Regulatory Alerts2020-06-01 | Circular 22/2020Added
Circular 22/2020 — Provisional Measures Regarding Minimum Payment Amounts for Revolving Credit, Loans, or Financing Associated with Credit Cards in Relation to the COVID-19 Pandemic
The Bank of Mexico modifies the exception established in Circular 13/2020, requiring financial entities to collect minimum payment amounts for revolving credit associated with credit cards for payment periods applicable from October 2020 onwards, while waiving the obligation to collect such amounts for periods between April and September 2020 if agreed upon with clients. Financial entities implementing schemes that exempt minimum payments must disclose terms and conditions via public websites, call centers, and account statements, and are prohibited from charging late fees or moratory interest for non-payment of the waived minimums during the specified period. This resolution supersedes Circular 13/2020 and enters into force upon its publication in the Official Gazette.
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