Norm for Credit Card Operations

Resolution No. CD-SIBOIF-629-4-MAY26-2010 dated May 26, 2010 NORM FOR CREDIT CARD OPERATIONS The Board of Directors of the Superintendence of Banks and Other Financial Institutions.
CONSIDERING
I
That Law 515, the Law for the Promotion and Regulation of the Use of Credit Cards, in Article 1, establishes that the Superintendence of Banks and Other Financial Institutions, hereinafter referred to as the Superintendence, shall be the body responsible for the regulation and supervision of credit card issuers. II That in Articles 2, 14, and 16 of the aforementioned Law, the Board of Directors of the Superintendence is authorized to issue the necessary norms for the correct application of the Law, ensuring a novel incorporation that guarantees the rights of all operators in commercial traffic, with emphasis on the rights of cardholders. In exercise of its powers, HAS ISSUED The following, Resolution No. CD-SIBOIF-629-4-MAY26-2010 NORM FOR CREDIT CARD OPERATIONS TITLE I SCOPE OF APPLICATION SINGLE CHAPTER CONCEPTS, OBJECT, SCOPE, AND SUPERVISION

Article 1. Concepts.-
1 For the purposes of applying the provisions contained in this Norm, the concepts indicated in this article, both in uppercase and lowercase, singular or plural, shall have the following meanings:
a) Cycle: The period between two statement dates. b) Purchases of goods or services: Those made at affiliated establishments, as well as those the issuer contracts or obtains for the cardholder with the latter's authorization, such as: debtor balance life insurance, theft and fraud insurance, emergency insurance, payments for electricity, water, telephone, cable services. c) Automatic debits: Correspond to purchases or payments for goods and services, which are automatically debited from the cardholder's credit line, such as: telephone, electricity, cable, school payments. d) Days of default: The days counted from the day following the payment deadline established in the statement. e) Issuer: Legal entities domiciled in Nicaragua constituted as anonymous societies, that issue credit cards for national or international use or in both modalities, either individually or jointly with another issuer (co-issuer). This is without prejudice to legal entities with foreign domicile that engage in such business. e)-bis Non-bank Issuer: A legal entity domiciled in Nicaragua, constituted as an anonymous society, that wishes to subscribe to current account credit opening contracts and the issuance and use of credit cards with its clients, whose constitution does not require authorization by the Superintendence of Banks and Other Financial Institutions and whose liquidation process is governed by the Commercial Code, being subject to the supervision of the Superintendence under the terms of Law No. 515 and this Norm. f) Statement: A detail prepared by the issuer containing information on what the cardholder owes as of a certain date, which may be supplied to the user in printed or electronic form.

1 Art. 1, amended on July 7, 2010 - Resolution CD-SIBOIF-635-1-JUL7-2010 Art. 1, amended on November 21, 2019 - Resolution CD-SIBOIF-1140-1-NOV21-2019

g) Statement date: The scheduled date for the end of the financing cycle corresponding to the period. h) Payment deadline: The last date on which the cardholder must make, at least, the minimum payment indicated in their statement, under penalty of default. If the last payment date falls on a Sunday or a holiday, it shall be moved to the next immediate business day. i) Formula: The calculation method that allows determining clearly, in detail, and understandably, the principal and the interest that issuers charge in credit card operations, as well as the amounts charged for commissions and expenses derived from the operation. j) Superintendence Law: Law 316, the Law of the Superintendence of Banks and Other Financial Institutions and its reforms. k) General Banks Law: Law 561, the General Law of Banks, Non-Banking Financial Institutions, and Financial Groups, published in the Official Gazette No. 232, of November 30, 2005. l) Law No. 515: Law No. 515, the Law for the Promotion and Regulation of the Use of Credit Cards, published in La Gaceta, Official Gazette No. 11 of January 17, 2005. m) Credit limit: The maximum limit in the agreed currency, which the issuer makes available to the cardholder through the conditions stipulated in the contract. Interest and charges derived from the use of the credit card are part of the limit. n) Default: The situation that occurs when the cardholder does not make at least the minimum payment indicated in their statement on the payment deadline. o) Grace period: The period granted by the issuer in the contract, during which no current interest is charged on purchases of goods and services or cash withdrawals made by the cardholder in a given cycle. p) Principal: The amount owed for purchases of goods, services, or cash withdrawals. q) Promotions or Discounts: Corresponds to temporary or punctual promotions or discounts related, among others, to the interest rate or the payment of interest offered by the issuer temporarily, after which, once the promotion or discount period ends, the credit card will return to adjust to the previously established conditions.

r) Outstanding balance: Corresponds to the total owed by the cardholder on a specific date (principal, current and default interest, charges, and commissions) net of payments made in the cycle. s) Principal balance in default: Corresponds to the portion of principal included in the minimum payment installment of the cycle, partially paid or unpaid before the payment deadline. t) Promoted services: Correspond to purchases or payments for services promoted by the issuer for the cardholder, such as: fraud insurance, life insurance, medical insurance, towing services. u) Overdraft: The amount used or charged in excess of the authorized credit limit. v) Superintendent: Superintendent of Banks and Other Financial Institutions. w) Superintendence: Superintendence of Banks and Other Financial Institutions. x) Cardholder: Natural or legal person who, prior to a contract with the issuer, is enabled to use a revolving credit line. y) Credit card: The instrument or means of legitimation, which may be magnetic or of any other technology, whose possession accredits the right of the cardholder or holder of an additional card to dispose of the current account credit line, derived from a prior contractual relationship between the issuer and the cardholder. z) Additional card: A credit card that the cardholder authorizes to be issued in favor of natural or legal persons they designate. aa) Annual current interest rate: The annual interest rate applied to the principal balance. bb) Daily current interest rate: The interest rate resulting from dividing the annual current interest rate agreed in the contract by a day base, which must be equal to the total number of days subject to interest charges in the calendar year. cc) Annual default interest rate: Corresponds to the additional interest rate to the annual current interest rate agreed that issuers may charge on credit obligations in default; which may not exceed 50% of the agreed current interest rate.

