Commercial Firms cannot Issue Credit Cards

Several appliances chain stores issued credit cards for their clients.

The shops that issued credit cards as a financing option for its clients must quit doing so, according to a decision issued on July 5 by the Banking Board and published yesterday by the Superintendency of Banks.

The provision JB-2012-2225 indicates that only financial institutions and credit card issuers or administrators companies can act as issuers and operators of the plastic.

This measure has an exception with the companies that have founded portfolio securitization processes, ie, with operations in the stock market and with its values in circulation. For these, the Superintendency of Companies will make a schedule for elimination.

The resolution issued by the Board states that those who violate the provision shall be punished in accordance with Art. 121 of the Financial Institutions Law. (MZ)