Modification on the law on credit history information passes
The National Assembly of Panama (AN) approved this morning in the third debate the bill No. 424, which modifies and adds articles to Law 24 of 2002, which regulates the information service on the credit history of consumers or clients.
The bill, presented by deputy Luis Cruz, aims to modernize the Panamanian Credit Association (APC).
It also seeks to help the population improve old credit references to reflect a normal behavior of healthy credit, and through the Trade and Economic Affairs Commission, dialogue was promoted to listen to all the sectors involved and agree on the project for the benefit of the community.
In general terms, Bill 424 includes modifications such as:
- Reduction of the statute of limitations for debts from 7 to 5 years.
- New rights for consumers as credit references for payment arrangement and payment restructuring, so that it is not considered a bad reference.
- When an account is credited or canceled, the economic agent must update the credit history immediately within 3 business days.
- It is established that applications and procedures related to credit history may be made and authorized free of charge by consumers
We proposed three and in consensus with all the organizations we managed to lower it to 5; just as the payment arrangement was not considered a negative thing, on the contrary Panamanians always try to catch up on their accounts and now the arrangement payment will be considered in a legitimately positive way. We also give exemplary sanctions for those economic agents that do not comply with the consumers or with the agreements reached with their consumers, said the proposing deputy.