Regulatory Alerts2023-03-09
Added · Updated
Instruction No. 7/2023: Disclosure of Maximum Rates Applicable to Consumer Credit Contracts in the Second Quarter of 2023
The Bank of Portugal establishes maximum effective annual rates (TAEG) and maximum nominal rates (TAN) for various consumer credit contracts for the second quarter of 2023. These limits apply to contracts concluded under Decree-Law No. 133/2009, with specific caps set for personal credit, auto credit, financial leasing, and credit cards. The instruction enters into force on April 1, 2023, and mandates that these maximum rates serve as ceilings for financing charges without restricting the freedom to negotiate other contract conditions.