Regulatory Alerts2010-01-18 | Circular 2/2010Added
Circular 2/2010 — Modification to the Rules for Direct Debit in Bank Deposit Accounts
The Bank of Mexico modifies definitions and general provisions in Circular 23/2009 to allow direct debit for credit, loan, and financing payments, including revolving credit associated with credit cards. Credit institutions are required to publish and accept direct debit application, cancellation, and objection forms via their branches and electronic banking services on the Internet. The cancellation of direct debit requests must be processed within a maximum of three business days, with a transitional period of ten business days for requests submitted before June 2, 2010.