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Guatemalan lawmakers seek to relaunch credit card regulation law

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Guatemalan lawmakers seek to relaunch credit card regulation law

Guatemalan legislators are trying to revive a stalled law on the regulation of credit cards, which the country's highest court declared unconstitutional in December 2018, El Periodico reported.

Among the provisions the new law will have is the control of interest rates on credit cards, which, according to critics, would affect the credit market.

Carlos Barreda, the deputy chairman of the congressional committee on economy and foreign trade, the law protects clients from exploitation at the hands of the credit card issuers.

The bill will be discussed and analyzed by Guatemalan authorities and industry players starting June 4.

The implementation of the old law, which was first passed in November 2015, was suspended in 2016 due to a technicality.