What is a R.E.C.A.?

Registro de Contratos de Adhesión (Adhesion Contracts Register)

It is a tool that allows each institution to register their contracts over the Internet and avoid the cumbersome comings and goings providing to the public at any time access to the contractual documentation that exists in the market for products and financial services, including a glossary of terms and explanations of each of the parts of a contract of adhesion.

An adhesion contract is the document unilaterally drafted by the entities to establish uniform data formats terms and conditions applicable to the conduct of the operations conducted with their clients. In the case of Financial Institutions, operations will be considered passive or active service, and the case of multi-purpose finance companies not regulated they would be considered credit transactions, loans or financing.