Resolution SBS No. 3748-2021: Approves the Regulation on Commissions and Expenses of the Financial System and issues other provisions

Lima, December 10, 2021
Resolution S.B.S.
No. 03748- 2021

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, through Law No. 31143, Law that Protects Consumers of Financial Services from Usury, Article 6 of Law No. 28587, Complementary Law to the Law on Consumer Protection in Financial Services, and Article 9 of Law No. 26702, General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance and its modifying norms, are modified, establishing the approval by resolution of the commissions and expenses, developed in a technical, economic and legal report, that companies in the financial system charge to users, and that they must publish them on their web portal, as well as contracts, summary sheets, among others;

That, likewise, through said Law No. 31143, modifications associated with interest rate caps, the charging of penalties, the prohibition of interest capitalization in case of payment default, the approval of contractual forms, and prohibited charges are made;

That, with respect to commissions, currently, the Circular on Categories and Names of Commissions, Circular No. B-2213-2013, No. F-553-2013, No. CM-401-2013, No. CR-269-2013, No. EAH-17-2013 and No. EDPYME-146-2013, establishes that companies must inform the Superintendence of the categories and names of commissions applicable to financial products that adjust or do not adjust to the Annex of said circular, as well as disseminate these commissions, according to the categories and names listed by this Superintendence;

That, the Market Conduct Management Regulation of the Financial System, approved by SBS Resolution No. 3274-2017 and its modifying norms, establishes provisions related to Law No. 31143, referring to the different aspects associated with contracting with users, including, among other topics, the information they must have for adequate contracting, as well as the approval of contract models by this Superintendence and the modifications that may occur in them;

That, by virtue of what is established in Law No. 31143, it is necessary to establish the provisions to regulate the approval of commissions and expenses that will be applied by companies in the products and/or services offered to users, as well as their categories and names, as well as to adapt the Credit and Debit Card Regulation,

approved by SBS Resolution No. 6523-2013 and develop the complementary mandates referred to the various aspects pointed out by Law No. 31143;

That, finally, it is necessary to modify the Regulation on Infractions and Sanctions of this Superintendence, in order to incorporate the infractions corresponding to the non-compliance with the obligations indicated in Law No. 31143;

That, for the purpose of collecting opinions from the general public, the draft resolution was pre-published on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Market Conduct and Financial Inclusion, Insurance and Legal Advice; and,

In exercise of the powers conferred by paragraphs 7, 9 and 13 of Article 349 of Law No. 26702, General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance and its modifying norms and Law No. 31143, Law that protects consumers of financial services from usury;

RESOLVES:

Article First.- Approve the Regulation on Commissions and Expenses of the Financial System, as indicated below:

“REGULATION ON COMMISSIONS AND EXPENSES OF THE FINANCIAL SYSTEM

TITLE I
GENERAL ASPECTS

Article 1. Scope
The provisions of this norm are applicable to the companies included in paragraph A of Article 16 of the General Law, to the National Bank and the Agricultural Bank and to the mortgage administrator companies, hereinafter the companies.

Article 2. Definitions
For the purposes of this Regulation, the following definitions and references must be considered:

1. Client: user with whom the company maintains a commercial relationship originating from the signing of a contract.

2. Commission: according to what is established in the Market Conduct Management Regulation.

3. Days: business days.

4. Companies: those considered in the scope of Article 1.

5. Expense: according to what is established in the Market Conduct Management Regulation.

6. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms.
   1 Paragraph modified by SBS Resolution No. 4320-2025, of 04.12.2025.

7. Financial products and/or services: any product and/or service of a financial nature, they can be active, under the installment system or under the revolving system; passive; or accessory or auxiliary services to a service of a financial nature.

8. Economic support: Determinant aspects of the value of the additional or complementary service that under the concepts of commission or expense is transferred to users.

9. Legal support: regulatory provisions that establish the necessary requirements for commissions and expenses so that they can be charged to users.

10. Technical support: description and justification of all those tasks or activities that in an ordered and sequential manner constitute the additional or complementary service whose cost is transferred to users as a commission or expense.

