RegAlert2020-03-31
Added · Updated
Instruction No. 7/2020 on Maximum Rates for Consumer Credit Contracts in Q2 2020
The Bank of Portugal establishes maximum effective annual rates (TAEG) and maximum nominal rates (TAN) for consumer credit contracts concluded in the second quarter of 2020. These limits apply to specific categories including personal credit, education and health financing, vehicle loans, financial leasing, credit cards, and overdrafts, with maximum TAEGs ranging from 4.3% to 15.8% and a maximum TAN of 15.8% for credit overdrafts. The instruction mandates compliance with these caps for contracts signed between April 1 and June 30, 2020, without altering the freedom to negotiate other financing conditions.
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Instruction No. 7/2020
BO No. 3/2020 2nd Supplement • 2020/03/31
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Topics
Supervision :: Behavioral Supervision
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Disclosure of maximum rates applicable to consumer credit contracts in the 2nd quarter of 2020
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Lineage: In force
Source: Banco de Portugal — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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