dd) Daily default interest rate: The interest rate resulting from dividing the annual default interest rate by a day base, which must be equal to the total number of days subject to interest charges in the calendar year. ee) Fixed interest rate: An interest rate that is not variable during the validity of the contract. ff) Variable interest rate: Corresponds to an interest rate that varies according to changes in the reference rate or index, plus the percentage points established in the contract. gg) Floating transaction: The transaction made by the cardholder or additional cardholder, which has not been charged by the affiliated establishment. Such transactions affect the credit limit of the card.
Article 2. Object.- This Norm aims to promote the good use and management of the credit card through the establishment of provisions related to the form and content of current account credit opening contracts and the issuance and use of credit cards entered into between the issuer and the cardholder; as well as to establish the methodology for calculating interest and related charges charged to cardholders; establish minimum information requirements regarding statements; and establish the type of information that issuers must make available to their cardholders, which must be clear and precise so that the latter can choose for themselves, responsibly, the financial products or services appropriate to their interests and be aware of the commitments and duties they assume in contracting with issuers.
Article 3. Scope.- In accordance with Art. 2 of Law No. 515, the provisions of this Norm are mandatory for all credit card issuers domiciled in the country, even if they do so as co-issuers, or any other qualification not specified in said Law.
Article 4. Supervision of credit card issuers.- Banks and other credit card issuing entities included within the framework of the General Banks Law shall be subject to the control and supervision of the Superintendence. However, other commercial entities not included in the aforementioned law shall be subject to the regulations established in Law No. 515 and this Norm.
TITLE II
GENERAL DUTIES IN THE GRANTING OF CREDIT CARDS SINGLE CHAPTER GUIDING PRINCIPLES

Article 5. Right to information. Duty of transparency.- Issuers must provide their cardholders with clear, adequate, intelligible, and complete information about the products and services they offer and their corresponding costs, as well as the conditions of the contracts intended for such products and services.
Issuers must provide cardholders with relevant information before, during, and after the celebration of the contract.
Article 6. Cardholder service.- Issuers must have a cardholder service that allows them to obtain quick and reliable information about the credit card and other financial products and services related to it, as well as about the procedures related to them and mechanisms for resolving complaints.
The provision of cardholder services by issuers shall be governed by the minimum principles established in this Norm.
Article 7. Advertising.- The advertising used by issuers must be clear and not misleading, adequately reflecting the conditions of the advertised product or service, without inducing or being able to induce confusion or error in its recipients.
Promotional conditions that incentivize the contracting of the credit card must be maintained by the issuer during the offered period, and if applicable, for the number of units offered or for any other circumstance to which the promotional condition is subject.
Prizes, promotions, or discounts offered by issuers must be regulated, including restrictions, deadlines, nature, and forms of compliance in them. Such regulations must be published in a written communication medium of national circulation and on their Website.
Article 8. Obligations of issuers.- Before authorizing the credit line, issuers must ensure themselves about the debtor's payment capacity and indebtedness that allows for the recovery of resources, so prior to granting the credit card, the issuer must conduct an exhaustive evaluation of the debtor, which includes the following analysis:
a) Payment capacity, identifying income sources and their stability. For these purposes, a maximum level of the credit line must be set based on the client's payment capacity and their total indebtedness in the system. b) Take into account the total indebtedness of the debtor (and their spouse, if their income is included in the analysis) with the issuer and with other institutions in the financial system in the calculation of total debt to determine their borrowing capacity and their status as over-indebted, if applicable.

c) Consider appropriate levels of installment/income or installment/net cash flow after expenses, to determine payment capacity and indebtedness. d) Carry out the complete evaluation process in the case of line expansions. In this sense, a new evaluation must be considered that includes payment capacity and indebtedness as of the date and payment behavior in the system, among other factors. To obtain the aforementioned information, the issuer will require the client to supply this, as well as through consultation with the Risk Central of the Superintendence or other complementary antecedents that allow estimating the quality of the set of the debtor's obligations subject to evaluation, such as the debtor's credit history information from private risk centers available to the issuer. For issuers that do not comply with the provisions established in this article, the Superintendent shall apply a fine as established in Article 168 of the General Banks Law and the regulations governing this matter; notwithstanding the obligations of the cardholders to whom the analysis required by this article has not been performed shall remain valid. TITLE III CONTRACTS
CHAPTER I
MINIMUM CONTENT
Article 9. Minimum content of contracts.- Contract models must, at a minimum, contain the following:
a) Contract name: The contract must be titled “Current Account Credit Opening and Issuance and Use of Credit Card Contract”; b) Parties: Relationship of the issuing entity as an anonymous society domiciled in Nicaragua, indicating the number of the deed, authorizing notary, and registry inscription, capacity in which it acts, whether as issuer or co-issuer or in any other quality, and who represents it; likewise, list these same requirements regarding the legal person, user of the credit, and who represents them; in the case that the cardholder is a natural person, name according to identity card, card number, and home address. c) Initial amount of the credit line expressed in figures and type of contracted currency; d) Term of the contract and the condition of automatic extension, if applicable;

e) Type of interest rate (fixed or variable). In the case of a variable interest rate, indicate the reference rate or index plus the percentage points by which it may be increased; f) Term or period for interest rate review (fixed or variable); g) Definition of commissions, fees, and related charges for the use of the credit card; h) Definition of the amount and terms on which interest, both current and default, will be applied; i) Definition of what constitutes cash payment; j) Definition and conditions of the grace period, as applicable; k) Definition of what constitutes the minimum payment; l) Form and means of payment allowed; m) Procedures and responsibilities of the parties in case of loss, theft, deterioration, or removal of the credit card; n) Cases in which the use of the credit card may be suspended or the respective contract may be terminated by the unilateral will of the issuer or the cardholder; o) Frequency with which the statement will be delivered; p) Procedure for challenging charges; q) Maximum amount guaranteed by the joint and several guarantor, as applicable; r) Information on guarantees other than joint and several surety, as applicable; s) Rights and obligations of the cardholder and joint and several guarantor; t) Cost Table according to Annex 1, which forms an integral part of this Norm; u) Description of cases in which the total debt may be considered due and total payment required from the cardholder; v) Others established by the Superintendent.

