Complementary Law No. 28587 to the Consumer Protection Law, Addressing the Topic of Financial Services

Peru

(enacted in 2005)

Complementary Law No. 28587 to the Consumer Protection Law, Addressing the Topic of Financial Services (Ley Complementaria a la Ley de Protección al Consumidor en Materia de Servicios Financieros, Ley 28587/05) complements the Consolidated Text of the Consumer Protection Law (Texto Único Ordenado de la Ley de Protección al Consumidor, DS No006-2009-PCM). It also specifies the formal requisites of contracts, the communication of changes in terms and conditions, and diffusion of information on interest rates, fees, and commissions (regulated with more detail in SBS Resolution No. 1765-2005 on Regulation on Transparent Information and Negotiation with Financial Consumers). The Consolidated Text of the Consumer Protection Law and SBS Resolution No. 1765-2005 on Regulation on Transparent Information and Negotiation with Financial Consumers can both be found under “Related Laws/Regulations.”

Legislative Decree No. 1045 Approving the Complementary Law on the Consumer Protection System amends and builds upon the Consolidated Text of the Consumer Protection Law and can be found under “Related Amendments.”

Together with the General Law No. 26702 of the Financial and Insurance Systems, this Complementary Law lets financial institutions freely set interest rates.

DISCLAIMER: Due to the fact that an English translation was unavailable for this law, information for this summary has been taken from secondary sources and not from review of the actual legal text.