Overview

• Senators approved PL 4.871/2024 in a symbolic vote on Oct. 7, forwarding the text for presidential sanction.
• Banks must execute digital, user-initiated portability of salaries, pensions and similar payments within two business days, with refusals allowed only under a clear, objective justification.
• Automatic debits may be drawn from a different account only with the customer’s express authorization, and general automatic debits can be canceled at the client’s request.
• A new lower-interest loan modality ties cheaper rates to stricter conditions—noncancelable automatic debits until payoff, possible garnishment above 20 minimum wages and electronic service of notices—subject to Central Bank regulation and CMN guidelines.
• Consumer rules require clear display of total cost and rates, monthly alerts on revolving debts, a ban on automatic credit-limit increases without consent and at least 30 days’ notice before interest-rate increases.