Regulatory Alerts2010-11-12 | Circular 34/2010Added
Circular 34/2010 — Credit Card Rules
The Bank of Mexico establishes rules for credit card issuers to enhance cardholder protection, including expedited dispute resolution procedures for unauthorized transactions, mandatory insurance coverage for cardholder death, and specific requirements for recurring payments and minimum payment calculations. The regulation mandates that issuers refund disputed amounts within four to eight business days depending on the transaction type, limits foreign exchange rates for foreign transactions, and requires clear disclosure of card activation and loss reporting procedures. These rules apply to multiple banking institutions, limited object financial societies, and regulated multiple object financial societies.
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