Regulatory Alerts2023-11-02 | Circular 10/2023Added · Updated
Circular 10/2023 — Provisional Measures on Minimum Payment Amounts for Revolving Credit, Loans, or Financing Associated with Credit Cards Due to Severe Hydrometeorological Damage in the State of Guerrero
The Banco de México establishes provisional measures allowing financial institutions to suspend the collection of minimum payments on revolving credit card accounts for borrowers residing in municipalities declared as disaster zones in Guerrero, effective from October 2023 through April 2024. Financial institutions must ensure that borrowers affected by this suspension are not charged late fees or moratory interest during the exemption period. Institutions are required to publicly disclose the terms and conditions of these payment schemes via their websites, call centers, and account statements, and must resume mandatory minimum payment collections starting in May 2024 or immediately upon the conclusion of any specific program.