Norm Reforming Articles 1 and 2 on Pre-Printed Signatures in Contracts for Financial Operations

Resolution No. CD-SIBOIF-933-2-MAR15-2016
Dated March 15, 2016

NORM REFORMING ARTICLES 1 AND 2 OF THE NORM ON PRE-PRINTED SIGNATURES IN CONTRACTS CONTAINING FINANCIAL OPERATIONS

The Board of Directors of the Superintendence of Banks and Other Financial Institutions.

CONSIDERING

I

That through Resolution No. CD-SIBOIF-890-1-MAY19-2015, the Norm on Pre-Printed Signatures in Contracts Containing Financial Operations was approved, published in La Gaceta, Official Gazette No. 116, on June 23, 2015, with the objective of authorizing banks, financial societies, and insurance companies, subject to compliance with formal and internal control requirements, to use the pre-printed signature of the institution's legal representative or the person previously authorized for such effect, in the contracts described in the aforementioned norm, in order to expedite attention to their clients and the marketing of mass-market placement products.

II

That it is necessary to reform Articles 1 and 2 of the aforementioned norm in order to expand its scope of application to non-bank credit card issuers referred to in the regulations governing the matter for credit card operations, given that the operations and contracts they carry out fall within the purposes foreseen in the aforementioned norm.

III

In accordance with the considerations set forth above and based on the legal powers established in Article 3, numeral 13), and Article 10, numerals 1, 3, and the final part, of Law 316, Law of the Superintendence of Banks and Other Financial Institutions, and its amendments.

In exercise of its powers,

RESOLVES

CD-SIBOIF-933-2-MAR15-2016

To issue the following Norm:

2

NORM REFORMING ARTICLES 1 AND 2 OF THE NORM ON PRE-PRINTED SIGNATURES IN CONTRACTS CONTAINING FINANCIAL OPERATIONS

FIRST: Articles 1 and 2 of the Norm on Pre-Printed Signatures in Contracts Containing Financial Operations, contained in Resolution No. CD-SIBOIF-890-1-MAY19-2015, of May 19, 2015, published in La Gaceta, Official Gazette No. 116, of June 23, 2015, are hereby amended, which shall read as follows:

"Article 1. Purpose.- This norm aims to authorize banks, financial societies, non-bank credit card issuers referred to in the regulations governing the matter for credit card operations, and insurance companies, subject to compliance with formal and internal control requirements, to use the pre-printed signature of the institution's legal representative or the person previously authorized for such effect, in the contracts referred to in this norm, in order to expedite attention to their clients and the marketing of mass-market placement products.

Article 2. Scope.- The provisions of this norm are applicable to banks, financial societies, non-bank credit card issuers referred to in the regulations governing the matter for credit card operations, and insurance companies, which for the purposes of this norm shall be known as financial institutions."

SECOND: This norm shall enter into force upon its notification, without prejudice to its subsequent publication in La Gaceta, Official Gazette. (f) S. Rosales C. (f) V. Urcuyo V. (f) Gabriel Pasos Lacayo (f) Fausto Reyes B. (f) illegible (Silvio Moisés Casco Marenco) (f) illegible (Freddy José Blandón Argeñal) (f) Antonio Morgan Pérez. Ad Hoc Secretary"

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF