Law on Credit Institutions of 1990 (consumer protection-related)

Mexico

(amended through 2010)

The Law on Credit Institutions (Ley de Instituciones de Crédito) provides the mechanism whereby institutions can petition the Bank of Mexico for an evaluation of the reasonableness for their fees for services. Additionally, it sets forth some rules regulating contracts (such as clarity, etc.) and electronic services. Finally, it discloses specific sanctions and penalties for financial institutions for various types of violations.