From May 30, the technical rules on credit cards issued by the non-banking commercial sector will be in effect in El Salvador.
A statement from the Ministry of Economy reads:
The Minister of Economy, Armando Flores signed for publication in the Official Journal, this May 29, standards for credit cards, which allow development of the application of the provisions of the Law on Credit Cards, in a more effective and efficient form, favoring cardholders from the nonbank trade sector.
They argue that rates cannot be lowered any more, and they would prefer regulations issued by the Superintendence instead of new laws.
Juan Carlos Arguello, president of Asobanp (Association of Private Banks of Nicaragua) said that the sector does not support an amendment to Law 515 of Credit Cards, as they consider more convenient to have regulations issued by the Superintendency of Banks, as this would be "less disruptive to the system", he said.
New rules forbid issuers from “stalking” cardholders in order to collect pending payments.
The banking industry stated that limiting their ability to call debtors will result in higher delinquency, and that they will object the measure at the constitutional court (Sala IV).
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