The initiative would be named "Special Law for the Truncation of Checks", which would facilitate economic transactions for the companies that issue this type of payment method and for the suppliers that receive it.

The truncation of checks consists of the procedure of substituting the original physical check with computer records or electronic images processed through the payment system.

"The physical check issued by a supplier or company can be digitalized, through technological tools with the same validity, it can be processed by the payment system", said the President of the Commission, Dania Gonzalez.

Currently, this payment tool contemplates bureaucratic and cumbersome processes due to illegible figures, signatures or specific data.

According to the Banco Central de Reserva (BCR), 3.71 million checks were issued in 2021, equivalent to US$21 million. The truncation could make the economy more dynamic and increase that figure.

This law to be studied would have legal backing, since it would be governed under the Code of Commerce, the Organic Law of the BCR, the Law of Cooperative Banks and Savings and Credit Societies, and the Banking Law.

The commission points out that it has worked for the population, for which it has managed to execute three acts of financial justice: the first were the reforms to the Credit History Law; the second, to the Credit Card Law; and the third were the reforms to the Law Against Usury, the Civil Code and the Code of Commerce.