Regulatory Alerts2010-12-20 | Circular 43/2010Added
Circular 43/2010 — Modifies Circular 34/2010
The Bank of Mexico establishes a transition period for the application of section 4.1 of the Credit Card Rules in Circular 34/2010, deferring its full enforcement to July 1, 2011, for credit cards issued after November 18, 2010. Between January 3 and June 30, 2011, issuers must calculate the minimum payment by summing 0.5 percent of the revolving credit line balance (excluding interest and VAT) and the accrued interest and VAT. Issuers are permitted to set a minimum payment amount higher than the one calculated under this transitional rule.
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