Regulatory Alerts2022-04-11 | NCM-04Added · Updated
Technical Standards for Transparency and Disclosure of Information in the Credit Card System
The Committee of Standards of the Central Reserve Bank of El Salvador issued these standards to regulate credit card issuers, co-issuers, acquirers, and administrators. The document mandates specific authorization procedures, requiring entities to submit detailed documentation including feasibility studies, internal controls, and contract models to the Superintendence of the Financial System. It establishes a sixty-business-day deadline for the Superintendence to process authorization requests and sets a sixty-day window for entities to submit approved credit policies. The standards also define key terms and prohibit certain fees, such as membership commissions for cards with limits under two thousand US dollars.
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