Mexico - PROFECO issues a new regulation on the obligations of collection offices and their related business entities on matters relating to acts of their employees The Consumer Protection Agency (PROFECO) recently issued a regulation aimed at preventing abuse, harassment and intimidation towards debtors. Companies that grant credits or loans should ensure that their collection offices comply with the new rules when collecting, negotiating or restructuring credits, loans or financing relationships between the customer and the business entity. The regulation provides that business entities must make available to their customers the identification data of collection offices so that they can be easily located by customers. This information must be updated every three months. Business entities must keep the personal data confidential and must take the appropriate measures to protect the data against damage, theft, destruction and unauthorized treatment. Failure to comply with the regulation will result in a fine ranging from two hundred up to two thousand days of minimum wage. While the regulation came into force on 2 September 2015, commercial entities or companies that provide loans and credits will have 90 days from the date of effectivity to adopt the obligations.
For more information, please contact Sergio Legorreta-Gonzalez or Carlos Vela-Trevino.