Committee Articles

Changes to Brazilian Consumer Credit Legislation

Brazilian Banking Law Consumer Defense Code for Bank Customers The Brazilian Central Bank (BACEN) has recently issued Resolution nº 2.878/01, which is already being called the "Consumer Defense Code for Banking Clients" (CDCB). In force since July 26, 2001, this Resolution, in short, rewrites in a more detailed manner and with added focus on the financial market, the rights already stated in Law nº 8.078/90 (Brazilian Consumer Defense Code CDC), related to transactions rendered to customers.

Developments Under Mexico’s Ley de Concursos Mercantiles del 2000

According to the Instituto Federal de Especialistas de Concursos Mercantiles's (“IFECOM”) Fifth Bi-annual Report presented on Dec. 3, 2002, only 63 cases have been filed in Mexico under the Ley de Concursos Mercantiles. These 63 cases involve 90 debtors: four individuals and 86 entities, approximately 55,500 creditors and NP$31,500 million in claims.