11. Regulation: Regulation on Commissions and Expenses of the Financial System.

12. Market Conduct Management Regulation: Market Conduct Management Regulation of the Financial System, approved by SBS Resolution No. 3274-2017 and its modifying norms.

13. Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators.

14. User or consumer: person who acquires, uses or enjoys the products or services offered by the company, or who could potentially use them, and who is defined as such, in accordance with what is established by Law No. 29571, Consumer Protection and Defense Code.

TITLE II
APPROVAL OF COMMISSIONS AND EXPENSES

Article 3. Commissions and expenses
Commissions and expenses are determined and approved in accordance with what is established in Article 9 of the General Law and as follows:

3.1. The commissions and expenses of financial products and services imply the provision of an additional and/or complementary service to the contracted operations, which must be effectively provided as agreed, and correspond to the concepts indicated in Annexes No. 1 and 2 of the Regulation.

3.2. Prior to the application of commissions and expenses, companies must present to the Superintendence a report containing the technical, economic and legal support in accordance with what is indicated in the Regulation for the approval of such concepts in accordance with the current regulatory framework.

3.3. The Superintendence communicates through a Multiple Office the format of the report cited in paragraph 3.2, as well as the channels to be used for its presentation and the communication of the elimination of a commission or expense.

Article 4. Approval of commissions and expenses

4.1. For the approval of commissions and/or expenses, which correspond to the categories, names and descriptions of Annexes No. 1 and 2 of the Regulation, companies must present to the Superintendence the report indicated in Article 3 of the Regulation with an advance of no less than fifteen (15) days before its incorporation into the tariff schedule of their products and/or services. Once these deadlines have expired, the commissions and/or expenses will be understood as approved and the companies can transfer the commissions and expenses to new contracts and/or initiate the prenotice procedure for existing contracts, as appropriate; unless express communication to the company by the Superintendence, regarding the non-approval of said commissions and/or expenses or the need for an additional period for evaluation. 2

4.2. For the approval of new commissions and/or expenses not indicated in Annexes No. 1 and 2 of the Regulation, companies must present to the Superintendence the report indicated in Article 3 of the Regulation with an advance of no less than sixty (60) days from the date on which the incorporation into the tariff schedule of products and/or services was planned. 3

4.3. The new commissions and/or expenses indicated in paragraph 4.2 are considered approved through their incorporation into Annexes No. 1 and 2 of the Regulation, by Resolution. Companies may incorporate said commissions and/or expenses into their tariff schedules and contracts as long as they are in Annexes No. 1 and 2 of the Regulation, and the prenotice procedure is fulfilled in accordance with Article 33 of the Conduct Regulation in case of existing contracts.

4.4 The elimination of a commission and/or expense from the company's tariff schedule must be communicated to the Superintendence at the latest within fifteen (15) days thereafter, indicating, if applicable, the last date of charging to users.

FINAL COMPLEMENTARY PROVISIONS

First.- Categories and names of commissions approved under Circular No. B-2213-2013, No. F-553-2013, No. CM-401-2013, No. CR-269-2013, No. EAH-17-2013 and No. EDPYME-146-2013

The categories and names of commissions contained in the Annex of the Circular on Categories and names of commissions, No. B-2213-2013, No. F-553-2013, No. CM-401-2013, No. CR-269-2013, No. EAH-17-2013 and No. EDPYME-146-2013 included in Annex No. 1 of the Regulation, are considered approved and form part of this Regulation.

Second.- Presentation of technical, economic and legal support

Companies that submitted the technical and economic support, according to the applicable legal framework, of the commissions incorporated into their tariff schedules by virtue of what was indicated through Multiple Office No. 47637-2013, do not need to resubmit said information.

