Law of Financial Intermediaries modified in El Salvador

Starting in January 2009, credit cooperatives and federation will be able to issue credit cards and checkbooks with the approval of the Financial System Superintendence.

Friday, August 29, 2008

The Legislative Assembly, in full session, approved the observations that the President of the Republic, Elías Antonio Saca, made to the Law of Non-bank Financial Intermediaries.
They also gave 30 days for those entities interested in offering those services to present all documentation and other requirements in order function.



More on this topic

Salvadorans Buy Financial Services in Honduras

February 2020

The Óptima financial group bought the shares of Financiera Solidaria S.A., a transaction that amounted to $50 million.

Directors of Óptima reported that Financiera Solidaria S.A. (Finsol) has been in the Honduran market for 21 years and that this acquisition is part of its strategy to regionalize the financial company in the micro and small business segments.

Guatemala: Credit Card Law Suspended

April 2016

The Superior Court has ordered the temporary cancellation due to lack of a ruling from the Bank of Guatemala, and the fact that Congress gave approval without having a majority, as stipulated by law.

The Constitutional Court (CC) has provisionally suspended the Credit Card Act, which came into force on March 8.

Banking Sector Against Credit Card Law Reform

September 2011

The Salvadoran Banking Association is opposing the adoption of a reform which sets a ceiling on interest rates that can be charged for credit card use.

Private banking sector representatives noted that the changes were approved without having performed prior technical analysis and this threatens their legal certainty.

New rules for credit cards in Costa Rica

December 2008

Congress is studying the "Credit and Debit Card Market Regulation" proposed law.

One of the elements of the new law is to provide better information on interest rates and charging conditions, like not charging interests when complains are being resolved.

According to the nacion.com article: "Advertising, marketing practices, detail on balances and interests, contractual changes and internet shopping are some of the aspects of credit cards that may face regulation, should the law be approved... It will be the first law to regulate this activity in Costa Rica, and would put the country up to date with similar laws that exist in other nations".

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