Must inform financial systems users of the reasons for the denial of a loan application.
Highlights
Law No. 32294 amended the consumer protection law on financial services which governs the obligation to promptly report the denial of a loan to a consumer.
Regulation, published in May 2025 Official Gazette, specifies that communications of companies in the financial sector be carried out in channels previously made known.
Exception for the disclosure is granted to financial institution when the institution's refusal is based on application of prudential rules established by financial institution.
Failure to comply with deadline will be considered a minor disciplinary infraction.
Effectiveness
Resolution enters into force on day after publication in official gazette, May 8, 2025.
Compliance date is 60 days from the effective date, i.e., May 28, 2025.
