Regulatory Alerts2008-05-23 | Circular 22/2008Added
Circular 22/2008 — Accreditation of Payments for Credits, Loans, or Financing
The document mandates that credit institutions and regulated financial societies must accept cash, cleared checks, fund transfer orders, and interbank direct debits for loan repayments. It establishes specific deadlines for crediting these payments to accounts: same-day for cash and certain checks/transfers, next business day for checks received before 16:00 from other banks, and second business day for those received after 16:00. Direct debit dates are determined by agreement with the debtor or the loan's due date. These rules became effective for multiple-bank institutions the day following publication and for development banks and regulated financial societies on June 20, 2008.
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