Guatemala: Credit Card Reform Presented

The Government presented Congress the Credit Card bill.

Tuesday, January 18, 2011

The bill if approved by Congress, will regulate the contracts, demanding to provide the given credit limit, interest rates, fees and charges which apply. The institution issuing the credit card must provide the customer a copy of the contract.

"It also states that issuers should verify the ability of people who apply for the card to pay such debt and in case the user cannot pay, he may request to restructure the debt," stated the article in Elperiodico.com.

More on this topic

Guatemala: Another Bill on Credit Cards

September 2013

An announcement has been made for another bill regulating the contractual relationship between issuers of credit cards and users.

Deputy Ronald Arango announced at a press conference an initiative to regulate the charges made by companies to cardholders.

Prensalibre.com reports that the bill states that "there must be a free agreement between the card issuer and the account holder, but sometimes companies add more charges which end up doubling or tripling the interest rate. "

Bill to Regulate Credit Card Interest Rates

January 2013

In the Guatemalan Congress of a favorable opinion was cast on an initiative to regulate the operation of the credit cards and the relationships between issuers, operators and affiliate cardholders.

Posted by the Congress of the Republic of Guatemala:

At a press conference, the president of the Committee on Economy, deputy Emmanuel Seidner, announced that an initiative was presented to Legislative assembly to approve the Credit Card Act, which aims to regulate the operation of credit cards and the relationships between issuers, operators and affiliate cardholders.

Guatemala: Credit Card Law

June 2011

The initiative presented to congress contains serious gaps to the detriment of consumers who use plastic money, and who have not been consulted in the preparation of the project.

Carlos A. Mendoza, CABI analyst, warns that the text of the bill on credit cards has been written without consulting financial consumers, and cites as an example the Salvadoran law on the same subject.

Panama: New Credit Card Law

November 2009

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.

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