CHAPTER II
FORMAL ASPECTS
Article 10. Conditions of contracts.- Contracts must comply, at a minimum, with the following conditions:
a) In contracts signed, aspects regarding the percentages and amounts charged in concept of interest, commissions, and charges shall be governed by what is indicated in the Cost Table in effect at the time of signing, which is an integral part of the contract and must be attached to it and signed by the parties. b) The font size of the contracts, in no case, may be smaller than the size and type of font equivalent or similar to Arial 12. c) Clauses that generate responsibility for the cardholder and joint and several guarantor of the credit card must be drafted using highlighted characters in bold or underlined. d) Repealed. 2

CHAPTER III
APPROVAL AND MODIFICATIONS OF THE CONTRACT
Article 11. Approval of contract models.- Issuers must submit to the Superintendent the models or formats of contracts for approval. The Superintendent shall have a period of up to thirty calendar days to approve such models, and once approved, they must be published by the issuer in any written social communication medium of national circulation. The font size of said publication, in no case, may be smaller than the size and type of font equivalent or similar to Arial 12. From the date of the aforementioned publication, valid contracts shall be governed by what is provided in the contract models approved by the Superintendent.
Contracts approved by the Superintendent must be used by issuers for signing new contracts and renewals, if applicable. Contracts valid prior to the publication of this Norm shall remain in full legal force and strength, with the exception of clauses that contradict those of the model approved according to this Norm, which shall lose their validity, but not their credit obligation. Contracts approved by the Superintendent must be used by issuers for signing new contracts and renewals, if applicable.

Subsection d) of Article 10, repealed on May 19, 2015 - Resolution CD-SIBOIF-890-1-MAY19-2015

Article 12. Modifications to the contract.- When issuers require implementing new contract models, adding new clauses to them, or reforming existing ones, they must request prior authorization from the Superintendent, and once approved, they must be published by the issuer in any written social communication medium of national circulation and notified to the cardholder as established in Article 14.
Article 13. Modifications to the Cost Table.- The Cost Table is considered an integral part of the credit card contract, which may not be modified during two consecutive quarters. Any item in the Cost Table may be varied at the beginning of the subsequent quarter; in such case, it will not require prior authorization from the Superintendent, the issuer merely notifying the cardholder as established in Article 14 of this Norm.
This is excepted regarding changes to the interest rate, whether fixed or variable, which shall be governed by what is established in Article 17.
Article 14. Notifications.- The issuer must notify the cardholder in the statement, the written social communication medium, and the date of publication of the contract modifications and the detail of the aspects modified in the contract.
In said notification, the cardholder must be warned that they may reject the modifications by communicating this to the issuer in writing or by another verifiable means, within a period of thirty calendar days counted from the statement date. For this purpose, the address, postal box, telephone number, fax number, and electronic address of the issuer, if applicable, must be indicated, where the cardholder may send the communication. If the cardholder does not accept the contract modifications, the issuer may suspend the use of the cardholder's credit line, but for the payment of the outstanding balance, they must respect the interest rate and other conditions contained in the contract in effect before the variation introduced. TITLE IV PAYMENTS, INTEREST CALCULATION, AND PROVISIONS ON CHARGES
CHAPTER I
PAYMENTS AND INTEREST CALCULATION
Article 15. Payment calculation.-
3 Regarding payments, the following provisions are established:

3 Art. 15, amended on March 28, 2023 - Resolution CD-SIBOIF-1369-1-MAR28-2023

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 of the cycle expressed in the agreed currency, which covers amortization of the principal balance, plus current and overdue interest, according to the percentages indicated in the following table:

Period	Minimum Payment Percentage
From 1/4/2023 to 31/3/2024	2.0%
From 1/4/2024 to 31/3/2025	2.5%
From 1/4/2025 to 31/3/2026	3.0%
From 1/4/2026 to 31/3/2027	3.5%
From 1/4/2027 onwards	4.0%

The issuer may charge a predetermined minimum fee when the aforementioned sum of the minimum payment results in an amount lower than said fee.

Article 16. Interest Calculation Methodology.- Issuers are obligated to adopt in their operational and computer systems the calculation methodology expressed below:
a) Current interest: Current interest shall be calculated by multiplying the daily current interest rate by the principal balance (net of payments made by the cardholder in the cycle) by the corresponding days. If the contract establishes a grace period for the collection of interest, the procedure shall be in accordance with what is stipulated therein. b) Overdue interest: Overdue interest shall be calculated by applying the rate defined in literal cc) of Article 1 of this Norm to the principal balance in arrears for the days of arrears. To said principal balance in arrears, only the aforementioned overdue interest shall be applied.

For the purposes of interest calculation, the base to be used is 365 days.

Article 17. Variable and Fixed Interest Rates.- When a variable interest rate is agreed upon, the reference rate from which the variability of the agreed rate is determined, such as Libor, Prime, or any other public index that allows for an objective justification of the variation of the agreed rate, must be stated in the contract; however, the variation can only be made within the period established in the contract for rate review, which cannot be less than three (3) months. In this case, it is not required to notify or obtain acceptance from the debtor.

If the current interest rate is fixed, the issuer may not modify it during the validity of the contract; however, at least thirty (30) days prior to its expiration, it will notify the debtor

of the modification of the rate, which will be applicable for the new term of the contract. For the notification, the indications of Article 14 of this Norm must be complied with.

