The scheme applies to commercial, consumer, and mortgage credit products, including housing leasing. In addition, the portability process may not generate costs, penalties, or additional charges for the consumer. To begin the process, the consumer must submit a request to the new financial institution. The institution will request the necessary information and assess whether to accept or reject the transfer request.
If the request is approved, the new institution must present a clear, complete, and comparable offer. The consumer will have five business days to accept or reject it. Once accepted, the new institution will formalize the product, while the original institution will issue the corresponding clearance certificate. Thus, the decree seeks to make switching institutions easier and promote a more competitive financial system.
