Member Article

Law No. 21.398 "Pro-Consumer", which was published on December 24^th, 2021, incorporated the current Article 17 N of the Consumer Protection Act.

This article establishes that, before entering a credit transaction, suppliers must analyze the economic solvency of the consumer in order to comply with the obligations arising therefrom.

The foregoing aims to promote a sustainable and responsible credit system where the consumer's ability to meet financial obligations in a timely manner is evaluated, thus avoiding over-indebtedness and helping to reduce the risk of default or insolvency.

On August 3^rd, 2023, the Ministry of Economy, Development and Tourism published in the Official Gazette, the Regulation that establishes the form and conditions through which the supplier must comply with the obligation to analyze the economic solvency of the consumer. This regulation was subject to a legal vacancy period of 9 months, coming into force on May 04, 2024.

For more information visit our legal alert.

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