Financial consumer privacy protection
July 21 2023
financial consumer privacy
The Colombian Congress has enacted Law 2300 of 2023, aimed at safeguarding the privacy of financial consumers. This law primarily applies to entities regulated by the Financial Superintendency and those engaged in collection operations. It introduces measures to govern contact and communication channels, as well as timing, for debt collection purposes.

Under the law, financial institutions and collection agencies are only permitted to contact financial consumers through authorized channels specifically designated for debt collection. Additionally, these entities must respect individuals’ privacy and refrain from contacting them through multiple channels within the same week or more than once in a single day. The designated contact hours are Monday to Friday from 7:00 am to 7:00 pm, and Saturdays from 8:00 am to 3:00 pm.

Furthermore, the law extends its provisions to encompass commercial communications between producers, suppliers, and commercial consumers. It explicitly prohibits making transactions conditional on granting authorization to receive commercial or advertising communications, unless directly related to the purchased goods or services. These new regulations aim to strengthen consumer protection and privacy in financial and commercial interactions.

Original source in Spanish.