Interest rates on credit operations. Adjustments

COMMUNICATION “A” 5887 15/01/2016
TO FINANCIAL ENTITIES,
TO NON-FINANCIAL CREDIT CARD ISSUING COMPANIES, TO NON-FINANCIAL PURCHASE CARD ISSUING COMPANIES:
Ref.: Circular
OPRAC 1 - 801
Interest rates on credit operations. Adjustments.

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We address you to inform you that this Institution adopted the following resolution:

1. Replace the title and the last paragraph of point 4.1. of the rules on “Interest rates on credit operations”, with the following:
   “4.1. In public service premises”.
   …
   “Advertising of the total financial cost must be carried out in a highlighted colour typography, of identical font and of a size at least five times larger -preserving all the proportions of stroke thickness, height and width- than that used to inform the level of the annual nominal rate.”
2. Replace the last paragraph of point 4.2. of the rules on “Interest rates on credit operations”, with the following:
   4.2. In graphic media or in other media other than those provided in point 4.3.
   …
   “Advertising of the total financial cost must be carried out in a highlighted colour typography, of identical font and of a size at least five times larger -preserving all the proportions of stroke thickness, height and width- than that used to inform the level of the annual nominal rate and/or the number of instalments and/or their amount.”
3. Replace the last paragraph of point 4.3. of the rules on “Interest rates on credit operations”, with the following:
   4.3. Advertising by radio, television or telephone media.
   …

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“Television advertising of the total financial cost must be carried out in a highlighted colour typography, of identical font and of a size at least five times larger -preserving all the proportions of stroke thickness, height and width- than that used to inform the level of the annual nominal rate and/or the number of instalments and/or their amount.”
4. Replace point 4.6. of the rules on “Interest rates on credit operations”, with the following:
“Financial entities and non-financial credit and/or purchase card issuing companies shall be responsible for ensuring compliance with the requirements established regarding advertising of interest rates and total financial cost in cases where construction, industrial, commercial companies, real estate agents, etc., advertise the sale of real estate or other goods or provision of services in notices that mention their possible financing through any entity included in the Financial Entities Law or in the Credit Cards Law, to the extent that mention is made of the number of instalments or their amount or of interest rates, and the name of each of the entities participating in the advertised operation must be legibly identified.” Likewise, we inform you that we will subsequently send you the sheets that, in replacement of those previously provided, must be incorporated into the referenced rules as a consequence of the adopted measure. We greet you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Agustín Torcassi Principal Manager of Issuance and Regulatory Applications General Deputy Manager of Rules