El Salvador: Credit Card Law in its Final Stretch
It will regulate the relationship between cardholders and issuers, by defining rules regarding contracts and interest rates.
Monday, July 20, 2009
With the new law, interest rates shall not be more than 10 points above the effective weighted average rate calculated by the Central Bank.
The Costa Rican National Assembly has archived the draft bill on Regulating the Credit and Debit Card market.
In El Salvador, opponents of the law are proposing a maximum credit card interest rate controlled by the Central Bank.
The new law will oversee issuance, operation, administration and closure of credit and debit cards.
A credit card law proposal being studied by the Legislative Assembly would set a maximum interest rate of 22%.
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