Panama: Credit Card Law Reform

The proposed modifications, recently introduced before the National Assembly, intend to better regulate credit cards.

Monday, September 7, 2009

They are based on the law regulating increases in credit card interest rates in the United States.

"It also refers to the use of debit cards, pre-paid ones and financing or electronic payment cards", reports Laestrella.com.pa. "It sets forth the relationship of this market with state institutions as the Commerce Ministry".

More on this topic

Bill to Require Retailers to Accept Credit Cards

August 2014

A A bill presented in Costa Rica aims to improve tax controls by forcing merchants to accept payments with credit and debit cards.

The bill introduced in the Legislature by the Ministry of Finance, entitled "An Act to improve the fight against fiscal fraud" includes other initiatives such as the imposition of a sales tax on property rentals of less than one month duration.

Plastic Money in Costa Rica: Report up to July 2013

October 2013

Credit card debt grew by 1.5% to a total of $1.482 billion, while the number of cards in circulation up to July 31, 2013 was 1,731,673.

A press release from the Ministry of Economy, Industry and Trade of Costa Rica reads:

The Ministry of Economy, Industry and Commerce (MEIC) through the Department of Economic and Market Research has conducted its latest study on debit and credit cards.

Funes Comments on Credit Card Reform Decree

October 2011

Salvadoran President Mauricio Funes commented over the decree approved by 853 representatives which amends the Law on the Credit Card System.

A press release from the Presidency of the Republic of El Salvador reads:

The observations are essentially based on three considerations:

Panama: Project for Changing Credit Card Law

October 2009

Its main objectives are setting fixed interest rates and limit customer's credit card debt.

The project also proposes to regulate credit card issuers, by forcing them to obtain a banking license awarded by the Banking Superintendence.

From laestrella.com.pa: "Alcibiades Vásquez, project sponsor, considers regulation is needed, as there is a lot of abuse, and no limits for credit nor interests".

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