For the second time a motion has been filed to temporarily suspend the enforcement of the law, with arguments once again made that the relevant processes were not followed and that its application will have adverse effects on the Guatemalan financial market.

From a statement issued by the Coordinating Committee of Agricultural, Commercial, Industrial and Financial Committee CACIF:

CACIF's president, Jorge Briz Abularach, representing the organized business sector presented to the Constitutional Court an action seeking the interim suspension of the Credit Card Act.

According to legal analysis carried out, Decree 7-2015 involves a series of unconstitutional features which represent a flawed legislative process. Amendments must be approved by a qualified majority, which did not happen. Nor was the criteria met for financial specialists and opinions from committees were not submitted.

See also: "Guatemala: Appeal Against Credit Card Act Rejected"

CACIF also believes that there has been a violation of the right to equality of future cardholders and the issuers of them, as well as freedom of action and freedom of contract in trade and industry.

Similarly, it obliges the violation of confidential conditions of users by giving the Superintendency of Banks the title of comptroller of the entire national commercial credit.

See also: "Guatemala: Impact of Limits on Credit Card Interest Rates"

The private sector is mounting a defence using technical arguments and considers that the State must provide mechanisms to protect the market economy. Similarly, it is clear that the legislature can not intervene in the development of supply and demand in the financial market.

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