Velia Govaere, vice minister, commented that the proposed changes will introduce more information transparency.
On the other side, Gerardo Corrales, CEO of BAC San José, argues that the changes would increase costs and complicate the operation of credit card issuing companies. Corrales explained that they would be forced to limit credit to those earning less than $500 a month.
Source: Nacion.com
More on this topic
October 2009
A new regulation code overseeing credit cards, by the Economy Ministry (MEIC), will come into effect on November 3.
Automatic teller machines will be obliged to show on-screen any fees charged for cash withdrawals or statement queries.
From Elfinancierocr.com: "Issuers will also be required to issue detailed credit card statements, showing the main balance, current interest, interest applicable to the specific period, interest for delayed payments, and the monthly interest rate".
April 2010
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).
September 2009
The proposed modifications, recently introduced before the National Assembly, intend to better regulate credit cards.
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.
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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