Article Second.- Modify paragraphs 11.1 and 11.2 of Article 11, paragraph 12.1 of Article 12, the first paragraph of Article 16, Article 18, paragraph 19.1 of Article 19, the first paragraph and paragraphs b and c of paragraph 1 of Article 20, paragraphs 4 and 5 of paragraph 25.2 of Article 25, paragraph a) of paragraph 1 of Article 27, paragraph 1 of Article 28, paragraph 33.1 of Article 33, paragraph 50.7 of Article 50, paragraph 52.1 of Article 52, paragraphs 1, 2, 3 and 7 of paragraph 53.2 of Article 53 and paragraph 11 of Annex No. 3 of the Market Conduct Management Regulation of the Financial System approved by SBS Resolution No. 3274-2017:

“Article 11. Calculation of rates

11.1 Companies, in accordance with what is established in Article 9 of the General Law, may freely determine the interest rates for their active and passive products, within the limits established by the Central Reserve Bank of Peru, if applicable, and considering for such effect what is indicated in Article 6 of the Complementary Law to the Law on Consumer Protection in Financial Services.

2 Paragraph modified by SBS Resolution No. 1395-2022 of 26/04/2022.
3 Paragraph modified by SBS Resolution No. 1395-2022 of 26/04/2022.

11.2 Compensatory interest rates must be expressed in effective annual form, considering for such effect that it is a year of three hundred sixty (360) days. For its calculation and application, companies must take into account the regulation on the matter issued by the Central Reserve Bank of Peru in accordance with its Organic Law.

(…)

Article 12. Interest rates that depend on a variable factor

12.1 Companies must indicate, in a simple and clear manner, the way in which the rate is determined at each moment, including its change periodicity or the conditions that determine its modification, within the limits established by the Central Reserve Bank in case it is applicable. This rate must not be susceptible to unilateral adjustment by the company itself or by virtue of agreements or practices with other entities.

(…)

Article 16. Commissions and expenses

Commissions and expenses are determined in accordance with what is established in Article 9 of the General Law. The approval of said charges is developed in the Regulation on Commissions and Expenses of the Financial System:

(…)

Article 18. Support for commissions and expenses

Commissions and expenses must imply the provision of a previously agreed service, additional and/or complementary to the operations contracted by users, and effectively provided, which justifies the transfer of said cost to the client, as well as a real and demonstrable cost. Companies must have a report containing the technical, economic and legal support that allow accrediting the effective existence of the service and that justify the transfer of said concept to the client, through a commission or expense. The presentation of said report is carried out as provided in the Regulation on Commissions and Expenses of the Financial System.

Article 19. Dissemination of interest rates, commissions, expenses, products and services

19.1 Companies must inform users of the compensatory interest rate, and the default interest rate in case of non-compliance; as well as the commissions and expenses associated with the different products and/or financial services they offer, in accordance with what is provided in the Regulation on Commissions and Expenses of the Financial System, as well as with the categories, names and descriptions listed in Annexes No. 1 and 2 of this Regulation. This information must be communicated and disseminated in a clear and understandable manner.

(…)

Article 20. Information dissemination mechanisms

Companies must disseminate information regarding compensatory interest rates, and default interest rates in case of non-compliance; commissions and expenses and characteristics of the financial products or services offered, as appropriate, through the following mechanisms:

1. List or tariff.- The dissemination of information must consider the following:

(…)

b. The default interest rate presented only in nominal annual form.

c. Commissions and expenses in accordance with what is provided in the Regulation on Commissions and Expenses of the Financial System.

(…)

Article 25. Information on active products

(…)

25.2 The summary sheet must contain only the following information:

(…)

4. The nominal annual default interest rate applicable in case of non-compliance. Likewise, it must be indicated that, in case of non-compliance with payment according to the agreed conditions, the report is made, with the corresponding qualification, to the Risk Central.

5. The amount and detail of the commissions and expenses that are part of the active product. Charges that respond to user requests and that are agreed on each occasion are not considered in this item, except those that are of periodic application (such as the cost for sending account statements by physical means), on which it must be indicated that the related information is disseminated through the list or tariff. Commissions and expenses must be presented in accordance with what is approved in the Regulation on Commissions and Expenses of the Financial System. Regarding insurance, the name of the insurance company that issues the policy, the main risks covered and the policy number must be informed if applicable.

