Regulatory Alerts2010-05-26 | CD-SIBOIF-629-4-MAY26-2010Added · Updated
Norm for Credit Card Operations
This regulation establishes the definitions, scope, and supervisory framework for credit card operations in Nicaragua, mandating that issuers conduct exhaustive debt capacity evaluations before granting credit lines. It requires standardized contract content, transparent advertising, and specific formatting for agreements, while restricting cost table modifications to quarterly intervals and defining interest calculation methodologies. The Superintendence of Banks and Other Financial Institutions supervises compliance, with non-compliance subject to fines under the General Banks Law.