Lawmakers have approved on first reading a law that would designate intellectual property as a good that can be used as collateral.
The move was praised by the Camara de Tecnologías de Información y Comunicación, which said that the measure would open up new way of financing for the many firms involved in intangible work, such as creating software, apps and audio visual projects.
Until now these firms only have the financing options of using tangible goods as a security for a loan or mortgage. The new law, which needs one more favorable vote, is expected to benefit small and medium enterprises because most of the software and similar firms are of that size, said the chamber. It said that 87 percent of the firms doing that kind of work in business parks fall into those categories.
The bill was approved Thursday, and lawmakers have now adjourned. The second approval, if its is given, will have to come from the new legislature. The new members of the Asamblea Legislative may choose to put the bill into committee for more study. The chamber urged approval.