(…)

Article 27. Responsibility of companies in the contracting of associated insurance

Companies are subject to the requirements established in the Regulation on Marketing of Insurance Products approved by SBS Resolution No. 1121-2017, the norms that modify or replace it. Additionally, companies that offer insurance considered as a condition for contracting must additionally observe the following:

1. They must inform users that they have the right to choose between contracting the insurance offered by the companies; or an insurance contracted directly by the user or through the designation of an insurance broker; as long as it meets, to the satisfaction of the companies, the previously informed conditions. The dissemination of said information must be carried out in the offer of products that consider insurance as a condition for contracting, through the mechanisms that companies use for such effect.

a) In the case where the user proves the contracting, on their own, of an insurance that meets the conditions established by the company, they are not obliged to take the offered insurance and can substitute it for the one they had contracted. In this case, the insurance must be endorsed in favor of the company up to the amount of the outstanding balance; without this generating an additional commission or expense to the user, as long as it is a credit life insurance. By virtue of the endorsement, the company may agree with the user that the payment of the insurance premium is added to the payment of the previously agreed periodic installments of the credit or debited from a passive product. The endorsement and payment method, by agreement of the parties, can be processed by the user before the insurance system company that issues the policy and delivered to the companies, or by the companies.

(…)

Article 28. Responsibility of companies in the contracting of notarial services

Companies are subject to what is established in the Code for the use of notarial services, in the framework of the contracting of financial products and services, for which they must:

1. Inform users that they have the right to free choice of notaries.

(…)

Article 33. Modification of commissions, expenses and other contractual aspects

33.1 Companies must inform clients about the modification of commissions and expenses, prior to their entry into force, in case such modifications represent an increase with respect to what was agreed. The communication must be made with an advance of no less than forty-five (45) days, indicating the date or the moment from which the modification will enter into force. In the case of periodic execution commissions and/or expenses, the increased charge becomes applicable from the next period after the prenotice period has expired. The obligation to inform also applies in the case of modifications of contractual conditions other than interest rates, commissions, expenses and increases in the credit line.

(…)

Article 50. General contracting clauses subject to prior administrative approval

(…)

50.7 The contract annexes (including summary sheet and information booklet) cannot be used to incorporate additional rights or obligations to those established in the general contracting clauses approved by the Superintendence, nor to modify the content of said clauses. The mere presentation of the general contracting clauses for administrative approval obliges the companies to comply with what is established in this paragraph.

Article 52. Dissemination of general contracting clauses, summary sheets, information booklet and requirements applicable in front of mandatory norms

52.1 Companies must disseminate, through their web page, the contractual forms that have general contracting clauses approved by the Superintendence, indicating the resolution number by which they were approved; as well as, the Summary Sheet and Information Booklet linked to the general contracting clauses approved.

(…)

Article 53. Criteria for the determination of abusive clauses in matters of interest rates, commissions and expenses

(…)

53.2 Abusive clauses that cannot be incorporated into the contractual forms used by companies, among others, are those indicated below:

1. Those that empower the company to vary the compensatory interest rate, the default interest rate applicable in case of non-compliance, the commissions and expenses without prior notice, when this implies a higher cost or a detriment to the user.

2. Those that empower the company to vary the compensatory interest rate, the default interest rate in case of non-compliance, the commissions and expenses by establishing information mechanisms that do not comply with what is established in the Regulation.

3. Those that empower the company to charge or vary compensatory interest rates, default interest rates in case of non-compliance, commissions and/or expenses that do not comply with the criteria established in the current legal framework to be subject to charge or variation and/or that are outside the limits established by the Central Reserve Bank of Peru

(…)

7. Those identified by the Superintendence in accordance with the norms on the matter, which will be incorporated into this list through a general norm.

(…)

---

Annex No. 3
EXAMPLES OF CHARGES THAT DO NOT MEET THE CRITERIA OF THE REGULATION TO QUALIFY AS COMMISSIONS OR EXPENSES.
(…)
11. Charges other than the moratory interest rate, for the payment of obligations outside their due date, such as the penalty, among others.

