law credit cards (25 065) was enacted in 1999.
The law has some articles that are worth highlighting.
Article 16 refers to the interest :
"The limit of compensation or financial interest that the issuer applies to the holder may not exceed twenty five percent (25%) to the rate the issuer applies to transactions in currency personal loans to customers. "
This means that the only limit that the law requires banks to the interests depends 100% of the Bank.
As to summary, the Act provides in Article 25 that:
"The abstract must be received by the holder with a minimum of five (5) days prior to expiration of its obligation to pay regardless of what was agreed in the contract of credit card.
In the event of non receipt of the summary, the holder will have a communication channel telephone provided by the issuer in the twenty-four (24) hours a day so you can get the account balance and minimum payment that you can make. "
Therefore, if you do not send the abstract, it's you who will you have to take to get the info and there is no sanction for the Bank.
Article 16 refers to the interest :
"The limit of compensation or financial interest that the issuer applies to the holder may not exceed twenty five percent (25%) to the rate the issuer applies to transactions in currency personal loans to customers. "
This means that the only limit that the law requires banks to the interests depends 100% of the Bank.
As to summary, the Act provides in Article 25 that:
"The abstract must be received by the holder with a minimum of five (5) days prior to expiration of its obligation to pay regardless of what was agreed in the contract of credit card.
In the event of non receipt of the summary, the holder will have a communication channel telephone provided by the issuer in the twenty-four (24) hours a day so you can get the account balance and minimum payment that you can make. "
Therefore, if you do not send the abstract, it's you who will you have to take to get the info and there is no sanction for the Bank.
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