Banking Debit Card credit cards credit card debit card Local Law Superintendency of Banks of Panama Asamblea Legislativa (El Salvador) Ministry of Commerce and Industries (Panama) Defensoría del Consumidor (El Salvador) Finance Insurance, Banking & Finance Nicaragua National Assembly Pronto Cash Pronto Cash Financial Card

Panama: Credit Card Law Reform

The proposed modifications, recently introduced before the National Assembly, intend to better regulate credit cards.

Monday, September 7, 2009

©image: ohadweb

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. "It sets forth the relationship of this market with state institutions as the Commerce Ministry".

Source: estrelladepanama.com

Key entities

Superintendency of Banks of Panama Asamblea Nacional de Panamá Ministry of Commerce and Industries (Panama)

Countries

Panama

Insight

credit cards Debit Card reforms Banking Local Law

Panama: Project for Changing Credit Card Law

October 2009

Its main objectives are setting fixed interest rates and limit customer's credit card debt.

The project also proposes to regulate credit card issuers, by forcing them to obtain a banking license awarded by the Banking Superintendence.

From laestrella.com.pa: "Alcibiades Vásquez, project sponsor, considers regulation is needed, as there is a lot of abuse, and no limits for credit nor interests".

Funes Comments on Credit Card Reform Decree

October 2011

Salvadoran President Mauricio Funes commented over the decree approved by 853 representatives which amends the Law on the Credit Card System.

A press release from the Presidency of the Republic of El Salvador reads:

The observations are essentially based on three considerations:

Costa Rica: New Credit Card Regulation Code

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".

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.

close (x)

Receive more news about Banking

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

The Exciting Development in the hub of the Americas in Panama

Panama Pacifico is in the first phase of construction of a four phase project spanning the coming years. The destination's internationally relevant location, adjacent to the Panama Canal and the Pacific Ocean, makes this business center in Panama an ideal global business hub. Its lush setting provides the perfect backdrop for the new thriving, newly-built, master-planned community.

International Business Park

Looking for parking space?

Our new business office in the International Business Park of Panama Pacifico is under construction, and includes a new five storey parking facility. Life is easier when you have a plan. Offices designed, built and created under international standards.

Fiscal, Labor and Migratory Benefits:

See the lengthly list of benefits enjoyed at Panama Pacifico.

Special Economic Area

Law 41 was created in 2004 to offer exceptional benefits to companies setting up base in the Special Economic Area. A single government office in the area speeds up the process to set up a company in the area.