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Thai Business Law Experts See Opportunities for Business in New Credit Card Regulations

Top Quote Recent changes to credit card laws have been welcomed by corporate legal services in Thailand, with a uniform set of standards now in place for all lenders. BSA Law, a leading Thai legal service for businesses, says that some clients have still not seen any changes in their credit card terms and conditions, and that companies who have been affected by the previous state of affairs. End Quote
  • (1888PressRelease) August 03, 2010 - Bangkok, Thailand - Thai laws on credit card administration are about to change, following a long period of perceived inequitable treatment. BSA Law, a leading corporate legal service in Thailand, is urging businesses that use a credit card to be proactive about supporting the laws.

    Apisakde Kongkangwanchoke, partner at BSA Law, says that businesses can help support the change by exercising their rights as credit consumers.

    "We're encouraging businesses to keep an eye on this legislation, and vote for the better lenders with their dollar. It will take time for the change to become fully entrenched, but these are important laws and business support for moral lenders will help encourage the change", Mr Kongkangwanchoke said.

    The new Thai laws on credit card administration are set to include measures like:
    Capping fees and interest rates for non-bank lenders
    Setting standards regarding interest calculation
    Setting standards for debt collection
    Prohibiting the application of annual fees to credit cards, a measure unique across much of the world
    Removing surcharges and minimum purchase amounts for credit card use in stores

    The new Thai laws are yet to be enacted, but the Cabinet approved the Draft Bill on June 23rd.

    "We are also advising businesses to keep an eye on the progress of the new laws, and contact their legal service in Thailand if they believe their credit card terms and conditions are in breach of the new Thai law after its enactment", Mr Kongkangwanchoke said.

    About BSA Law:

    For nearly 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.

    For more information please contact:

    Jim Byrne
    Business Advisor, BSA Law.
    Email: jim ( @ ) bsalaw dot co dot th

    http://www.bsalaw.co.th

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