CHAPTER II
CHARGES

Article 18. Commissions, Fees, and Other Charges.- Issuers may charge, under the concept of commissions, fees, and other charges, only the following:
a) Cash withdrawal commission: Corresponds to the percentage charged by the issuer for cash withdrawals as established in the contract. This commission is charged only once for each withdrawal made. b) Fees for out-of-court collection management: Corresponds to fees for out-of-court collection management charged by the issuer when the cardholder incurs arrears according to the limits established in Article 8 of Law No. 515. These fees are charged in each cycle that the cardholder incurs arrears. c) Card replacement charge: Corresponds to the charge charged by the issuer to cover expenses for the replacement of a credit card due to loss, theft, or deterioration. d) Membership charge: Corresponds to the annual charge charged by the issuer for the use of the credit card. e) Value maintenance charge: Corresponds to the result of applying value maintenance according to the current Monetary Law, using the official exchange rate issued by the Central Bank of Nicaragua. Like interest, value maintenance will be calculated on the daily principal balance as of the statement date, net of payments made within the cycle subject to collection. f) Other charges previously authorized by the Superintendent. In accordance with Article 7 of Law No. 515, the commissions, fees, and other charges contained in this article, except for the value maintenance charge, will not generate interest in the first forty-five (45) days counted from the date that the charge is established in the respective statement.

In the event that the issuer, within its policies, allows overdraft of the credit line limit, it may only charge the interest corresponding to the overdrawn amount. Under no circumstances may the issuer charge a fee or commission on this concept.

TITLE V
PERIODIC INFORMATION

SINGLE CHAPTER
STATEMENT OF ACCOUNT

Article 19. Statement of Account.- Issuers are obligated to send to their cardholders, at the address indicated by them, no later than seven (7) business days after the statement date, a monthly statement of account. Said statement of account must contain, at a minimum, the following information:
a) Identifications. Name of the issuer, card brand, name and address of the cardholder, and account identification. b) Descriptions. Explicit enumeration of the items that the cardholder must pay, noting the date of purchase, the affiliated business, country, amount in the agreed currency as appropriate, and results of promotional activities. c) Financial details. In separate items, the statement date, payment due date, type of interest rate (fixed or variable), annual current interest rate, amount for current interest, annual overdue interest rate, amount of overdue interest, breakdown of commissions, fees, and charges, previous balance, amount of purchases of goods and services made in the cycle, amount of cash withdrawals made in the cycle, minimum payment, portion of principal included in the minimum payment, cash payment, payments made in the cycle, and any debit or credit applied to the account must appear.

All items must correspond to the respective cycle of the statement of account, except for floating transactions. d) The financial consequences in the event that the cardholder only makes the minimum payment. This information must include, at least, the time it will take for the cardholder to pay the total debt in case of making only the minimum payment, the amount of current interest generated, and the proportion that is paid to the principal. e) Other information: The procedure and period that the cardholder has to dispute charges in their statement of account, file general complaints, procedure for reporting loss or theft of the card, places where payment can be made, cardholder service telephone numbers, and any other information considered beneficial for the cardholder must be detailed.

Issuers may under no circumstances use the statement of account for the collection management of other loans distinct from the credit line authorized in the credit card contract.

TITLE VI
TRANSPARENCY AND DISSEMINATION

CHAPTER I
DISSEMINATION OF INTEREST RATES, COMMISSIONS, CHARGES, PRODUCTS, AND SERVICES

Article 20. Dissemination.- Issuers must inform the general public about the current and overdue interest rates, commissions, and charges associated with credit cards and other related products and services they offer. This information must be disseminated in a clear, explicit, and understandable manner to avoid that its text may generate confusion or incorrect interpretations.

Information regarding commissions and charges must be detailed to allow interested parties to have full knowledge of them, perform the corresponding verifications, and understand the cost involved.

Regarding information related to insurance offered by issuers related to credit card operations, they must previously indicate, clearly and in detail, the risks covered, the amount of the premium or the way it will be determined, insurance deductions, and the time limit to file a claim.

The information regarding interest rates, commissions, and charges disseminated by issuers must be revealed for each product or service offered; likewise, the timing of its charge and other conditions affecting its application and determination will be revealed, in such a way that interested parties can make comparisons between the tariffs applied by different issuers. The way in which the aforementioned charges will be applied must be clearly explained in all media used by the issuer for dissemination.

The denominations of commissions and charges must allow for easy identification and comprehension by cardholders.

Article 21. Dissemination Media.- To comply with the obligation of constant dissemination of interest rates, commissions, and charges, issuers must disseminate information on these concepts within their public service offices and on their Internet page. In public service offices where products or services related to credit cards can be requested, the Cost Table containing the interest rates, commissions, and expenses applied by the issuer must be kept available to interested parties, which must be in a visible place in the office.

When computer media are used for the dissemination of tables, they must clearly indicate the way to use them so that cardholders can easily access the information they contain.

The Cost Table, whether displayed in physical or electronic media, must be drafted with legible characters equivalent or similar to the size and type of Arial 12 font.

Issuers through their Internet page must disseminate information on interest rates, commissions, and charges, which must be shown in an easily accessible space next to the information on the products or services subject to these charges and must be permanently updated, being identical to the information the issuer disseminates in their public service offices. Issuers must disseminate their Internet page so that the consumer takes knowledge of the way in which they can access the information contained in it.

