Regulatory Alerts2008-08-04 | Circular 34/2008Added
Circular 34/2008 — Modifies Circular 27/2008
The Bank of Mexico modifies the General Rules for Credit Information Societies and their users by amending Rule Eighth to allow the delivery of credit reports to users making credit offers to individual clients without a prior legal relationship, provided the clients authorize the report verbally or electronically and the user provides detailed written terms of the offer. Additionally, a Third Transitory Provision is added, requiring societies to eliminate information corresponding to outstanding principal balances until users provide a breakdown of such amounts, replacing it with the total debt amount labeled as "Current Balance." These changes enter into force the day after publication in the Official Gazette.
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