Panama: Credit Card Law Reform
The proposed modifications, recently introduced before the National Assembly, intend to better regulate credit cards.
Monday, September 7, 2009
They are based on the law regulating increases in credit card interest rates in the United States.
Its main objectives are setting fixed interest rates and limit customer's credit card debt.
Credit card debt grew by 1.5% to a total of $1.482 billion, while the number of cards in circulation up to July 31, 2013 was 1,731,673.
Salvadoran President Mauricio Funes commented over the decree approved by 853 representatives which amends the Law on the Credit Card System.
A A bill presented in Costa Rica aims to improve tax controls by forcing merchants to accept payments with credit and debit cards.
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