Circular 13/2022 — Modifications to Circular 27/2008 (Authorization via Credit Offer Platforms)

Tuesday, November 8, 2022 OFFICIAL GAZETTE
CIRCULAR 13/2022 addressed to credit information companies, regarding Modifications to Circular 27/2008 (authorization through credit offer platforms).

A logo appears at the margin, stating: Bank of Mexico.- “2022, Year of Ricardo Flores Magón”.

CIRCULAR 13/2022
TO CREDIT INFORMATION COMPANIES:
SUBJECT: MODIFICATIONS TO CIRCULAR 27/2008 (AUTHORIZATION THROUGH CREDIT OFFER PLATFORMS)

The Bank of Mexico, with the objective of continuing to promote the sound development of the financial system and to protect the interests of the public, considers it appropriate to provide for the possibility that authorizations to consult the credit reports of individual clients may be obtained through computer platforms or electronic applications administered by the Bank of Mexico itself, whereby financial intermediaries issue personalized credit offers according to the risk profile of each client, thereby facilitating the comparison and selection of credit products. Likewise, it is deemed appropriate to make clarifications to the rules applicable to credit information companies, with the aim that said authorizations are granted only once and can be used by all participants of said platforms or applications to make the aforementioned inquiry to credit information companies, so that they can make a credit offer to the respective client.

For this reason, based on Article 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; Article 24 of the Bank of Mexico Law; Articles 12 and 28 of the Law to Regulate Credit Information Companies; Article 22 of the Law for Transparency and Ordering of Financial Services; as well as Article 4, first paragraph, Articles 8, fourth and eighth paragraphs, Article 10, first paragraph, Article 14 Bis in relation with Article 17, fraction I, as well as Article 14 Bis 1, first paragraph, in relation with Article 25 Bis 3, fraction II, of the Internal Regulations of the Bank of Mexico, which grant the authority to issue provisions through the General Legal Direction and the General Direction of Affairs of the Financial System, respectively, as well as Second, fractions I and X, of the Agreement on the Attachment of Administrative Units of the Bank of Mexico, has resolved to modify the Third Rule, first paragraph, Fourth, fraction II, numerals 2 and 3, Fifth, fractions II and IV, and Eighth; as well as repeal numeral 2, of fraction I, of the Fourth, of the “General Rules to which the operations and activities of credit information companies and their users must adhere”, contained in Circular 27/2008, to remain in the following terms:

GENERAL RULES TO WHICH THE OPERATIONS AND ACTIVITIES OF CREDIT INFORMATION COMPANIES AND THEIR USERS MUST ADHERE

“THIRD.- The Companies shall receive and process applications for Special Credit Reports in their specialized units, or through their electronic page on the worldwide network (Internet); telephone; mail; email, and private courier companies. ...”

“FOURTH.- …
I. …

1. …
2. Repealed
3. to 4. …
   II. …
4. …
5. The specialized unit of the Company; the telephone line provided for in Article 40, sixth paragraph, of the Law; mail, or email and delivery is carried out through the Company’s electronic page or email, the maximum fee will be twelve UDIS, or
6. The Internet electronic page of the Company; its specialized unit; the telephone line provided for in Article 40, sixth paragraph, of the Law; mail, or email. If delivery is made through:
   a) The specialized unit, the maximum fee will be twelve UDIS; b) to c) … ...”

OFFICIAL GAZETTE Tuesday, November 8, 2022
“FIFTH.- …
I. …
II. When Individual Clients request their Special Credit Report through the Internet electronic page of the Companies; telephone; mail, or email, they must provide the following information:

1. to 5. …
   III. ...
   IV. When Clients who are individuals with business activity or legal entities request their Special Credit Report through the Internet electronic page of the Companies, by telephone, mail, or email, they must provide the information indicated below:
2. to 4. …”

“EIGHTH.- In case any User intends to offer credits, loans or analogous operations to Clients who are individuals with whom they do not maintain a legal relationship, the Companies, under the terms of Article 28 of the Law, may deliver to said User the corresponding Credit Reports of said Clients when the User has the express authorization that those Clients have granted verbally, by electronic means, or with their digital fingerprint. Before requesting the authorization mentioned in the previous paragraph, the identity of the User must be communicated to the Clients. For the purposes of the provisions in the previous paragraph, the following shall apply:
I. to III. …
When verbally, by electronic means or with their digital fingerprint, in substitution of the autograph signature, the Client authorizes that their credit history be consulted, Users may only use such authorization if they can demonstrate that it was granted exclusively for such purpose under the terms provided in Article 28, first paragraph of the Law. Such authorization may only be used to consult the Credit Report of the respective Client on a single occasion. … With respect to the Clients referred to in the first paragraph of this Rule, as well as other individuals who maintain some legal relationship with the Users in question, they may grant the authorization referred to in Article 28 of the Law, in addition to what is provided in this Rule and in the Ninth Rule below, through computer programs, systems, technological platforms or digital applications that, in any case, are developed and administered by the Bank of Mexico with the aim that any interested individual may obtain from all participating Users personalized offers of credit, loans or analogous operations. In this case, such authorization shall extend to all Users who, as the case may be, have been selected by the respective Client in the referred media. Likewise, based on the aforementioned authorization, each User selected by the respective Client may perform, on a single occasion, the consultation of the corresponding Credit Report before the Companies. Without prejudice to the foregoing, the aforementioned participating Users must keep in their files the authorization granted referred to in this paragraph individually. Additionally, regarding Users who do not maintain a legal relationship with the Clients referred to in this paragraph, they must observe the other applicable provisions of this Rule. The authorizations referred to in this Rule shall be subject to the provisions of Articles 29 and 30 of the Law. To avoid committing violations of the provisions relating to Financial Secrecy, Companies must reject requests from Users who do not comply with the provisions of this Rule.”

TRANSITIONAL PROVISION
UNIQUE. - This Circular shall enter into force on the next business day following its publication in the Official Gazette of the Federation.
Mexico City, October 31, 2022.- BANK OF MEXICO: General Legal Director, Luis Urrutia Corral.- Signature.- General Director of Affairs of the Financial System, José Luis Negrín Muñoz.- Signature. For any queries regarding the content of this Circular, the Bank of Mexico places itself at your disposal through the Direction of Authorizations and Sanctions of Central Banking at phone number (55) 5237-2000 extension 3200.