This law, as can be seen from its own explanatory statement contained in the initiative 5544, aims to update Guatemalan legislation dating back to 1970, providing an adequate legal framework that regulates everything related to credit cards in national practice, as a fundamental instrument in commercial and credit operations; particularly, as an instrument that allows its holder to dispose of goods or services without the immediate delivery of cash and whose simple presentation allows payment obligations to be deferred in certain transactions. This due to its constant use in commerce, mass contracting and the need to establish and promote a culture of protection the rights and obligations of the issuer, affiliate, and cardholder in Guatemala.
Through six chapters and 66 articles, the law regulates credit card operations in Guatemala, the relationships between issuer, affiliate and cardholder, protection mechanisms for credit card users and a special sanctioning regime.
The procedural aspects that are of utmost relevance within the law are the following:
