The penalty is for charging surcharges for inactivity on receivable accounts with balances below $25, with the bank ordered to return the more than $429,000 charged for that concept.
The penalty is the result of a complaint filed by the Consumer Protection Body with the sentencing court on December 19, 2006, against the Salvadoran Bank SA (now Banco Davivienda) "... to defend the collective interests of consumers from the collection of surcharges on inactive savings accounts made from December 2005 to October 2006. "
The changes include a prohibiting financial institutions from penalizing early repayment of loans.
According to an expert in consumer law, Jorge Eduardo Rooseess, this law is important because it "regulates all kinds of consumer relations with citizens, and because it appears that there is a willingness to provide the necessary force to an institution for it to defend consumer rights. "
The rights of Costa Rica insurance consumers to receive timely responses to any notice of a claim, complaint, reclamation or request filed with the insurers are to be preserved.
From the aims of the Rules of Defense and Consumer Protection Insurance
To define the minimum requirements to safeguard the rights of insurance consumers to receive a timely response to any notice of a claim, complaint, reclamation or request submitted to the entities as set out in Article 4 of the 8653 Act and sections 4 , 12, 48 of the contract Law Regulating the Insurance Act 8956 and the definition of the function and operation of an agency which protects the interests of the insured and the mechanisms for resolving disagreements with the insurance company for the execution of the insurance contract, which includes overseeing the process for making complaints in the event of a loss.
The National Union of Consumers and Users is to keep a registry of complaints and denouncements against developers and operators of real estate projects.
The initiative is being promoted by the National Union of Consumers and Users of the Republic of Panama (Uncurepa) and the Panamanian Institute of Consumer and User Rights (Ipadecu) who today will hold a forum entitled "Legal security, Decent Housing," which aims to bring together buyers who have been affected by abuse or failure on the part of developers.
Legislation to be presented to Congress will protect consumer rights in service contracts (for credit cards, phones, and cable, etc..).
Óscar Chinchilla, third vice president of the Congress, said, "The interesting thing about this regulation is that any breach of contract will mean the contract will become void so as to prevent companies from abusing the goodwill of the people who purchase goods or services."
Consumer recognition and preference for brands which display humane behavior, including not hiding their own mistakes, will keep rising.
There is growing consumer dissatisfaction with the brands which forget to align themselves with consumer culture, because they are only concerned with new techniques and technologies.
In 2012, we will see a rise in positive consumer responses to brands that are aware that sticking to principles and values and showing humanity, is not unprofitable, and, on the contrary, brands that demonstrate behaviour bordering on the immoral, get rejected.
Two lawsuits against the Bank of Costa Rica, based on fraudulent transactions on the Web, ended with sentences against the bank.
The message sent by the courts to the business sector is clear: fulfill your duty to provide security or you will be responsible for any damages suffered by your clients, even though you are not directly responsible.
The court believes that the Bank created a lucrative service, Internet Banking, and did not put enough measures into place to minimize possible material loss by its clients when their accounts are hacked.
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
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
Latinamerica Title Co. is an agent of Chicago Title. Our company offers customers the most comprehensive and accurate title and escrow related services in the region, enhancing real estate transactions with a group of services that minimize the risk of investing in a foreign country.
Operates in Costa Rica and Panama
Phone: (506) 2256 9697 - (507) 830 5500
The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the German Chamber of Commerce and the American Chamber of Commerce (AMCHAM) of Panama.
Operates in Panama
Phone: (507) 3406447
Magnalex Abogados is a Costa Rican Law Firm with extensive experience in a broad spectrum of legal services. For over 28 years, our Law Firm has been committed to providing top-quality legal advice.
Operates in Panama, Nicaragua, Honduras, Guatemala, El Salvador and Costa Rica
Phone: (506) 2224 8000 - (506) 2283 3373
A General Practice law firm which specializes in Business and Commercial Law as well as Foreign Investment in Costa Rica. Our firm originally established in 1940, currently operates offices in San José and Guanacaste
Operates in Costa Rica
Phone: (506) 2258 2525