Regulatory Alerts2021-01-01
Added · Updated
Notice No. 7/2021
This Notice establishes detailed rules for credit institutions regarding the prevention and out-of-court regularization of default on consumer credit contracts, replacing Notice No. 17/2012. It mandates the creation of an Action Plan for Default Risk (PARI) with monthly monitoring, defines strict criteria for contacting clients in distress, and sets out the Procedural Out-of-court Regularization of Default Situations (PERSI). Institutions must publicly disclose information about support networks and report their internal implementation documents to the Bank of Portugal by February 1, 2022.
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