El Salvador: Store Credit Unregulated

©image: Ernest James

El Salvador's Credit Card Law, approved last November by the Legislative Assembly, regulates transactions made using credit cards. However, cards offered by shops and stores that use a contract as confirmation of the agreement fall outside this law.

Ana Guadalupe Arias, legal representative for the Credits and Liabilities Regulator, told Elsalvador.com that, "we do not see credits from commercial stores. These are practically outside the law, nobody regulates them".

The approval of the Urura Law is anticipated to offer a solution to this problem but this currently bill is stuck in Congress.

Source: elsalvador.com

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