Overview
- The Chamber of Deputies approved the initiative with 467 votes under urgent procedure and remitted the text to the Senate for further consideration.
- Unsolicited credit and debit cards are declared null, users incur no obligations or cancellation steps, banks must reimburse undue charges within five business days, and such accounts cannot be reported to credit bureaus.
- Card cancellation must be available in person, by phone, and digitally through visible 24/7 buttons, with completion in no more than five business days and no fees or penalties.
- Upon a cancellation request, issuers must apply a preventive block to stop transactions while the process concludes.
- The reform bans charges for services not expressly authorized and requires clear, truthful disclosure of all costs, with backers citing widespread complaints among roughly 40 million cardholders.