debts contracted under this modality of sale.

For the request of the installment sale and the commercialization, the natural persons will present in the retail establishment their identity documents, personal data and the certification of the ability to pay of a guarantor.

A certification from the workplace is included with the earned salary; or a personal income tax affidavit, in the case of self-employed workers.

Pensioners or beneficiaries of social assistance will show a certification of income by the Labor Directorate or subsidiary of the National Institute of Social Security, and students in centers that receive assignments of articles, with payment in installments, personal data and commitment to the person who assists them with the payment.

The text clarifies that people hired in a state entity can access installment sales through the payroll discount, prior agreement of the retail establishment with the workplace.

According to the Resolution, the establishment with installment sales modality has up to 10 business days to corroborate the documentation presented, sign a commitment to process the request and inform the client of its result.

In the contract, which must be signed between the customer and the retail establishment, the purchase amount, surcharge rate, payment method, fees, payment terms, and consequences of non-compliance are determined; as well as the resolution of conflicts, obligations, terms and conditions of both parties.

The maximum interest rate will be 2.5 percent on the amount of the item, and the customer will initially make a negotiable payment of no less than 20 percent of the sale price of the item, by electronic payment or in cash.

The remaining amount will be paid in the agreed terms, always within a period of up to one year, the legal document indicates.

During the act of purchase, he adds, the customer receives the sales voucher and the guarantee certificate; while the certification of ownership is granted, if applicable, once the full amount has been paid.

The text clarifies that if the client breaches the terms established in the contract and the renegotiation, the retail establishment is empowered to withdraw the good, without refund of the cash paid. (ACN)

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