Once it comes into effect, banks will be obliged to notify any interest rate changes 30 days earlier.
Another aspect included in the legislation states that cards must only be issued by request and will of the customer.
"The law also establishes that the contract will be valid for as long as both parties agree to", reports Prensa.com. "Once the customer decides to finish his relationship with the issuing bank, his pending balance will be transferred into a personal loan, maintaining the interest rate originally agreed".
Ferris & Associates is a boutique law firm specialized in Business Law, Litigation and Conflict Resolution and Foreign Investmente, as well as, providing personalized services.
Operates in Costa Rica and Costa Rica
Phone: (506) 2588 2505 - (506) 2288 2245
Barrantes & Associates is a full service Costa Rica Law firm located in San Jose Costa Rica. We have been in business since 1999.
All our Attorneys are English speaking.
Operates in Costa Rica and Panama
Phone: (506 ) 2256 3807 - (506 ) 8339 1622