Resolution SBS No. 02192-2022: Approval of Provisions for the Application of Maximum Interest Rates

Los Laureles Nº 214 - Lima 27 - Perú. Telf.: (511) 630-9000 Lima, July 13, 2022 S.B.S. Resolution No. 02192-2022

The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:
That, through Law No. 31143, Law that Protects Consumers of Financial Services from Usury, Article 6 of Law No. 28587, Complementary Law on Consumer Protection in Matters of Financial Services, and Article 9 of Law No. 26702, General Law of the Financial System and Insurance System and Organic Law of the Superintendence of Banking, Insurance and Private Pension Fund Administrators and its modifying norms, are modified, establishing that financial system companies may freely set compensatory and delinquency interest rates, within the limit established by the Central Reserve Bank of Peru (BCRP), in application of Article 52 of Decree-Law No. 26123, Organic Law of the Central Reserve Bank of Peru;

That, likewise, through said Law No. 31143, the obligation is established for this Superintendence to monitor and supervise compliance with the maximum rates established by the BCRP, having to sanction and report in cases where financial system companies exceed said limits;

That, pursuant to what is provided in Law No. 31143, it is considered necessary to establish requirements for financial system companies with the aim of guaranteeing that the interest rates of credit operations remain within the limits established by the BCRP, as well as to modify the Internal Audit Regulation, approved by SBS Resolution No. 11699-2008 and its modifying norms, so that the Internal Audit Unit of financial system companies carries out the evaluation of the level of compliance with said requirements;

That, to collect opinions from the general public, the draft resolution was pre-published on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS;

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Market Conduct and Financial Inclusion and Legal Advisory; and,

Los Laureles Nº 214 - Lima 27 - Perú. Telf.: (511) 630-9000 In exercise of the powers conferred by items 7, 9 and 13 of Article 349 of Law No. 26702, General Law of the Financial System and Insurance System and Organic Law of the Superintendence of Banking, Insurance and Private Pension Fund Administrators and its modifying norms and Law No. 31143, Law that protects consumers of financial services from usury;

RESOLVES:
Article First. Approve the "Provisions for the Application of Maximum Interest Rates", as indicated below:

"PROVISIONS FOR THE APPLICATION OF MAXIMUM INTEREST RATES

Article 1. Scope
The provisions of this regulation are applicable to the companies included in letters A and B of Article 16 of the General Law, to the National Bank and to the Agricultural Bank, hereinafter referred to as the companies.

Article 2. Procedures for the application of maximum interest rates
2.1 The companies must implement policies and procedures that allow guaranteeing that the compensatory and delinquency interest rates, applied to consumer credits and credits for small and micro-enterprises; as applicable, are within the limits established by the Central Reserve Bank of Peru (BCRP), which are updated semi-annually.

2.2 The policies and procedures must include activities for periodic monitoring of the adequate application of said interest rates, timely identification of possible deviations, implementation of preventive measures, as well as reporting activities to the General Management on the results obtained, with a minimum semi-annual frequency.

2.3 The companies must implement procedures for the treatment of potential credit operations in which the limits established by the BCRP have been exceeded, including general activities for their correction and the consequent direct communication to the user that allows for record of the same, which can be carried out by physical or electronic means, at most within fifteen (15) business days of identifying the excess. The results of this treatment must be incorporated into the reports to the General Management mentioned in the previous paragraph.

Article 3. Responsible for monitoring and reporting
3.1 The companies must designate a responsible person for the monitoring and reporting tasks of the adequate application of interest rates, indicated in paragraph 2.2 of Article 2, an aspect that must be formalized in the Organization and Functions Manual of the company. The responsible person must not have charge of activities related to the credit origination and administration process in the company or belong to the Internal Audit Unit.

3.2 The responsible person is the representative before the Superintendence for any supervision activity intended to verify compliance with the application of maximum interest rates and/or implement the corrective measures corresponding in case of non-compliance in the company, being also in charge of attending the information requests requested by the Superintendence. Likewise, said responsible person must report to the Superintendence at most within seven (7) business days counted from the communication to the user, the situations indicated in paragraph 2.3 of Article 2.

Los Laureles Nº 214 - Lima 27 - Perú. Telf.: (511) 630-9000
3.3 The companies must communicate to the Superintendence the designation or change of the responsible person, within five (5) business days after it has occurred.

3.4 The communications established in this regulation must be made through the Virtual Public Office, with a copy to the following electronic address: supervisiontasas@sbs.gob.pe.

COMPLEMENTARY FINAL PROVISION
Sole. - Sending of information to the Superintendence
1.1 Within fifteen (15) business days counted from the entry into force of this regulation, the companies must communicate to the Superintendence the designation of the responsible person for the monitoring and reporting tasks of the adequate application of interest rates.

1.2 The companies must send to the Superintendence the policies and procedures approved by the Board of Directors, as provided in Article 2 of this regulation, within thirty (30) business days counted from the entry into force of this regulation. The updated documents must be available to the Superintendence.

1.3 The communications must be made through the Virtual Public Office, with a copy to the following electronic address: supervisiontasas@sbs.gob.pe.

Article Second.- Incorporate item 21) in section I
COMPANIES INDICATED IN LETTERS A, B AND C OF ARTICLE 16 OF THE GENERAL LAW (EXCEPT GUARANTOR AND GUARANTEE COMPANIES), NATIONAL BANK, AGRICULTURAL BANK, MIVIVIENDA FUND AND DEVELOPMENT FINANCIAL CORPORATION (COFIDE) of the Annex "Scheduled Activities" of the Internal Audit Regulation, approved by SBS Resolution No. 11699-2008 and its modifications, in the following terms:

" 21) For the companies included in letter A and B of Article 16 of the General Law, to the National Bank and to the Agricultural Bank; according to what is stated in Article 1 of the Provisions for the application of maximum interest rates, approved by SBS Resolution No. 02192-2022:
Evaluation of the procedures established by the company for the adequate application of maximum interest rates in their consumer credit operations, and for small and micro-enterprises, which must include, at least, the following:
a) Establishment and implementation of procedures consistent with the provisions associated with the application of maximum interest rates. b) Designation of a responsible person for the monitoring and reporting tasks of the application of maximum interest rates, as well as the level of compliance with their functions. c) Timeliness and quality of the information sent to the Superintendence."

Article Third.- Companies that have authorization from the Superintendence to formulate their annual plans through a risk-based audit methodology (ABR), referred to in the Third Final Provision of the Internal Audit Regulation approved by SBS Resolution No. 11699-2008 and its modifications, must incorporate in their

Los Laureles Nº 214 - Lima 27 - Perú. Telf.: (511) 630-9000 plan, activity 21 of section I of the Annex of the Internal Audit Regulation, for the periods corresponding to the years 2023 and 2024.

Article Fourth.- This Resolution enters into force ninety (90) days from its publication date in the Official Gazette El Peruano.

Register, communicate and publish.

MARIA DEL SOCORRO HEYSEN ZEGARRA
Superintendent of Banks, Insurance and AFP