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Can you summarize Chapter 991?
PAYMENT OF DEBTS > PAYMENT OF DEBTS WITH CREDIT CARDS
Short Summary
The provided legal document content governs the payment of debts with credit cards in Puerto Rico. It defines key terms such as credit card, holder, issuer, banking institution, financial institution, and person. The document specifies that all government agencies and instrumentalities, the Courts Administration, and the municipalities which offer services, receive payments or collect debts on account of loans, taxes, licenses, patents, excise taxes, fines, penalties, surcharges, interest, and others, are authorized to receive payments chargeable to a credit card issued by the issuer on behalf of the holder and accepted by them. The document also states that any person who makes illegal use of a credit card incurs a felony and shall be sanctioned according to the penalty provided in 4556 of Title 33. It further clarifies that acceptance of a credit card as a means of payment does not exempt the debtor from their obligation to pay the debt contracted until it has been paid in full or extinguished by the card issuer. The Department of the Treasury is responsible for drafting the regulations needed to implement this chapter, including matters concerning the compensation of banking and financial institutions. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Government agencies, instrumentalities, Courts Administration, municipalities, holders of credit cards, banking institutions, financial institutions
What does it govern?
Payment of debts with credit cards in Puerto Rico
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Felony and sanctions according to the penalty provided in 4556 of Title 33
Jurisdiction
Puerto Rico