After the President of the Republic sanctioned it with his signature, the official Gazette published the Law No. 195 of December 31, 2020, which modifies and adds articles to the Law No. 24 of 2002, that regulates the information service on the credit history of consumers or clients.
This regulation modifies the Law regulates the operations of the Panamanian Credit Association (APC) and dictates, among other measures, among which are:
Reduce the prescription of the credit history from 7 to 5 years.
Create the payment arrangement method in the credit history.
It forces economic entities to automatically update the credit history of their clients.
It establishes fines for not updating said records in the established times.
Guarantee that once the debt is canceled, the history must be updated in a maximum of three days.
It should be noted that this law was promoted by Deputy Luis Cruz.
–
