On November 1 a new Official Mexican Norm (Norma Oficial Mexicana or NOM), NOM-179-SCFI-2007, was published in the DOF. SuchNOM will regulate those individuals or entities not regulated by Mexican financial laws (banks, single purpose lenders/SOFOLES, etc.) whichregularly or professionally carry out lending transactions secured by pledge guaranties (in which personal property is provided through a pledgeguaranty), with the purpose of providing increased certainty and security to consumers or clients of such lenders. The new NOM, which willapply to so called “Casas de Empeño” or “Montes Píos,” establishes the general terms of what information must be contained in advertising,which must be posted in a visible place in lenders’ establishments, and include information related to the percentage of the amount of sums lentcompared to the value of assets being pledged, the type of assets accepted in a pledge guaranty, annual interest rates, total annual financingcosts and warehousing expenses. In addition, the new NOM regulates the contents and types of contracts that said institutions or individuals offer, which include the following requirements: contracts must be filed with the Mexican Federal Consumer Protection Prosecutor(Procuraduría Federal del Consumidor or PROFECO, which is the agency in charge of enforcing the NOM); contain clear terms and conditionsand be in Spanish, written legibly; the form of execution and terms of the pledge or loan, costs and expenses for warehousing the assets pledgedand, in general, the previously mentioned advertising requirements must all be met. It is important to note that such NOM will enter into effect60 calendar days following its publication, which is December 31, 2007.