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Costa Rica: New Credit Card Regulation Code

A new regulation code overseeing credit cards, by the Economy Ministry (MEIC), will come into effect on November 3.

Wednesday, October 28, 2009

©image: Sara Petagna

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".

Source: elfinancierocr.com

Key entities

Costarican Ministry of Economy, Industry and Commerce

Countries

Costa Rica

Insight

Debit Card credit cards new regulations regulation Banking

Costa Rica: Controversial Credit Card Regulations

February 2010

New regulation to be enacted by the Economy Ministry has created controversy among credit card issuers.

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.

Costa Rica: New Regulations for Credit Cards

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).

Study on Credit and Debit Cards

October 2011

The Costa Rican Ministry of Economy, Industry and Commerce has released a quarterly survey of credit and debit cards relating to data up to April 2011.

The quarterly survey conducted by the Ministry of Economy, containing data up to April, shows that there are 29 credit card issuers in the country, which together offer the market a total of 369 types of cards.

Panama: Credit Card Law Reform

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.

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