#Alert CMF | The Commission for the Financial Market (CMF) issued General Rule No. 484, which establishes requirements and conditions so that the commissions charged to the debtor of a money credit operation are not considered interest, for purposes of determining whether the interest rate of that loan exceeds the Maximum Conventional Rate (TMC).
In other words, in all those cases that do not comply with the norm, the charges will be considered interest, being limited by the TMC.
The norm seeks to provide objective rules that allow for greater transparency in the collections associated with a money credit operation.
Under the above, financial institutions will have until August 1, 2023 to adapt the contracts that are affected by the rule.
We enclose the CMF statement and in case of any doubt, consult our Banking, Finance and Investments team.
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CMF Norma de Carácter General N°484
