Nicaragua: Credit Card Bill Paralyzed
The amendment to the Law on Promotion and Regulation on the Use of Credit Cards (Act 515) would not prosper.
Thursday, October 28, 2010
The reason would be the Government´s commitment with the International Monetary Fund (IMF) to dismiss this issue.
Some of the initiatives presented include suspending legal action to collect credit card debt and regulating the interest rates charged.
According to ABANSA, the proposed maximum 22% rate would affect credit cards with a $1.000 limit or less, 59% of the market.
Among the new regulations, fees for late payments cannot be higher than $25.
They argue that rates cannot be lowered any more, and they would prefer regulations issued by the Superintendence instead of new laws.
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