Regulatory Alerts2024-12-20
Added · Updated
Instruction No. 19/2024
The Bank of Portugal revokes Instruction No. 14/2013 and establishes the specific types and categories of consumer credit contracts used to calculate and disclose maximum Effective Annual Percentage Rates (APR) and maximum nominal annual rates (NAR) for credit limit exceedances. The regulation defines detailed subcategories for personal loans, auto loans, credit cards, credit lines, current accounts, and overdraft facilities, mandating that these maximum rates be published on the Bank of Portugal’s official website each quarter. The instruction enters into force on April 1, 2025, with a transitional provision allowing the continued use of previous credit types and categories for maximum APRs applicable until June 30, 2025.