This Consumer Protection Law regulates the transactions between consumers and providers in Ecuador. The provisions contained in the law promote equality and legal security to all parties. Providers must inform consumers of the total cost of goods and services, including all transactions fees. This applies to all institutions within the financial system.
The provider is required to avoid any risks which may affect the consumer's health and must inform them of conditions of use.
When the consumer acquires certain goods and services through credit systems, the provider will be required to clearly inform the price and total sum of what is to be paid in cash. It is forbidden for providers to charge interests upon interests to consumers. The calculation of interests on credit purchases should be based exclusively on the amount of outstanding capital to be paid; the interest must not be calculated from the initial amount.
Original URL: http://scpm.gob.ec/wp-content/uploads/2013/03/Ley-Org%C3%A1nica-de-Defensa-del-Consumidor.pdf