NewsWhore
11-10-2006, 06:10 PM
The Chamber of Deputies has rejected a plan to regulate the interest rates on credit cards, because according to Deputy Marino Collante the proposed regulation that would oblige banks to charge interest rates only on the actual pending balance and not on the total credit used in the month would be an infringement of the Monetary Law, which can only be reformed by the Monetary Board. At present, banks do not take into consideration partial payments made on debt, when levying monthly interest rate charges. Article 24 of the Monetary Law says that interest rates on transactions in Dominican and foreign currency will be determined by those institutions. Diario Libre writes that the Monetary Board has however passed a Protection Regulation to protect users from abusive clauses in financial service contracts.
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