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Credit Card Act regulations come into effect

Credit Card Act regulations come into effect

The Official Gazette published the new regulations of the Credit Card Law that define the regulation of the financial sector.

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Among the most prominent provisions is that it is established that interest on payment agreements must be calculated only on the credit capital balance, without regard to the interest charged, interest on late payment, commissions or other services that may form part of the amount of the above-mentioned. an agreement.

This measure represents a fundamental change in the method of calculating interest in credit card payment agreements, in an effort to provide greater transparency and consumer protection.

By calculating interest only on the credit principal balance, the financial burden on users is reduced and potentially confusing practices are avoided.

The Monetary Board of the Bank of Guatemala has published, through the Official Gazette, credit card regulations, which should enter into force as of September 1 of this year.

Carla Hernandez

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