Costa Rica Backs Law on Financial Consumer Rights

Published on May 28, 2025

Rolando García Moya, Senior Counsel at ARIAS Costa Rica and an expert in Consumer Protection, presents this article on the draft law for the protection of financial consumers

The bill processed under legislative file 24616 aims to enact the Law for the Protection of Consumers of Financial Services or Products. This law seeks to protect the rights and legitimate interests of consumers of such services or products—referred to as financial consumers - and grants enforcement authority to the Ministry of Economy, Industry, and Commerce (MEIC).

Among the rights intended to be regulated in favor of financial consumers are the following (not an exhaustive list):
  • The freedom to choose, join, or switch to the financial provider of their choice at no cost.
  • The right to receive information that meets safety and quality standards—clear, simple, complete, accurate, truthful, timely, and standardized, when applicable—regarding the characteristics of the offered products or services.
  • The protection of personal data and information by financial providers, safeguarding against fraud and misuse of products.
  • The right to have any doubts resolved in their favor, a rule that must be observed in administrative, arbitration, and judicial proceedings.
On the other hand, the bill proposes several obligations for providers of financial services and products, including:
  • Ensuring that all advertising, sales materials, or any form of communication directed at consumers is simple, clear, accurate, complete, timely, truthful, verifiable, and not misleading.
  • Disclosing fees, commissions, interest rates, and other costs associated with the financial product or service before acquisition.
  • Refraining from unauthorized charges or commissions.
  • Respecting contractual terms and providing consumers with a written contract and annexes for the services or products acquired.
Currently, the Law for the Promotion of Competition and Effective Consumer Protection, which generally regulates consumer rights and merchant obligations, does not apply to certain sectors of the Costa Rican market—particularly those regulated by the State. These include:
  • The telecommunications sector (regulated by the Superintendency of Telecommunications),
  • The public services sector (regulated by the Public Services Regulatory Authority – ARESEP),
  • The banking and financial sector (regulated by the National Council for the Supervision of the Financial System – CONASSIF, and the General Superintendency of Financial Institutions).
These latter institutions have expressed opposition to the bill, arguing that it would duplicate the functions of an existing office, the Financial Consumer Office. In response, the MEIC has stated that there would be no duplication of functions, as the Financial Consumer Office is a private, non-state entity funded by the banks themselves.

This bill has the support of most legislative factions in the Legislative Assembly and continues to follow the standard legislative process. We will continue to monitor its progress and provide updates as necessary. Please feel free to contact us with any questions.



The information provided by ARIAS® is presented for informational purposes only. This information is not legal advice and is not intended to create, and does not constitute, an attorney-client relationship. Readers should not act upon this information without seeking advice from professional advisers.