Capítulo IV. Supervisión y proteccion del tarjetahabiente

Credit card issuing entities incorporated in the country that form part of a financial group shall be subject to supervision by the Superintendency of Banks in accordance with the provisions of the Law on Banks and Financial Groups and the Financial Supervision Law.

In this regard, credit card issuing entities shall comply with the international security standards established and required by the international credit card brands operating in the country.

With respect to consumer rights, they shall have the status of providers for purposes of control and supervision by the DIACO. The Superintendency of Banks shall provide all information and cooperation to the Directorate of Attention and Assistance to the Consumer for purposes of compliance with the consumer rights of cardholders.

The Directorate of Attention and Assistance to the Consumer shall request from the Superintendency of Banks the compliance information by credit card issuers with international security standards in credit card operations. Non-compliance with international security standards in credit card operations by issuers shall cause claims filed before the Directorate of Attention and Assistance to the Consumer to be interpreted in favor of the cardholder.

The Financial Services Protection Unit is hereby created within the Department of Verification and Surveillance of the Directorate of Consumer Attention and Assistance, as the entity charged with ensuring respect for and compliance with the rights of consumers or users of credit cards, debit cards and other financial services, as well as ensuring compliance with the obligations of financial services providers.

To be appointed head of the Financial Services Protection Unit, in addition to what is established in other applicable laws, the following requirements must be met:

1)Be Guatemalan;

2)Be over thirty (30) years of age;

3)Be in enjoyment of their civil rights;

4)Be a professional in the legal or economic sciences at the licenciatura or postgraduate level, having practiced the profession for at least five years;

5)Demonstrate professional experience of at least three years in professional activities related to Consumer and User Protection or Supervision of the Financial System;

6)Demonstrate the technical knowledge necessary for the exercise of the office by means of a competitive examination, which shall be conducted in accordance with the regulations in force, in which they must pass with a satisfactory grade.

The Superintendency of Banks and the Directorate of Consumer Attention and Assistance shall enter into the necessary agreements for capacity strengthening, personnel preparation and technical assistance to the Financial Services Protection Unit, for the due fulfillment of its functions.

When the Directorate of Consumer Attention and Assistance has knowledge of acts within the jurisdiction of the Superintendency of Banks, it shall immediately inform said Superintendency thereof.

The Directorate of Consumer Attention and Assistance, through the Financial Services Protection Unit, may request, in specific cases, from credit card issuers; operators providing services to credit card issuers; affiliates; other financial services providers; users of credit cards, debit cards and other financial services; the information necessary for the due fulfillment of its functions in matters of protection of users of financial services. Such information must be delivered within the ten (10) days following, counted from the filing of the request; said time limit may be extended, upon justified request, on a single occasion for up to ten (10) additional days. Such information may not be denied for any reason.

Likewise, where applicable, it must impose the sanctions, observing due process.

When conflicts and controversies arise between the cardholder and the issuer or with the affiliate, they must seek, as a first alternative, a conciliatory arrangement, for which the issuer or affiliate shall have a time limit of fifteen (15) days, counted from the filing of the grievance, to respond in writing to the cardholder with the decision; if no agreement is reached, the cardholder may file their complaint with the Directorate of Attention and Assistance to the Consumer, which shall decide in accordance with the present law and the Consumer and User Protection Law.

The credit card issuing and co-issuing entities shall be incorporated as a corporation, with the exclusive corporate purpose of issuing and administering credit cards, except banks and specialized financial-services companies that are part of financial groups and savings and credit cooperatives, which as to their formation are governed by the provisions of the Law on Banks and Financial Groups and the General Law of Cooperatives, as applicable.

. The creditor or collection agent is prohibited from oppressing, annoying or abusing a person in an insistent and repetitive manner, on the occasion of the collection of a debt arising from a credit card contract. For such purpose, the following shall be considered acts of harassment or intimidation:

a)Making communications for collection or payment demand by means of telephone calls, text messages, e-mails or any other analogous means, on non-business days and at non-business hours;

b)Making more than two communications during the day, for collection or payment demand, by means of telephone calls, text messages, e-mails or any other analogous means;

c)Communicating, for collection purposes, with persons other than the debtor or those who guarantee them; and,

d)Posting notices on posts and dwellings near the user's residence or workplace, or on electric power poles, in order to cause shame so that payments are made.

Abusive practices in connection with collection by credit card issuers, managers, collection agencies or others who carry out such activities on their behalf, including independent professionals, are prohibited. Collection efforts shall be made only to debtor persons and those who guarantee them, and therefore may not be directed to persons other than those already indicated. Likewise, harassment and intimidation practices for the collection of receivables are prohibited, in accordance with the provisions set forth for such purpose in the preceding article.