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The new regulation of credit and debit cards sparks controversy between proponents and issuers of plastics. The regulations will be issued by the Ministry of Economy and Commerce (MEIC) and is in its final wording.
Velia Govaere, vice minister of the MEIC, said the new law offers substantial improvements in information disclosure and transparency for the use of cards.
Regulated side, Gerardo Corrales, CEO of BAC San José, said the changes would increase costs and would impede the operation of the issuers.
Corrales said that, for example, would limit access to credit cards for people with incomes under $ 500.
In the case of BAC San José and Credomatic, that would represent about 50% of its market.
Issuers believe that the regulations impose limitations on collection efforts, will hurt the industry.
The meeting between regulated and regulators occurred during the monthly seminar of the firm Econálisis the previous Thursday.
During the activity is presented for the first time the content of the text of the regulation after having closed the comment period for interested parties.
Justification. The MEIC explained that the reform of regulation stems from the need of hundreds of users who owe on credit cards a total of ¢ 486,000 million.
On the amount in arrears are being paid interest for most cards ranging between 45% and 54%.
Although the MEIC believes that regular interest “is at the heart of the defense of consumer rights,” the deputy minister noted that legislation Govaere does not.
The official ruled that the regulations include caps on interest rates and commissions.
The regulation aims to regulate itself to the cardholder charges for incoming calls from debt collectors. MEIC officials reported that in some cases the amounts are up to $ 20 per phone call.
The NCOA (National Council on Aging) has been officially appointed by HUD (Department of Housing and Urban Development) as one of five national advisory agency for the elderly of America interested in taking a reverse mortgage loan.
A reverse mortgage is a type of loan taken by the owners of homes or senior borrowers aged 62 and over for the conversion of a portion of their capital in the ownership of property into cash while living in the same home during the time they want. Any homeowner wishing to take more than a reverse mortgage is first you need to get advice from an approved agency before entering into this type of loan.
NCOA CEO James Firman, said that in this difficult economic climate, many senior home owner of Americans are looking to capitalize on the value of your home. NCOA offers telephone advice to clients nationwide through a network Advisory Service. The toll free number for the national NCOA is 800-510-0301. Senior home owners can call this number to schedule a counseling session to learn about the features and costs of taking a reverse mortgage. The fee for reverse mortgage counseling is $ 125 today. NCOA resignation for older people with financial problems as a foreclosure, and for older people with modest incomes (less than U.S. $ 20000-30000 as appropriate.)
In 2007, approximately 82% of households with older people from 65 to 74 were homeowners, and nearly 78% of this figure consists of persons 75 years or more. The proportion of homeowners with a mortgage loan principal increased by 32% in 2008.
The NCOA is a not for profit service based in Washington, DC. NCOA works with thousands of organizations throughout the U.S. to help seniors find the benefits and employment, improve health and living independently. More information is available at www.ncoa.org NCOA.