This Law determines the awarding of credit service licenses. It establishes the Central Bank as the main supervisor and regulator of each company's standards and principles. It implements provisions for requesting and providing credit reports and information.
This Law displays all requirements to appoint members to the firm's Board of Directors, including the lack of a criminal record and bankruptcy declaration. It restricts Data and Credit Providers' ownership of more than 5% of the firms they service, and requires them to maintain a robust, protected database of their client's pertinent information.