Regulatory Alerts2008-07-11 | Circular 29/2008Added
Circular 29/2008 — Credit Card Rules
The Bank of Mexico establishes rules for the issuance and operation of credit cards, requiring cards to be delivered deactivated and PINs separately, mandating insurance or debt forgiveness upon the cardholder's death, and prohibiting pre-authorized charges on unactivated cards. It sets transaction limits for non-present card authorizations at 70 units of investment per transaction and 500 per day unless the issuer assumes fraud risk, and restricts late interest charges to amounts past due for more than 90 days. For transactions under 20,000 units of investment, it mandates a dispute resolution procedure with a 90-day filing window and a 45-day response deadline, while repealing the 2004 credit card regulations.