Guatemala: Credit Card Reform Presented

©image: Colin

The bill if approved by Congress, will regulate the contracts, demanding to provide the given credit limit, interest rates, fees and charges which apply. The institution issuing the credit card must provide the customer a copy of the contract.

"It also states that issuers should verify the ability of people who apply for the card to pay such debt and in case the user cannot pay, he may request to restructure the debt," stated the article in Elperiodico.com.

Source: elperiodico.com.gt

More on this topic

Guatemala: Credit Card Law

June 2011

The initiative presented to congress contains serious gaps to the detriment of consumers who use plastic money, and who have not been consulted in the preparation of the project.

Carlos A. Mendoza, CABI analyst, warns that the text of the bill on credit cards has been written without consulting financial consumers, and cites as an example the Salvadoran law on the same subject.

Panama: New Credit Card Law

November 2009

Once it comes into effect, banks will be obliged to notify any interest rate changes 30 days earlier.

Another aspect included in the legislation states that cards must only be issued by request and will of the customer.

"The law also establishes that the contract will be valid for as long as both parties agree to", reports Prensa.com.

The Salvadoran Credit Card Industry

November 2011

The Superintendency of Competition has presented a study on conditions of competition in the sector of credit and debit cards.

In El Salvador, credit and debit cards are becoming increasingly important as a means of payment, and in the case of credit have become one of the largest sources of consumer loans. The sector's growth has been such that its proper functioning has become systemically important.

El Salvador: Credit Card Law Needs Improvement

November 2009

The Banking Association remarked there is room for improvement in the credit card law recently approved by Congress.

Armando Arias, head of the Association, argues the law needs to better define how to calculate effective rates.

Laprensagrafica.com reported: "The deadline for credit card issuers to modernize their information systems is another point in need of clarification, argued Arias.