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CMF sanctions Servicios e Inversiones TCD Ltda. for exceeding the Maximum Conventional Rate in money credit operations

August 7, 2023 - The Board of the Financial Market Commission (CMF) sanctioned Servicios e Inversiones TCD Ltda. with a fine of UF 50 for carrying out money credit operations with interest exceeding the Maximum Conventional Rate (MCR).

Per Exempt Resolution No. 5,264, TCD repeatedly infringed Articles 6, 6 Bis and 6 Ter of Law No. 18,010 on money credit operations in 2,838 occasions between January and June 2021, collecting CLP 1,544,430 in extra interest from operations of revolving credit lines linked to credit cards.

Law No. 18,010 bans charging interest at rates above the MCR to protect the pecuniary interests of debtors who may be affected by the application of excessive rates that decrease their assets. This also safeguards the correct functioning of the financial market.

TCD reported having refunded all overcharges.

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