Regulatory Alerts2019-06-05
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Instruction (Archive) No. 9/2019
The Bank of Portugal establishes maximum effective annual rates (TAEG) and maximum nominal annual rates (TAN) for various consumer credit contracts concluded in the third quarter of 2019. These limits apply to personal credit, education, health, renewable energy, equipment leasing, automobile credit, credit cards, and overdrafts, with specific caps ranging from 4.7% to 16.1%. The instruction enters into force on July 1, 2019, and mandates that these rates serve as maximum cost ceilings rather than legal rates.
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