Circular 3/2010 — Modification of Accreditation Dates Regarding Payment of Credits, Loans, or Financing

Monday, January 18, 2010 OFFICIAL GAZETTE (First Section) 86

CIRCULAR 3/2010 Modification of the provisions regarding accreditation dates concerning the payment of credits, loans, or financing.

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

CIRCULAR 3/2010

TO CREDIT INSTITUTIONS, LIMITED PURPOSE FINANCIAL SOCIETIES AND REGULATED MULTIPLE PURPOSE FINANCIAL SOCIETIES:

SUBJECT: MODIFICATION OF THE PROVISIONS REGARDING ACREDITATION DATES CONCERNING THE PAYMENT OF CREDITS, LOANS OR FINANCING

The Bank of Mexico, based on Article 28 of the Political Constitution of the United Mexican States, paragraphs sixth and seventh; Articles 24 and 26 of the Bank of Mexico Law; Articles 16 and 22 of the Law for Transparency and Ordering of Financial Services; paragraphs third and sixth of Article 8th, Articles 10, 14 in relation to Article 25 fraction II and Article 25 Bis 1 fraction V, and Article 17 fraction I, which provide for the powers of the Bank of Mexico through the General Directorate of Analysis of the Financial System and the Directorate of Central Banking Provisions, respectively, all of them of the Internal Regulations of the Bank of Mexico, as well as the Single Article of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, fractions III and IV, with the purpose of promoting the sound development of the financial system through the updating of the regulation directed at said Entities, considering that with this date Circular 2/2010 was issued, which modifies Circular 23/2009, regarding the "Rules for direct debit in bank deposit accounts", which specifies, among other aspects, that the payment of credits, loans or financing, including revolving credits associated with credit cards, may be made through the direct debit service charged to a checking or savings deposit account; has resolved to modify paragraph three of section 2 of Circular 22/2008, which contains the "General provisions referred to in Article 16 of the Law for Transparency and Ordering of Financial Services, regarding accreditation of payments", to read as follows:

"2. MEANS OF PAYMENT FOR CREDITS, LOANS AND FINANCING

...

In the event that the client agrees with the Entity that the payment of its credit, loan or financing be made through the direct debit service charged to a checking or savings deposit account, it must grant its authorization in a document distinct from the contract by which said credit, loan or financing was instrumented.

..."

TRANSITORY

SINGLE. This Circular shall enter into force on February 1, 2010.

Mexico, D.F., January 13, 2010.- BANK OF MEXICO: The General Director of Analysis of the Financial System, José Gerardo Quijano León.- Signature.- The Director of Central Banking Provisions, Fernando Luis Corvera Caraza.- Signature.

For any inquiries regarding the content of this Circular, please contact the General Directorate of Authorizations, Consultations and Legal Control, located at 5 de Mayo Avenue number 2, sixth floor, Centro Neighborhood, Mexico City, D.F., C.P. 06059, or by telephone at 5237.23085237.2000 ext. 3200 or 5237.2317.

Monday, January 18, 2010 OFFICIAL GAZETTE (First Section) 87