Banking Debit Card credit card credit cards debit card Local Law Asamblea Legislativa (El Salvador) law Defensoría del Consumidor (El Salvador) Superintendencia del Sistema Financiero (El Salvador) Armando Arias Asociación Bancaria de Panamá Central Reserve Bank of El Salvador Jorge Daboud Mauricio Funes

Nicaragua: Credit Card Law Reviewed

The amendments to Law 515 could be approved at the National Assembly in two weeks.

Thursday, October 21, 2010

©image: Andres Rueda

Sandinista legislator, Wálmaro Gutierrez, requested the Economic Commission to approve the report which is ready for signature since June.

Laprensa.com.ni reports, "The Assembly Board stipulated 1 week timeframe for the Economic Commission to pass and approve the report”.

Source: laprensa.com.ni

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Nicaragua National Assembly

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Nicaragua

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credit card credit cards Debit Card debit card Banking Local Law

Nicaragua: New Credit Card Law in April

March 2010

The Economic Commission intends to issue its report on the new bill on April, with or without regulation.

Wálmaro Gutiérrez, president of the Economy Commission at Parliament, explained that the Banking Superintendence (Siboif), is preparing regulation to control credit cards, but no details are known about it.

Salvadoran Banks Oppose Fixing Interest Rates

July 2009

A credit card law proposal being studied by the Legislative Assembly would set a maximum interest rate of 22%.

Both the Banking Association of El Salvador (ABANSA), and the National Private Enterprise Association (ANEP), support the creation of a credit card law, that would provide greater transparency to the market, but disagree in regulating interest rates.

Unions Opposed to Credit Card Law Reform

October 2011

Salvadoran private sector unions have expressed their opposition to state intervention in the market.

The new law, which sets a ceiling on interest rates for credit cards, is deemed to be a hindrance for the country's economy.

According to the Salvadoran Foundation for Economic and Social Development, Fusades, the reforms will result in reduced access to financing, they are therefore calling on President Mauricio Funes to veto the reforms.

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.

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