When, in addition to the aforementioned media, informational brochures are used, they must contain updated information on the characteristics of the operation and/or service, as well as on interest rates, commissions, and charges, if applicable. When the objective of the brochure is to disseminate the specific characteristics of an operation or service without incorporating quantitative information regarding interest rates, commissions, charges, or credit amounts, it must indicate that cost information will be available in the Cost Table, through the different cardholder service channels or on the issuer's Internet page. If the objective of the brochure is to disseminate the aforementioned quantitative aspects corresponding to specific operations, then these brochures must contain explanatory examples of the operations offered under the assumption of compliance with the predicted conditions. Likewise, in said brochures, all charges for the account of the cardholder in the event of non-compliance with their obligations must be indicated, including overdue interest and other applicable charges.

Likewise, in order to provide cardholders with all the required information prior to the celebration of any contract, issuers will make authorized contract models available to cardholders in their premises and through the Internet page.

When information on interest rates, commissions, and charges is delivered to the cardholder or the general public, the name of the issuer, the validity period, and its application in contracting, if applicable, must be indicated.

CHAPTER II
DISSEMINATION AND SUPERVISION OF FORMULAS FOR THE SETTLEMENT OF INTERESTS AND CHARGES

Article 22. Dissemination of Formulas for the Settlement of Interests and Payments.- Issuers must disseminate through their Internet page, the formulas, in an easily accessible place, next to the information on the operations and products they offer to cardholders, in accordance with the provisions of this Norm. The dissemination of the formulas must be accompanied by explanatory examples, so that cardholders can have complete knowledge of the procedures followed by the issuer, and if applicable, be able to replicate them for specific operations that have been agreed upon.

Issuers will organize the information of the formulas by product, understanding product as the modality of credit card operation that possesses characteristics that distinguish it from other modalities, such as the payment method, the currency, or any other attribute that implies a variant in the formula, and which generally has a commercial denomination identifiable by cardholders.

In offices where credit cards can be requested, issuers must keep the formulas available to cardholders in printed media and through the customer service staff.

Article 23. Guidelines for the Presentation of Formulas.- The formulas used by issuers must consider the following guidelines:
a) The formulas will allow cardholders to know, step by step, the process of calculating interest, commissions, and charges. b) The concepts included in the formulas will be defined below the formula. Likewise, they must coincide with the terms used in the statements of account. c) Through notes, details that facilitate the understanding of the formulas can be specified, if applicable.

Notations may be used, provided that the meaning of each notation used is expressed.

Article 24. Methodological Guidelines for the Presentation of Formulas.- Issuers must consider the following criteria for the elaboration of the formulas:
a) Issuers must present the formulas for the calculation of the amount of interest that the cardholder is obligated to pay. b) The calculation of the interest rate applicable to the cycle must start from the active rate announced by the issuer in the contract, the Cost Table, statements of account, or any other valid medium. Likewise, the process of amortization of the debt principal must be detailed. c) The presentation of the formulas will allow identifying in detail all the concepts that could constitute the amount subject to interest, under what conditions they could influence, and the way they could affect said amount. Likewise, if applicable, the calculation procedure to determine said concepts will be included.

d) The formulas for the calculation of the amount of commissions and charges charged to cardholders, if applicable, will be presented following the same guidelines established for the calculation of the interest amount. e) The formulas will be developed under the assumption of compliance and non-compliance in payments, in the latter case in accordance with what is stated in the following article. f) Detail of how the minimum payment, cash payment, or intermediate payments between the minimum payment amount and the cash payment are applied to the amortization of the debt, interest, commissions, and expenses.

Article 25. Formulas Applicable in Case of Non-Compliance with Payments.- Issuers must detail the calculation procedure of the interest amount that will be applied in case of non-compliance with payments, according to the guidelines established in the previous article.

Likewise, when issuers apply additional charges for non-compliance with payments, they must present the formulas or the bases for their calculation, detailing the amount of overdue interest and charge for out-of-court procedures.

The formula for the calculation of the amount of interest and additional charges must detail how these charges vary based on the days of non-compliance, if applicable.

Article 26. Explanatory Numerical Examples.- Issuers must present, by way of example, a numerical exercise that illustrates the application of the formulas for each product, according to the following guidelines:
a) As a general guideline, the sequence of presentation of each formula will follow these steps:
1) Calculation of the amount subject to the interest rate,
2) Calculation of the interest amount,
3) Calculation of the commission and expense amount,
4) Calculation of the value maintenance amount,
5) Calculation of the minimum payment,
6) Total amount.
b) The numerical exercises will accompany the development of the formulas in such a way that, for each step presented in the formulas, the corresponding example is shown.

c) To elaborate the numerical exercise, issuers must consider a "typical" operation that reflects the most usual conditions of each product.

TITLE VII
CARDHOLDER SERVICE SYSTEM

SINGLE CHAPTER
TRAINED PERSONNEL AND COMPLAINTS

Article 27. Trained Personnel.- The personnel responsible for attending to cardholder inquiries must be trained not only in the subjects corresponding to the operations provided by the issuer, but also in the regulations regarding consumer protection and information transparency included in the current legal framework. For the purpose of providing the appropriate information to the cardholder, the aforementioned personnel must identify themselves to the latter as responsible for fulfilling this function. The training provided to the aforementioned personnel on topics such as cardholder service, cardholder protection, regulation on transparency issues, among others, must be documented in the personnel information files, which must be available to the Superintendent at all times.

The attention provided to cardholders may be carried out personally in their offices or through telephone or computer media.

Article 28. Handling of Complaints.- Issuers must have areas in charge of attending to cardholder complaints in accordance with the following provisions:
a) Without being limiting, the dispute of charges in the statement of account is considered subject to complaint, as well as any fact by which a cardholder considers that the terms of the signed contract have been violated to their detriment, or that their rights have been violated. The issuer must deliver to the cardholder the identification number of the complaint. b) The complaint must be made using forms pre-established by the issuer, which must be physically sent to the cardholder, or by electronic means, if applicable, attaching the documents that support the complaint and contribute to its investigation and resolution. c) For the dispute of charges in the statement of account, cardholders will have thirty (30) business days counted from the date of the statement of the respective statement of account or from the moment the fact generating the complaint occurs. d) The issuer must acknowledge receipt of the dispute and will have a period not exceeding six (6) months counted from the date of receipt of the dispute to respond to it.

