Honduras: Initiative to Regulate Credit Cards

A bill put forward by the executive branch aims to regulate interest rates charged by banks on credit cards and eliminate service charges, among other changes.

Monday, February 13, 2017

From a statement issued by the President of Honduras:

Tegucigalpa, February 9. President of the Republic, Juan Orlando Hernández, today sent to Congress a bill aimed at introducing new regulations to the credit card market to avoid abuses against consumers.

In the proposal, president Hernandez mainly proposes four changes, with the aim of benefiting thousands of cardholders.

The first change is to "regulate the interest rate charged on credit cards and in other shops where payments are made in installments, so that this is fair, and still within the framework of a dynamic and competitive market."
With this measure "we want interests rates to come down immediately by at least 25 percentage points," said the president.

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