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The Portuguese Government passed Decree-Law no. 58/2013, of 8 May 2013, which set out new rules applicable to credit transactions, which will limit default interest rates to 3% plus the agreed interest rate, allow the capitalisation of interest for minimum periods of one month and prohibit late payment fees.
The new rules will apply to all credit transactions (including, among others, consumer loans, mortgage and corporate loans) entered into by banks and financial companies subject to the supervision of the Bank of Portugal and will enter into force on 5 September 2013.
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