This law regulates all money credit operations. 'Credit operations' are defined as transactions whereby one of the parties commits to deliver an amount of money at a different time as that when the other party commits to make a payment. There will be no interest rate limits on money credit operations made with foreign banking institutions, and the Central Bank of Chile.
The interest rate which will be charged upon the issuance of a credit card will be based upon the maximum interest rate authorized for these transaction. This rate will be determine in the regulations of the law. Anticipated payment settlements will be arranged on a case by case basis between lenders and borrowers.