In the event that the disputed charge was originated and made directly by the issuer, the period to resolve the dispute cannot be greater than thirty (30) calendar days. After this period has passed without the issuer having responded or if the response does not satisfy the cardholder's requirement to their criterion, they may present said complaint to the Superintendent.

Article 29. Consequences of the Complaint.-
4 When it comes to the dispute of charges, the following rules apply:
a) The issuer may not prevent or hinder in any way the use of the credit card within the authorized credit limit, understanding that the disputed amount will form part of said limit until the dispute is resolved. b) The issuer may demand the minimum payment of the undisputed items.

Article 30. Non-Presumed Acceptance.- If the minimum payment shown in the statement of account includes disputed charges, and the cardholder makes said payment before the dispute period or while it is being resolved, this does not imply the acceptance of said charges or others derived from them. In the event that the dispute is resolved in favor of the cardholder, the disputed charge, interest, and any other charge derived from it must be reversed.

Article 31. Dissemination of Information on Complaints.- Issuers must keep available to the Superintendent, statistical information regarding complaints presented by cardholders. The information to be maintained must contain historical quarterly information on the total complaints attended by the issuer, indicating the most frequent reasons for complaint, distinguishing the number of complaints that were resolved in favor of the cardholder and in favor of the issuer, as well as the average time of their resolution.

TITLE VIII
COMPLAINTS BEFORE THE SUPERINTENDENCY

CHAPTER I
REQUIREMENTS FOR PRESENTATION

Article 32. Handling of Complaints by the Superintendency.- The Superintendent may form a working team in charge of processing complaints or grievances from cardholders regarding the operations they celebrate with issuers. In addition to the above, it will be the responsibility of this team to present its recommendations to the Superintendent so that the latter resolves in a reasoned manner and notifies the parties in writing, proceeding in accordance with what is established in the second paragraph of the following article.

4 Art. 29, reformed on July 7, 2010 - Resolution CD-SIBOIF-635-1-JUL7-2010

Article 33. Requirements for filing complaints with the Superintendence.- Once notified, or informed in writing with proof of receipt, of the issuer's response to the complaint and if it is negative, or when the issuer does not respond, the cardholder will have a period of one month, counted from the date of receipt of the response or from the date the issuer should have responded, to file their complaint in writing with the Superintendence. The complaint filed outside the aforementioned period will be considered inadmissible.
The Superintendent will require the issuer against whom the complaint was filed, within the period indicated by the latter, the written arguments they wish to express. The Superintendent will issue the corresponding reasoned resolution, which may order or instruct the appropriate correction to restore the cardholder's rights. In case of non-compliance by the issuer, the Superintendent will apply a fine equivalent to the imposition of fines for violations of laws and resolutions in accordance with Article 168 of the General Banking Law. Complaints that cardholders file with the Superintendent, in accordance with the provisions of this Norm, must be accompanied by the following documents:
a) Complaint identification number issued by the issuer. b) Name of the issuer against whom the complaint is filed. c) General information of the complainant, telephone numbers, and email address, if available. d) Reason for the complaint. e) Date of filing the complaint with the issuer and a copy of the response, if any. f) Documentation supporting the contracting of the service that gives rise to the complaint. g) Power of attorney granted by the holder, in the case of an agent; and, h) Documents attached to the complaint, if any. If deemed necessary, the Superintendent may require cardholders to present additional documents.
CHAPTER II
INADMISSIBLE COMPLAINTS

Article 34. Inadmissible complaints.- The Superintendent will consider inadmissible the complaints filed by cardholders when any of the following situations occur:
a) Complaints that have not been previously filed with the issuer. b) Complaints that have been previously filed before a judicial court. c) Complaints that are not filed by the cardholder holder of the service or their legal representative. d) Complaints filed outside the period established in Article 33 of this Norm. e) Complaints or disputes arising between the cardholder and issuers that are not banks or financial societies authorized and supervised by the Superintendence. TITLE IX GENERAL PROVISIONS
CHAPTER I
COMPARATIVE STUDY
Article 35. Comparative study.- The Superintendence will publish on its Internet page and in at least one written communication medium of national circulation, a comparative study of credit cards that includes as a minimum the information indicated in the following article. The publication will be made in strict adherence to the information provided by the issuers and at their expense.
The information may be presented in a comparative format between issuers and, if applicable, for operations with standardized characteristics so that cardholders and the general public have the possibility of making a comparison between the various concepts charged by the issuers.
Article 36. Responsibility of issuers.- Issuers must send to the Superintendent the necessary information to carry out the quarterly comparative study of credit cards referred to in the previous article, without the need for express request for each period. Issuers must provide, for all credit cards they issue, the following information:
a) Full legal name of the issuer. b) Name and commercial brand of the credit cards. c) Current interest rate. d) Overdue interest rate.

e) Detail of commissions, fees, and charges referred to in Article 18 of this Norm. f) Cash payment period (days from the statement date). g) Minimum payment period (days from the statement date). h) Financing period (months). i) Coverage: geographic scope or market sector where the credit card can be used. j) Requirements and restrictions of offers, promotions, and prizes. k) Other benefits. l) Any other information related to the characteristics of the product and of interest to the cardholder that the Superintendent requires.
CHAPTER II
PROMOTED SERVICES AND AUTOMATIC DEBITS
Article 37. Promoted services and automatic debits.- Promoted services and automatic debits carried out by the issuer are subject to the following provisions:
a) Promoted services: These services are optional, and the cardholder may cancel them at any time. To this effect, the issuer must previously obtain the cardholder's authorization through verifiable means, such as: in writing, by email, or by telephone with voice or data recording. In the latter case, the cardholder must be warned that their authorization is being received through recording. The cardholder's silence cannot be taken as acceptance. Additionally, the issuer is obligated to provide information, attached to the statement, on the services offered and accepted by the cardholder. b) Automatic debits: These debits may be managed directly by the cardholder or promoted by the issuer. In the latter case, the issuer must previously obtain the cardholder's authorization through the verifiable means established in the preceding letter.
CHAPTER III
GUARANTOR
Article 38. Notification to the joint guarantor.- In accordance with what is established in Article 9 of Law No. 515, regarding notification to the joint guarantor concerning the cardholder's delinquency status, the issuer must effect it through means by which the execution of such notification can be evidenced, such as: publication of the names of delinquent cardholders and their respective guarantors, certified letter, telegram, or by telephone with voice or data recording. In the latter case, the guarantor must be warned that the record of notification is being made through recording.

