Costa Rica: New Regulations for Credit Cards

New rules forbid issuers from “stalking” cardholders in order to collect pending payments.

Tuesday, April 6, 2010

The banking industry stated that limiting their ability to call debtors will result in higher delinquency, and that they will object the measure at the constitutional court (Sala IV).

From Nacion.com: “According to article 35 of the new regulation, companies cannot attempt collection techniques with someone different than the client, and they can’t call debtors more than three times, according to article 18”.



More on this topic

Costa Rica: Controversial Credit Card Regulations

February 2010

New regulation to be enacted by the Economy Ministry has created controversy among credit card issuers.

Velia Govaere, vice minister, commented that the proposed changes will introduce more information transparency.

On the other side, Gerardo Corrales, CEO of BAC San José, argues that the changes would increase costs and complicate the operation of credit card issuing companies.

Costa Rica: New Credit Card Regulation Code

October 2009

A new regulation code overseeing credit cards, by the Economy Ministry (MEIC), will come into effect on November 3.

Automatic teller machines will be obliged to show on-screen any fees charged for cash withdrawals or statement queries.

From Elfinancierocr.com: "Issuers will also be required to issue detailed credit card statements, showing the main balance, current interest, interest applicable to the specific period, interest for delayed payments, and the monthly interest rate".

Panama: New Regulations for Credit Companies

September 2009

The Commerce and Industries Ministry is preparing the regulation, which could be ready in two months.

Setting maximum limit for interests, in addition to regulationg closure expenses, are the key issues of these new rules.

"Minister Henríquez expects to consult with affected parties and have the rules approved within the next 60 days.

Stricter financial supervision for Costa Rica

November 2008

Approved modifications to the Central Bank Law will allow the Suget to review, request information, and if necessary, intervene in any of the companies than make up the financial groups.

Up to now, the General Superindendence of Financial Entities (Sugef) could only supervise local banks and the groups as a whole, but it was not allowed to review their subsidiary companies individually, including the offshore banks.

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