Third Article.- Incorporate paragraph 11.3 into Article 11, literals e) to numerals 1 and 2 of paragraph 17.2 of Article 17, numeral 8 into paragraph 26.2 of Article 26, Article 41-A, paragraphs 50.8 and 50.9 into Article 50, and numerals 23, 24, and 25 into Annex No. 3 of the Regulation on Market Conduct Management of the Financial System, approved by SBS Resolution No. 3274-2017, in the following terms:

“Article 11. Calculation of rates
(…)
11.3 The moratory interest rate, in cases of default or delay in the payment of credit, must be expressed and applied as a nominal annual rate, non-capitalizable, considering for this effect that it is a year of three hundred sixty (360) days. This, in accordance with what is provided in Article 6 of the Supplementary Law to the Consumer Protection Law in Financial Services.

Article 17. Application of commissions and expenses
(…)
17.2 Regarding this matter, the following criteria must be observed:

1. Regarding active products, both in the case of new products, as well as for refinancing or rescheduling of credits, essential services and/or inherent to:
   (…) e. The existence of a free channel to make cash withdrawals.
2. Regarding passive products, essential services and/or inherent to:
   (…) e. The existence of a free channel and/or a monthly number of free operations to make withdrawals.
   (…)

Article 26. Information on passive products
(…)
26.2 The information booklet must contain the following details:
(…)
8. The channel or channels that are free of cost for making withdrawals in the case of deposit products.

Article 41-A.- No-debt document and lifting of guarantee
Once all client charges have been paid, financial system companies deliver or make available, automatically and within a period not exceeding seven (7) business days, the document that certifies such cancellation, at no cost.
Additionally, companies must issue, upon the user's request, the document stating the individual cancellation of a credit, without prejudice to the existence of other unpaid obligations. For this effect, companies may implement the same treatment indicated in the previous paragraph or an internal procedure that is communicated to the user at the time of receiving their request. In the case where a movable vehicle guarantee or mortgage has been constituted, the document containing the unilateral declaration of release of the guarantee must additionally be included. The latter must allow its formalization through a public notary for registration in the Public Registries.

Article 50. General contracting clauses subject to prior administrative approval
(…)
50.8 The summary sheets that form part of the contracts of active products, whose general contracting clauses have the approval of the Superintendence, are also considered approved, provided their content is limited to that indicated in paragraph 25.2 of Article 25 of the Regulation.
50.9 In the case of active products, the general contracting clauses must expressly incorporate the web section that allows them to be viewed, with the corresponding summary sheet, in the same section.

Annex No. 3
EXAMPLES OF CHARGES THAT DO NOT MEET THE CRITERIA OF THE REGULATION TO QUALIFY AS COMMISSIONS OR EXPENSES.
(…)
23. Charges for evaluation, administration, and/or management of an endorsed policy, in the case of desgravamen insurance that is a condition to contract a credit product.
24. In banking companies, inter-branch charges for withdrawing cash through an automated teller machine of the bank itself or at service counters in a locality different from the city where the bank account was opened.
25. Charges related to financial advice linked to the offer, marketing, or execution of a contract of financial products or services.

Fourth Article.- Modify numeral 22 of Article 2, Article 6-A, and numeral 6 of Article 10 of the Regulation on Credit and Debit Cards, approved by SBS Resolution No. 6523-2013, in the following terms:

Article 2.- Definitions
For the purposes of the provisions of this Regulation, the following definitions shall be considered:
(…)
22. Statement date: the date on which a billing period closes. On the statement date, the total revolving debt registered up to that date is determined, the sum of the installments to be paid in the period, commissions, expenses, compensatory interest generated by the revolving debt in the billing period, and the moratory interest applicable in case of default on payment within the period established in the statement of the previous billing period.