In the case of the publication of the names of delinquent cardholders and their respective guarantors, it will be carried out in a written social communication medium of national circulation. The size of the font of said publication, in no case, may be smaller than the size and type of font equivalent to Arial 12.
Article 39. Payments made by the guarantor.- In the event that the joint guarantor has canceled the cardholder's obligation, the issuer must deliver to the joint guarantor a certificate of cancellation of the obligation, as well as a certified copy of the necessary documentation for them to exercise their right of reimbursement against the cardholder.
CHAPTER IV
COST TABLE
Article 40. Publication of Cost Table.- Issuers must publish, at least in the first month of each calendar quarter, the Cost Table in accordance with the order and detail of Annex 1 of this Norm, for each of the credit card products they offer to the public, in a written social communication medium of national circulation with a font type and numbers similar or equal to Arial 12. The content of Annex 1 may be modified by the Superintendent when changes are required.
CHAPTER V
LOSS, MISPLACEMENT, THEFT, OR DESTRUCTION OF CARD
Article 41. Control measures.- In cases of loss or misplacement, theft, robbery, or destruction of a credit card, the cardholder is obligated to notify the issuer immediately, which must keep a record of notification of such circumstance and must provide the cardholder with a notification number that evidences the report. The issuer must, upon notification by the cardholder regarding any of the aforementioned situations, proceed immediately to block or cancel the use of the card in order to prevent misuse by unauthorized third parties. In this case, the cardholder's responsibility ceases once they make the notification.
CHAPTER VI
NON-BANK ISSUERS
Article 42. Article 42. Registration and sanctions.-
5 The registration, enrollment procedure, and applicable sanctions for non-bank credit card issuers will be governed by the following provisions:

5 Article 42, amended on October 4, 2016 - Resolution CD-SIBOIF-962-1-OCTU4-2016
Article 42, amended on November 21, 2019 - Resolution CD-SIBOIF-1140-1-NOV21-2019

a) Registration: The Register of Non-Bank Issuers of the Superintendence is created. For enrollment in the Register, non-bank issuers must submit a request to the Superintendent and attach the following:
1) Notarially certified copy of the deed of incorporation and its statutes registered in the relevant registry;
2) Notarially certified copy of the power of attorney of the legal representative of the society;
3) Contact data of the society, such as: physical address, telephone numbers, email address, website, among others;
4) Models of credit card issuance contracts;
5) Policies for the granting of credit cards;
6) Policies for the attention of credit card users, which, as a minimum, must comply with the applicable provisions of the regulations governing the matter on transparency in financial operations;
7) Shareholders, members of the board of directors, general manager or principal executive, and official in charge of attending to user complaints of credit cards must present the following:
i. Notarially certified copy of the official identification document in accordance with the law of the matter.
ii. Notarially certified copy of their respective appointments.
iii. Declaration before a public notary of not being subject to the impediments of Article 29 of the General Banking Law, in accordance with the format established by Annex 2 of the regulation governing the matter on requirements to be a director, general manager and/or principal executive and internal auditor of financial institutions.
8) Any other requirement determined by the Superintendent related to their credit card operations.
b) Enrollment procedure: The Superintendence will have a period of two months from the presentation of the request with all the required documentation to analyze the documentation and proceed with the enrollment. In case of finding it in compliance with the provisions of Law No.

515 and this norm, it will proceed to enroll the non-bank issuer; if deficiencies are found, it will inform the interested parties so that they can remedy them within the period specified.
Non-bank issuers that are enrolled in the Register must submit to the Superintendence, at the latest within a period of 30 days counted from the receipt of the notification of enrollment, copies of the registration as an Obligated Subject before the Financial Analysis Unit (UAF) and of the registration of the Compliance Officer of the society, both documents notarially certified. The aforementioned period may be extended through a reasoned request by the interested party. In case the non-bank issuer is operating at the time of presenting the request, it must attach to it its registration as an obligated subject before the UAF, if applicable, as part of the requirements for its enrollment in the Register. Non-bank issuers may request the cancellation of their enrollment at any time. In this case, they cannot carry out the operations referred to in Law No. 515. Any significant change in the background presented by a non-bank issuer regarding its shareholding composition, members of the board of directors, principal executive, and official in charge of attending to user complaints of credit cards, must be informed to the Superintendence within five business days following its occurrence. In the case of a new appointment of any of the aforementioned officials, the information required in numeral 7, of letter a) of this article, must be presented. The enrollment in the Register cannot be used by the non-bank issuer as evidence or accreditation that it implements and complies with its obligations in matters of prevention, detection, and reporting of activities related to Money Laundering/Financing of Terrorism/Proliferation Financing (LA/FT/FP) in an adequate and effective manner, aspect that corresponds to be evaluated by the UAF in accordance with its legal powers. c) Sanctions: Non-compliance by non-bank issuers with the provisions established in this norm and with the instructions issued by the Superintendent within the scope of their competence, will be sanctioned as follows:
1) Admonition; or
2) Cancellation of the registration. After the period of one (1) year counted from the date on which the resolution of cancellation of the registration became final, the non-bank issuer may request its enrollment in the register again. To this effect, in addition to complying with the requirements demanded for an initial request, it must demonstrate that it remedied the circumstances that motivated its cancellation.
For the application of the aforementioned sanctions, the Superintendent will take into consideration the following criteria:

