Panama: Credit History Law Enacted

The law regulating the service of information on the credit history of consumers in the country was published in the Official Gazette.

Monday, January 4, 2021

After the legislative plenary approved in third debate initiative 424, which modifies Law 24 of 2002 related to this system of registration in the Panamanian Association of Credits (APC), in the last days of 2020 the Executive approved the bill.

See "Financial Services: Business Potential in Central America"

The law that modifies and adds articles was published on December 31, 2020 in the Official Digital Gazette. See full Law 195.

The approved text establishes that the data of the clients of financial entities must now be updated, at least three days, after the debt has been paid to the respective economic agent.

According to Article 9 "This Law will become effective three months after its enactment".

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