Article 6-A.- Contractual resolution of the credit card at the holder's request
(…)
Contractual conditions, such as commissions, expenses, and rates, will remain in force until the cancellation of the debt and subsequent resolution of the contract.
(…)

Article 10.- Minimum content of account statements
The credit line statement must contain at least the following:
(…)
6. Nominal annual moratory interest rate applicable in case of default.
(…)

Fifth Article.- Incorporate into Annex 2: Specific Infractions of the Financial System and of Complementary and Related Service Companies of the Regulation on Infractions and Sanctions of the Superintendence of Banks, Insurance, and Private Pension Fund Administrators, approved by SBS Resolution No. 2755-2018 and its modifying norms, the following:

I. Light Infractions
23) Charging commissions and/or expenses not previously approved by the Superintendence.
24) Charging active compensatory and/or moratory interest rates higher than the maximum rates fixed by the Central Reserve Bank of Peru.
25) Capitalizing moratory interest in case of default on credit payment.
26) Charging a penalty or other commission or expense other than the moratory interest in case of default on credit payment.
27) Upon the cancellation of a credit, failing to deliver or make available the no-debt certificate or similar as established in the current regulations.
28) Upon the cancellation of a credit, failing to deliver or make available the certificate or similar containing the guarantee release declaration as established in the current regulations.
29) Failing to deliver the first credit cancellation confirmation, free of charge, upon the client's request.

II. Serious Infractions
59) Charging commissions and/or expenses not previously approved by the Superintendence, according to a significant sample reviewed by the Superintendence.
60) Charging active compensatory and/or moratory interest rates higher than the maximum rates fixed by the Central Reserve Bank of Peru, according to a significant sample reviewed by the Superintendence.
61) Capitalizing moratory interest in case of default on credit payment, according to a significant sample reviewed by the Superintendence.
62) Charging a penalty or other commission or expense other than the moratory interest in case of default on credit payment, according to a significant sample reviewed by the Superintendence.
63) Upon the cancellation of a credit, failing to deliver or make available the no-debt certificate or similar, according to the current regulations, according to a significant sample reviewed by the Superintendence.
64) Upon the cancellation of a credit, failing to deliver or make available the certificate or similar containing the guarantee release declaration, according to the current regulations, according to a significant sample reviewed by the Superintendence.

III. Very Serious Infractions
15) Charging commissions and/or expenses not previously approved by the Superintendence, with an economic impact equal to or greater than the amount equivalent to 100 UIT.

16. Charging active compensatory and/or moratory interest rates higher than the maximum rates fixed by the Central Reserve Bank of Peru, with an economic impact equal to or greater than the amount equivalent to 100 UIT.
17. Capitalizing moratory interest in case of default on credit payment, with an economic impact equal to or greater than the amount equivalent to 100 UIT.
18. Charging a penalty or other commission or expense other than the moratory interest in case of default on credit payment, with an economic impact equal to or greater than the amount equivalent to 100 UIT.

Sixth Article.- Repeal the Circular on Categories and denominations of commissions, Circular No. B-2213-2013, No. F-553-2013, No. CM-401-2013, No. CR269-2013, No. EAH-17-2013, and No. EDPYME-146-2013, and the Multiple Office No. 47637-2013.

Seventh Article.- Approve the commissions and expenses contained in Annex No. 1 “Concepts of commissions by type of product, category, and denomination” and Annex No. 2 “Concepts of expenses by type of operation”, which form part of the Regulation on Commissions and Expenses of the Financial System, approved by the First Article of this Resolution, and are published on the Institutional Portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 001-2009-JUS.

Eighth Article.- Companies have an adaptation period from the validity of this Resolution as follows:
i) 90 days, to comply with what is provided in paragraph 25.2 of Article 25 of the Regulation on Market Conduct Management of the Financial System, approved by SBS Resolution No. 3274-2017. ii) 90 days, to comply with what is provided in paragraph 50.9 of Article 50 of the Regulation on Market Conduct Management of the Financial System, approved by SBS Resolution No. 3274-2017. iii) 90 days, for the presentation of expenses included in Annex No. 2, and for new commissions and expenses not indicated in Annexes No. 1 and 2 of the Regulation on Commissions and Expenses.

Ninth Article.- This Resolution enters into force from the day following its publication in the Official Gazette El Peruano.

Register, communicate, and publish.
MARIA DEL SOCORRO HEYSEN ZEGARRA
SUPERINTENDENT OF BANKS, INSURANCE, AND AFP