i. The gravity and/or recurrence of the infringement;
ii. The background of the non-bank issuer in compliance with the provisions established in this norm and of the Superintendent's instructions; and
iii. The benefit or profit that the non-bank issuer has obtained from the infringement.
The Superintendence will cancel the enrollment of non-bank issuers that have not initiated operations and/or that, having initiated them, discontinue them for a period greater than one (1) year.
In the case of special regime financial companies that carry out credit card operations, they must comply with the information requirements established in numerals 4), 6) and 7) of letter a) of this article, for the latter numeral with respect to the contact information of the official in charge of attending to user complaints of credit cards. The foregoing, without prejudice to the consolidated supervision powers established in the General Banking Law and the regulation governing the matter of financial groups.
CHAPTER VII
PROHIBITIONS
Article 43.- Collection efforts.- Issuers, lawyers, collection agents, and automated collection services may only contact the cardholder between eight in the morning and seven in the evening from Monday to Friday, and on Saturdays from nine in the morning to twelve noon. In all cases, collection efforts must be carried out respecting the honorability and moral integrity of the cardholder.
Article 44. Competent judge.- In accordance with letter h) of Article 11 of Law No. 515, clauses of contracts that impose the waiver of the cardholder's domicile will be null.
For the initiation and execution of prejudicial or judicial actions derived from credit card users' debts, the competent judge to hear the case will be that of the domicile registered by the cardholder as their own at the celebration of the credit card contract or the respective higher hierarchical judge in attention to the amount of the lawsuit.
Article 45. Additional card user.- The holder or user of an additional card, in no case, will be considered as a co-debtor or guarantor of the credit line of the cardholder.
Article 46. Payment of installments.- In no case can payments of installments of loans other than the credit card be made through debit to the same.
CHAPTER VIII
AUTOMATED TELLER MACHINES

Article 47. Security measures.- In the premises where the issuer intends to provide or is providing services through automated teller machines or similar equipment, they must have adequate lighting and filming or image recording equipment that allows identifying the persons who make use of this type of service, as a minimum measure of protection for this type of service.
It is the issuer's obligation to communicate at the location of the automated teller machine, the maximum withdrawal amount that can be made daily and the number of times per day the machine can be used.
TITLE X
FINAL PROVISIONS
UNIQUE CHAPTER
TRANSITIONAL PROVISIONS, REPEAL, AND VALIDITY
Article 48. Transitional provisions.-
6 The following transitional provisions are established:
a) Issuers will have a period of sixty (60) days counted from the entry into force of this Norm, to submit to the Superintendent the new contract models adjusted to the provisions of this Norm. b) Issuers will have a period of ninety (90) days counted from the entry into force of this Norm, to adjust to the provisions contained in Article 19, letter d); Title VI and Title VII of this Norm. c) Issuers will have a period of ninety (90) days counted from the entry into force of this Norm, to adjust to the provisions contained in Article 47 of this Norm. d) The information required by Articles 35 and 36 of this Norm must begin to be sent to the Superintendence starting from the fourth quarter of the current year. e) The minimum payment referred to in Article 15, letter b) of this Norm must be applied only to those contracts subscribed with new cardholders after the entry into force of this Norm. Existing contracts, as well as their renewals, will maintain the percentage of 2.5% of the principal required for the minimum payment.

6 Article 48, letter c), corrected by Means of Errata of June 4, 2010, published in La Gaceta, Official Diary No. 110, of June 11, 2010.

f) Personal loans granted apart from the credit line limit of the cardholder, generally known as "extra-financing," existing at the entry into force of this Norm, will be governed until their maturity in accordance with what was agreed. For loans granted after the entry into force of this Norm, issuers will have a period of up to sixty (60) days counted from the entry into force of the same, to comply with what is indicated in the last paragraph of Article 19 and as indicated in Article 46. The Superintendent may extend, upon duly justified request by the issuer, the periods indicated in the preceding letters. Art. 49. Repeal.- The Norm on the Promotion and Orderly Use of the Credit Card, contained in Resolution No. CD-SIBOIF-443-1-SEP26-2006, dated September 26, 2006, published in La Gaceta, Official Diary No. 198 of October 12, 2006, and the Norm for Credit Card Operations, contained in Resolution No. CD-SIBOIF-628-1-MAY19-2010, of May 19, 2010, are repealed. Art. 50. Validity.- This Norm will enter into force in accordance with the following provisions:
a) For bank issuers or non-bank financial issuers authorized and supervised by the Superintendence from their notification, without prejudice to its publication in La Gaceta, Official Diary. b) For the rest of issuers, from its publication in La Gaceta, Official Diary.

ANNEX 1
(NAME OF ISSUER)
COST TABLE
Product Current Annual Interest Rate Overdue Annual Interest Rate Cash Withdrawal Commission Membership Fee Overdraft Fee Extra-Judicial Collection Fee Card Replacement Fee Other Authorized Charges (Product Name) % % % / C$ C$ C$ % / C$ C$ C$ (Product Name) % % % / C$ C$ C$ % / C$ C$ C$ (Product Name) % % % / C$ C$ C$ % / C$ C$ C$ (Product Name) % % % / C$ C$ C$ % / C$ C$ C$ (f) V. Molina H (f) A. Rosales B (f) Gabriel Pasos Lacayo (f) Fausto Reyes B. (f) illegible (Silvio Moisés Casco Marenco) (f) U. Cerna Barquero. URIEL CERNA BARQUERO Secretary of the Board of Directors SIBOIF