Regulatory Alerts2010-01-18 | Circular 3/2010Added
Circular 3/2010 — Modification of Accreditation Dates Regarding Payment of Credits, Loans, or Financing
The Bank of Mexico amends paragraph three of section 2 of Circular 22/2008 to require that if a client agrees to pay a credit, loan, or financing via direct debit from a checking or savings account, the authorization must be provided in a document separate from the contract instrumenting the credit, loan, or financing. This modification applies to credit institutions, Limited Purpose Financial Societies, and Regulated Multiple Purpose Financial Societies. The circular enters into force on February 1, 2010.