Resolution Amending Article 7 of the Standard for Establishing Special Conditions for Debt Renegotiation

Resolution No. CD-SIBOIF-1058-1-JUN4-2018
Dated June 4, 2018

STANDARD AMENDING ARTICLE 7 OF THE STANDARD FOR THE ESTABLISHMENT OF SPECIAL CONDITIONS FOR THE RENEGOTIATION OF DEBTS

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

CONSIDERING

I
That in accordance with what is established in Article 10, numeral 1) of Law No. 316, Law of the Superintendence of Banks and Other Financial Institutions, published in La Gaceta, Official Diary No. 196, of October 14, 1999, and its reforms, it corresponds to the Board of Directors of the Superintendence of Banks and Other Financial Institutions to issue general norms to strengthen and preserve the security and confidence of the public in the institutions under the supervision, inspection, surveillance, and auditing of the Superintendence.

II
That on May 29, 2018, the Standard for the Establishment of Special Conditions for the Renegotiation of Debts, contained in Resolution No. CD-SIBOIF-1057-1-MAY29-2018, was approved.

III
That it is necessary to amend Article 7 of the aforementioned standard, in order to establish control mechanisms that allow verifying compliance with the special conditions contained in the aforementioned Resolution No. CD-SIBOIF-1057-1-MAY29-2018.

IV
That in accordance with the considerations set forth above and based on the authority established in Article 3, numerals 3 and 13, and Article 10, numeral 7, of the aforementioned Law 316, Law of the Superintendence of Banks and Other Financial Institutions, and its reforms.

In exercise of its powers,

HAS ISSUED

The following,

Resolution No. CD-SIBOIF-1058-1-JUN4-2018
STANDARD AMENDING ARTICLE 7 OF THE STANDARD FOR THE ESTABLISHMENT OF SPECIAL CONDITIONS FOR THE RENEGOTIATION OF DEBTS

FIRST: Article 7 of the Standard for the Establishment of Special Conditions for the Renegotiation of Debts, contained in Resolution No. CD-SIBOIF-1057-1-MAY29-2018, dated May 29, 2018, is amended, which shall read as follows:

"Article 7 - Authorization.- For the purposes of verifying compliance with the provisions contained in this standard, financial institutions, prior to the approval of new credit conditions, must obtain the non-objection of the Superintendent; for such purposes, they must deliver to the Superintendence a report justifying the reasons for the new conditions in accordance with the provisions of this standard."

SECOND: It is authorized that this resolution be fully consolidated into the Standard for the Establishment of Special Conditions for the Renegotiation of Debts, contained in Resolution No. CD-SIBOIF-1057-1-MAY29-2018, dated May 29, 2018.

THIRD: This standard shall enter into force upon its notification. (f) S. Rosales C. (f) V. Urcuyo (f) Fausto Reyes (f) illegible (Silvio Moisés Casco Marenco) (f) U. Cerna. Secretary.

URIEL CERNA BARQUERO
Secretary of the Board of Directors SIBOIF