Morena seeks to revive delegated collection reform in payroll loans; AMLO ruled against an “almost identical” proposal

The legislators again seek to regulate the granting of payroll loans, with an initiative similar to the one that until a few months ago did not have the approval of the president Andres Manuel Lopez Obradorneither of the labor authorities, nor of the country’s treasury authorities.

Deputy Daniel Gutiérrez, from the parliamentary faction of Morenapresented a few days ago before the Commission of Finance and Public Credit, the opinion of the initiative with a draft Decree by which various provisions of the General Law of Credit Instruments and Operations, of the General Law Auxiliary Credit Organizations and Activities are added and the Law for the Protection and Defense of the User of Financial Services, in terms of credits for working people who entrust their collection.

In this initiative, the need to regulate the figure of payroll credit is mentioned, as it is a source of access to financing for the consumption of many workers, for which it is suggested that the collection of this type of loan be entrusted to a third party (who would be the employer), with the exception of credits granted by the Infonavit, fovissste or the infonacot.

Likewise, the initiative proposes to incorporate the figure of the payroll, in order to make effective the entrustment that the worker sends to his employer, with an irrevocable character, to make the periodic payments that derive from his credit.

In other words, the payroll would be the act by which said accredited would instruct his employer, so that in his name and account, he makes a partial or total payment of the payroll credit he received.

For Teresa Carbajal, legal representative of Barzón Veracruz, this initiative is almost identical to the one that was presented a few months ago in the Senate of the Republic, and which went to the Chamber of Deputies, but which was criticized, including by President Andrés Manuel López Obrador, who indicated that it would be vetoed in the event of its final approval.

“One of the few changes that I see, with respect to the original previous proposal, is the way to calculate the debt capacity (of a worker), which dropped from 45% to 40%, (as was later approved in deputies)” commented Carbajal.

For the representative of Barzón Veracruz, said initiative, like the previous one, threatens the Federal Labor Law (LFT), which establishes the free disposal of the worker’s salary and which is an inalienable right for the same.

“Article 110 of the LFT prohibits discounts and even article 104 (of the LFT) says that the assignment of wages in favor of the employer or third parties is void,” said Carbajal.

Regarding the previous initiative, which was paused in its legislative process, Luisa Alcalde, Secretary of Labor, expressed that said proposal went against the rights of workers.

“The Federal Labor Law is clear: ‘The wages of workers cannot be seized’. The President’s position is firm regarding the initiative that threatens the main livelihood of the family,” the official said last March, via your Twitter account.

voices against

Regarding the first initiative on this subject, financial authorities also ruled against it. For example, the Commission for the Protection and Defense of Users of Financial Services (driving) indicated that creating the figure of the payroll with irrevocable character, limits the possibility of the worker to change the institution or type of credit, if this is not convenient or finds another more beneficial refinancing scheme.

“We reiterate that when a person commits more than 35% of their net income, they have a high risk of non-payment and, as a consequence, economic, family and personal conflicts, the product of over-indebtedness,” the Condusef highlighted on that occasion.

Likewise, the Ministry of Finance, through its Banking, Securities and Savings Unit, ruled against the project on that occasion, since it saw disproportionate and inequitable benefits for financial companies dedicated to this market.

“Financial entities would be benefiting disproportionately and inequitably, to the detriment of the workers, who, in exchange for the irrevocability of their consent, would not receive reasonable rates,” the Treasury highlighted on that occasion through an opinion to the Legislative to which this medium had access.

According to Bank of Mexicothe total portfolio of payroll loans granted by regulated financial institutions as of June 2021 consisted of 4.6 million financings for a balance of more than 260,000 million pesos, this without counting the portfolio of non-regulated entities that are also in said market .

It is expected that this Tuesday, November 29, the Finance Commission of the Chamber of Deputies will analyze and vote on said initiative to continue with its legislative process.