Friday, September 5, 2008

Venezuelan lawmakers approve credit card law

Lawmakers have approved Venezuela's first extensive credit card regulations, requiring banks to offer credit cards to new customers even if they have outstanding debts with other banks.
Venezuela's state news agency reported that the legislation also is intended to protect customers against identity theft and fraud. Lawmaker Dario Vivas told state television Friday that the measure will help more than 2 million Venezuelan credit card holders who have been victims of identity theft and fraud. Critics say the regulations could encourage customers not to pay their credit card debts on time. The law still must be signed by the president and published before it goes into effect.

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