Temporary Standard Reforming Article 15 of the Standard for Credit Card Operations

Page 1 of 2 Resolution No. CD-SIBOIF-1305-1-MAR29-2022 Dated March 29, 2022 TEMPORARY STANDARD REFORMING ARTICLE 15 OF THE STANDARD 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 Standard for Credit Card Operations was approved, contained in Resolution No. CD-SIBOIF-629-4-MAY26-2010, published in La Gaceta, Official Journal Nos. 150 and 151, on August 9 and 10, 2010, respectively.

II That in Articles 2, 14, and 16 of Law No. 515, “Law for the Promotion and Regulation of the Use of Credit Cards,” contained in Law No. 974, “Law of the Nicaraguan Legal Digest of the Banking and Finance Sector,” published in La Gaceta, Official Journal No. 164, on August 27, 2018, and its reforms (Legal Digest Law), the Board of Directors of the Superintendence is authorized to issue the necessary norms 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-1305-1-MAR29-2022 TEMPORARY STANDARD REFORMING ARTICLE 15 OF THE STANDARD FOR CREDIT CARD OPERATIONS

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

“Article 15. Payment Calculation.- With respect to payments, the following provisions are established: a) Cash payment: Corresponds to the total payment of the outstanding balance owed by the cardholder as of the statement date, expressed in the agreed currency.

Page 2 of 2 b) Minimum payment: Corresponds to the payment for the cycle expressed in the agreed currency, which covers a fixed amortization of 2% of the principal balance, plus current and overdue interest. The issuer may charge a pre-established minimum fee when the aforementioned sum of the minimum payment results in an amount lower than the calculated sum.”

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 Standard for Credit Card Operations.

THIRD: The modification to the minimum payment established in the FIRST section of this resolution shall be valid until March 31, 2023, which must be communicated as established in the SECOND section.

FOURTH: The “Temporary Standard Reforming Article 15 of the Standard for Credit Card Operations,” contained in Resolution No. CD-SIBOIF-1238-5-MAR23-2021, dated March 23, 2021, published in La Gaceta, Official Journal No. 67, on April 14, 2021, is hereby repealed.

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

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

SAÚL CASTELLÓN TÓRREZ Ad Hoc Secretary of the Board of Directors SIBOIF