Regulatory Alerts2015-07-15 | JB-2015-3518Banking Board Resolution JB-2015-3518
The Banking Board of Ecuador issued Resolution JB-2015-3518, confirming the rejection of Banco Pichincha C.A.'s review appeal and ordering a refund of US$ 8,078.88 to Mr. Wesley Leonardo Merchán Reyes for unauthorized post-vehicle-delivery loan installments and extrajudicial collection fees. The decision establishes that under Article 1583 of the Civil Code and applicable financial service regulations, the debtor's obligation was extinguished upon vehicle delivery, rendering subsequent automatic debits and legal expenses unjustified. Consequently, the Regional Intendant of Guayaquil's original administrative act is upheld, mandating the financial institution to comply with statutory billing standards and refund timelines for improperly charged amounts.