Norm Amending Article 15 of the Credit Card Operations Regulation

Page 1 of 2 Resolution No. CD-SIBOIF-1369-1-MAR28-2023 Dated March 28, 2023

NORM AMENDING ARTICLE 15 OF THE REGULATION FOR CREDIT CARD OPERATIONS

The Board of Directors of the Superintendence of Banks and Other Financial Institutions,

CONSIDERING

I That on May 26, 2010, the Regulation for Credit Card Operations was approved, contained in Resolution No. CD-SIBOIF-629-4-MAY26-2010, published in La Gaceta, Official Journal No. 150 and 151, on August 9 and 10, 2010, respectively.

II That Articles 2, 14, and 16 of Law No. 515, Law on the Promotion and Regulation of the Use of Credit Cards, contained in Law No. 974, Law of the Nicaraguan Legal Digest on Banking and Finance Matters, published in La Gaceta, Official Journal No. 164, on August 27, 2018, and its amendments (Law of the Legal Digest), empower the Board of Directors of the Superintendence to issue the necessary regulations for the correct application of the Law.

III That in accordance with the considerations stated above and based on the authority granted by Article 3, numeral 13), and Article 10, numerals 1) and 2), of Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions, contained in the Legal Digest.

In exercise of its powers,

HAS ISSUED

The following:

CD-SIBOIF-1369-1-MAR28-2023 NORM AMENDING ARTICLE 15 OF THE REGULATION FOR CREDIT CARD OPERATIONS

FIRST: Article 15 of the Regulation for Credit Card Operations, contained in Resolution No. CD-SIBOIF-629-4-MAY26-2010, of May 26, 2010, published in La Gaceta, Official Journal No. 150 and 151, on August 9 and 10, 2010, respectively, is hereby amended, which shall read as follows:

“Article 15. Calculation of Payments.- With respect to payments, the following provisions are established:

Page 2 of 2 a) Cash payment: Corresponds to the total payment of the balance owed by the cardholder as of the statement date, expressed in the agreed currency. b) Minimum payment: Corresponds to the payment for the cycle expressed in the agreed currency, which covers the amortization of the principal balance, plus current and overdue interest, according to the percentages indicated in the following table:

Period Minimum Payment Percentage From 4/1/2023 to 3/31/2024 2.0% From 4/1/2024 to 3/31/2025 2.5% From 4/1/2025 to 3/31/2026 3.0% From 4/1/2026 to 3/31/2027 3.5% From 4/1/2027 onwards 4.0% The issuer may charge a predetermined minimum fee when the aforementioned sum of the minimum payment results in an amount less than said fee.”

SECOND: The modification to the minimum payment established in the aforementioned resolution must be communicated to clients by financial institutions, in accordance with what is established in Article 14 of the Regulation for Credit Card Operations, to the extent that the percentages established in the previous table apply.

THIRD: This regulation shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Journal.

(F) Legible Magaly María Sáenz Ulloa (F) Illegible (Luis Ángel Montenegro E) (F) Illegible Fausto Reyes (F) Illegible (Silvio Moisés Casco Marenco) (F) Illegible (Ervin Antonio Vargas Pérez).

SAÚL CASTELLÓN TÓRREZ Ad Hoc Secretary Board of Directors SIBOIF