Bill 341.

Summary.

The bill amends Law 468 of 2025, which replaces Law 3 of 1985 and establishes a preferential interest regime for certain mortgage loans. Article 1 proposes that the fiscal regime under that law apply to banks and financial intermediaries that meet the requirements and formalities set out in Article 3 of the amended law. Contracts entered into under those conditions are designated preferential mortgage loans. The provision thus expressly includes financial intermediaries among the entities covered by the regime.

Article 2 adds a definition of financial intermediary to Article 2 of Law 468 of 2025. It covers public or private legal entities duly authorized by the Superintendency of Banks of Panama (Superintendencia de Bancos de Panamá) or the corresponding regulator, provided that granting preferential mortgage loans falls within their business purpose. This definition identifies the entities covered by the reference to financial intermediaries added in the preceding article.

Article 3 replaces the rule for determining the amount the State would subsidize. It requires the lower of two results: the rate established for the preferential tiers under Article 7 of Law 468 of 2025, or the rate resulting from applying up to a maximum of 85% of the interest rate offered by the bank for the relevant preferential mortgage loan. The calculation is therefore tied both to the applicable tier and to the rate offered for that loan.

Article 4 amends Article 7 and organizes the subsidy by the home's purchase price and location. Region 1 comprises the provinces of Panama and Panama Oeste; Region 2 comprises the province of Colón and the rest of the country. In both regions, the text sets out Preferential Tier No. 3 for the purchase of new homes priced from B/. 80,000.01 to B/. 120,000.00 at the time of financing. It specifies a maximum subsidized rate of 3.5% for 7 years (84 months), with no renewal of that term. The regional classification and purchase price determine the tier described in the amended provision.

Article 5 repeals Article 12 of Law 468 of 2025. Article 6 identifies together the amendments to Articles 1, 2, 6 and 7 and the repeal of Article 12 of Law 468 of April 24, 2025. Article 7 provides that the proposed law would take effect on January 1, 2026.

The bill concerns the Superintendency of Banks of Panama and the corresponding regulators. Its provisions could interest banks, public and private financial intermediaries, buyers of new homes, and the mortgage financing sector in Panama, Panama Oeste, the province of Colón and the rest of the country.