Law on the Transparency and Order of Financial Services of 2007

Mexico

(amended through 2010)

The Law on the Transparency and Order of Financial Services (Ley para la Transparencia y Ordenamiento de los Servicios Financieros) regulates interest rates, fees, and disclosure for all retail financial services in Mexico. In particular, it sets rules for commissions, exchange fees and other charges related to financial services and lending of any kind. The objective of the law is to ensure the transparency and efficiency of the payment system and to protect the interests of the public.

The law is organized as follows:

  • Chapter I General Provisions: Object, definitions, supplementary nature, and targeted regulators;
  • Chapter II General standards on commissions, exchange fees, and other consumer fees:
    • Art. 4 The Bank of Mexico, with the assistance of the CNBV and CONDUSEF, will issue general regulations on interest rates and other fees for all financial institutions and Financial Companies with Multiple Corporate Purposes (SOFOMES);
  • Chapter III Transparency in relation to financial products and granting of credits, loans and financing;
  • Chapter III Bis Credit, Loans, and Financing Associated with a Card;
  • Chapter IV Common Provisions;
  • Chapter V Administrative Sanction Process;
  • Chapter VI Judicial Review of Sanctions; and
  • Chapter VII Fines.