Circular 22/2008 — Accreditation of Payments for Credits, Loans, or Financing

Friday, May 23, 2008 OFFICIAL GAZETTE 1

CIRCULAR 22/2008 regarding the general provisions referred to in Article 16 of the Law for Transparency and Orderliness of Financial Services, regarding Accreditation of Payments.

A logo appears at the margin, saying: Bank of Mexico.

CIRCULAR 22/2008

TO CREDIT INSTITUTIONS,
LIMITED OBJECT FINANCIAL COMPANIES AND REGULATED MULTIPLE OBJECT FINANCIAL COMPANIES:

SUBJECT: DATES OF ACCREDITATION REFERENT TO THE PAYMENT OF CREDITS, LOANS OR FINANCING

The Bank of Mexico, based on Articles 28 of the Political Constitution of the United Mexican States, paragraphs sixth and seventh; 24 and 26 of the Bank of Mexico Law; 16 and 22 of the Law for Transparency and Orderliness of Financial Services; 8th third and sixth paragraphs, 10, 14 in relation to Article 25 fraction II, and 17 fraction I, which grant the General Directorate of Analysis of the Financial System and the Directorate of Central Banking Dispositions, respectively, the authority to participate in the issuance of dispositions, all of them from the Internal Regulations of the Bank of Mexico published in the Official Gazette of the Federation on September 30, 1994, whose last modification was published in said Official Gazette on May 9, 2008, with the purpose of promoting the sound development of the financial system through the update of regulations directed at credit institutions and their application to limited object financial companies and regulated multiple object financial companies, considering that the Law for Transparency and Orderliness of Financial Services made known through Decree published in the Official Gazette of the Federation on June 15, 2007, conferred upon the Bank of Mexico the faculty to issue general dispositions regarding the terms in which these entities must accredit the payments they receive for the credits, loans, and financing they grant.

It has resolved to issue the following:

GENERAL PROVISIONS REFERRED TO IN ARTICLE 16 OF THE LAW FOR TRANSPARENCY AND ORDERLINESS OF FINANCIAL SERVICES, REGARDING ACCREDITATION OF PAYMENTS.

1. DEFINITIONS
   For the purposes of these Provisions, it will be understood, in singular or plural, as follows:
   Entities: collectively, the credit institutions, limited object financial companies, and regulated multiple object financial companies.
   Business Days: the days of the week, excluding Saturdays, Sundays, and those on which credit institutions and limited object financial companies are obligated to close their offices and branches, according to the calendar published annually by the National Banking and Securities Commission in the Official Gazette of the Federation.

2. MEANS OF PAYMENT FOR CREDITS, LOANS, AND FINANCING
   The Entities are obligated to receive cash, checks (subject to good collection), fund transfer orders, and interbank direct debits, for the payment of principal, interest, commissions, and expenses of the credits, loans, and financing they grant to their clients. Fund transfer orders may be sent at the request of the payer or by a third party, and the issuer may be any person authorized to do so. Likewise, checks may be drawn by the payer or by a third party, payable by any credit institution. The foregoing, provided that those who draw the checks or request the respective fund transfer orders have sufficient resources in the corresponding accounts. In the event that the client agrees with the Entity that the payment of its credit, loan, or financing is carried out through the direct debit service charged to a checking account, it must grant its authorization in a document distinct from the contract by which said credit, loan, or financing was instrumented, in which at least the following is established: a) the account in which the payment will be debited and the denomination of the corresponding credit institution or entity; b) the date on which said direct debit will take place; c) the amount to be debited, whether fixed or variable, in which latter case a limit must be agreed upon, and d) the procedure to follow in the event that said account does not have sufficient funds on the agreed date to cover the respective amount or that the amount to be debited exceeds the maximum agreed limit. The Entities must inform in writing or through the means they agree upon with their payers, the data and procedures necessary to carry out the payments referred to in this section. Additionally, the Entities are obligated to maintain such information on their electronic page on the worldwide network (Internet) and deliver a printed copy free of charge to any person requesting it at their branches. The Entities may authorize third parties to receive the payments referred to in this section, and may also establish reception hours for this purpose.

Friday, May 23, 2008 OFFICIAL GAZETTE 2 deposit account, it must grant its authorization in a document distinct from the contract by which said credit, loan, or financing was instrumented, in which at least the following is established: a) the account in which the payment will be debited and the denomination of the corresponding credit institution or entity; b) the date on which said direct debit will take place; c) the amount to be debited, whether fixed or variable, in which latter case a limit must be agreed upon, and d) the procedure to follow in the event that said account does not have sufficient funds on the agreed date to cover the respective amount or that the amount to be debited exceeds the maximum agreed limit. The Entities must inform in writing or through the means they agree upon with their payers, the data and procedures necessary to carry out the payments referred to in this section. Additionally, the Entities are obligated to maintain such information on their electronic page on the worldwide network (Internet) and deliver a printed copy free of charge to any person requesting it at their branches. The Entities may authorize third parties to receive the payments referred to in this section, and may also establish reception hours for this purpose.

3. ACCREDITATION DATES
   The Entities will be obligated to accredit the payments of the credits, loans, and financing mentioned in the previous section in accordance with the following:

3.1 Cash
If the payment is made in cash, it will be credited on the same day it is received.

3.2 Check
i. When the payment is made at the credit institution that granted the credit, loan, or financing, or at the credit institution that holds the account for the limited object financial company or regulated multiple object financial company that granted it:
a) If the check is drawn by the same credit institution, it will be credited on the same day it is received. b) If the check is drawn by another credit institution, it will be credited no later than the next Business Day if the payment is made before 16:00 hours, or no later than the second Business Day following if the payment is made after 16:00 hours.
ii. When the payment is made at the limited object financial company or regulated multiple object financial company that granted the credit, loan, or financing, or at the establishments designated by them:
a) If the check is drawn by a credit institution that holds an account for said companies, it will be credited on the same Business Day it is received. b) If the check is drawn by a credit institution that does not hold an account for said companies, it will be credited no later than the next Business Day if the payment is made before 16:00 hours, or no later than the second Business Day following if the payment is made after 16:00 hours.

3.3 Direct Debit
The payment will be credited:
i. On the date the Entity agrees with the debtor, or
ii. On the payment deadline of the credit, loan, or financing.

3.4 Electronic Fund Transfers
i. If the payment is made through the Interbank Electronic Payment System (SPEI), or through charges and credits to accounts at the same credit institution, it will be credited on the same Business Day the transfer is ordered.
ii. If the payment is made through the Electronic Transfer System, it will be credited no later than the Business Day following the one on which the transfer is ordered.

Friday, May 23, 2008 OFFICIAL GAZETTE 3
TRANSITORY PROVISION
UNIQUE.- These Provisions will enter into force for multiple-bank institutions on the day following their publication in the Official Gazette of the Federation and for development bank institutions, limited object financial companies, and regulated multiple object financial companies, on June 20, 2008.

Respectfully,
Mexico, D.F., May 19, 2008.- BANK OF MEXICO: The General Director of Analysis of the Financial System, José Gerardo Quijano León.- Signature.- The Director of Central Banking Dispositions, Fernando Luis Corvera Caraza.- Signature.

For any inquiries regarding the content of this Circular, please go to the Department of Authorizations, Consultations, and Legal Control Control, located at Avenida 5 de Mayo number 2, sixth floor, Centro Neighborhood, Mexico City, C.P. 06059, or at phones 5237.2308, 5237.3200, or 5237.2317.