Regulatory Alerts2006-09-05 | CD-SIBOIF-441-1-SEPT5-2006Added · Updated
Norm on Publication of Names of Clients with Overdue Credits, Under Judicial Collection, or Who Issued Bounced Checks
This regulation establishes the procedure for supervised financial institutions to publish the names of clients with overdue credits or those under judicial collection, as well as for banks to publish the names of account holders who issued bounced checks. Publication is mandatory for credits overdue for more than 90 days with principal and interest balances equal to or greater than US$5,000, or for bounced checks regardless of amount if the beneficiary requests it. Institutions must submit this information to the Superintendency of Banks and publish it in a national newspaper within 15 calendar days after each quarter, while also rectifying any errors within 15 days of discovery.
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