Resolution SBS No. 1765-2005: Regulation on Information Transparency and Provisions Applicable to Contracting with Users of the Financial System

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) Lima, November 29, 2005.
Superintendence Resolution
No. 1765-2005

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, by Law No. 28587, the Supplementary Law to the Consumer Protection Law in Financial Services was approved, which establishes additional and specific provisions contained in the Consumer Protection Law intended to provide greater protection to financial services consumers. This norm is applicable regarding the products and services provided by multiple operation companies operating in the financial system, companies whose control and supervision falls under the Superintendence of Banking, Insurance and Private Pension Fund Administrators in accordance with the provisions of the General Law of the Financial System and the Insurance System and the Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its amendments, hereinafter General Law;

That, in the Sole Transitional Provision of Law No. 28587, this Superintendence is tasked with issuing, within a period of one hundred twenty (120) calendar days counted from its publication, regulatory norms that are necessary to guarantee its compliance;

That, likewise, an evaluation was carried out of the norms issued by the Superintendence in the matter of information transparency in order to detect those norms that, by virtue of Law No. 28587, had been modified and needed to be adapted to it;

That, in this sense, this Superintendence considers it necessary to have a unified text of the norms that regulate information transparency and consumer protection in the scope of the financial system, which includes both the regulatory provisions of Law No. 28587, as well as the complementary norms previously issued by this Superintendence duly adapted to the new legal framework;

That, with respect to the charging of interest rates, commissions, and expenses, it is indicated that Article 9 of the General Law provides, among others, that financial system companies may freely set interest rates, commissions, and expenses for their active and passive operations and services. Likewise, the aforementioned provision specifies that the interest rates, commissions, and other tariffs charged by financial system companies must be made known to the public, in accordance with the norms established by the Superintendence;

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) That, for its part, Article 181 of the General Law establishes that in the advertising carried out by financial system companies regarding the interest recognized to depositors, it is mandatory to indicate the effective annual yield of deposits; likewise, it is stated that the Superintendence sanctions the omission incurred, as well as cases where the information is ambiguous or misleading;

That, information transparency constitutes an important factor for promoting competition in the market, which contributes to the healthy development of the system and allows users to make better decisions regarding the operations and services they wish to contract with financial system companies on a more informed basis;

That, with the aim of improving the balance of contractual relationships between users and companies, Law No. 28587 has provided that the Superintendence identify the general contracting clauses that supervised companies must submit to its prior administrative approval;

That, in accordance with what is stipulated in Article 11 of Law No. 28587, clauses regarding the charging of interest rates, commissions, and expenses whose content has the character of abusive have been identified, prior to the opinion of INDECOPI issued via Letter No. 738-2005/GEGINDECOPI of November 15, 2005, and therefore, they cannot be incorporated into the contracts or contractual forms used by companies;

That, it is necessary for supervised companies to strengthen their user service function, their transparency mechanisms, and other functions leading to having a user service system that allows them to improve compliance levels with consumer protection norms, information transparency norms, as well as complementary provisions issued by this Superintendence in the aforementioned matters;

Being in accordance with the opinion of the Adjunct Superintendencies of Banking and Microfinance, Risks, Legal Advice, as well as the Economic Studies, Planning, and User Services Directorates, and;

In exercise of the powers conferred by items 7 and 18 of Article 349 of the General Law;

RESOLVES:

Article First.- Approve the Regulation on Information Transparency and Provisions Applicable to Contracting with Users of the Financial System, which forms an integral part of this Resolution.

Article Second.- This Resolution shall enter into effect from the day following its publication in the Official Gazette “El Peruano” and renders ineffective the following provisions: Circular No. B-2140-2004, F-0480-2004, CM-0327-2004, CR-0196-2004, EDPYME-0113-2004, EAF-0225-2004, FOGAPI-0024-2004, ESF-0010-2004 of December 28, 2004; Circular No. B-1995-97, F-338-97, CM-183-97, CR-058-97, EDPYME-012-97 of September 23, 1997; Circular No. B-2132-2004, F-472-2004, CM-319-2004, CR-188-2004, EAF-221-

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) 2004 of March 23, 2004; Circular No. B-1939-93, F-282-93, M-281-93, CM-133-93 of June 9, 1993; Circular No. B-1909-92, F-252-92, M-252-92 of July 8, 1992 and Circular Letter No. 6871-97 of October 28, 1997.

JUAN JOSÉ MARTHANS LEÓN
Superintendent of Banking, Insurance and Private Pension Fund Administrators

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) REGULATION ON INFORMATION TRANSPARENCY AND PROVISIONS APPLICABLE TO CONTRACTING WITH USERS OF THE FINANCIAL SYSTEM TITLE I GENERAL PROVISIONS

Article 1.- Scope
The provisions of this norm are applicable to the companies included in letters A and B of Article 16 of the General Law, to the National Bank, to the Agropecuario Bank, and to the Guarantee Fund for Small Industry Loans (FOGAPI), hereinafter companies. Regarding the companies included in letter B of Article 16 of the General Law and FOGAPI, the Regulation shall be applied insofar as it is pertinent.

Article 2.- Definitions
For the purposes of the provisions of this norm, the following definitions and references are considered:

a. Client: User with whom the company maintains a commercial relationship originating from the signing of a contract. b. Contract: Document containing all rights and obligations corresponding to the client and the company, including the annexes that establish specific stipulations proper to the financial operation that is the object of the pact and which has been duly signed by the intervening parties.
c. Days: Calendar days.
d. Formula: Method that allows determining clearly, in detail, and in a way understandable by clients, the principal and the interest that companies charge or pay for their active and passive products, respectively, as well as the amounts they charge for commissions and expenses derived from the operation. e. Contractual Form: Contract model containing all rights and obligations that would correspond to the client and the company in case of contracting, and which is made available to the user upon request. It will include the annexes with specific stipulations proper to a financial operation when applicable, with the aim of understanding the operation or service and/or the obligations and rights of the intervening parties. f. INDECOPI: National Institute for the Defense of Competition and Protection of Intellectual Property g. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, approved by Law No. 26702, and its modifying norms. h. Consumer Protection Law: Unified Text of the Consumer Protection Law, approved by Supreme Decree No. 006-2009-PCM. 1
i. Law on Repression of Unfair Competition, approved by Legislative Decree No. 1044. 2
j. 3

1 Literal modified by SBS Resolution No. 905-2010 of 26/01/2010.
2 Literal modified by SBS Resolution No. 905-2010 of 26/01/2010.
3 Literal eliminated by SBS Resolution No. 905-2010 of 26/01/2010.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) k. Active Operations: Credit operations that imply the disbursement of cash money or the granting of a credit line under any contractual modality.
l. Active Operations under the installment system: Credit operation under the modality of money disbursement that is repaid according to the installment schedule granted by the company within the maturity period, such as mortgage, vehicle, and consumer loans, among others. Credits granted under the credit card modality are not considered under this definition.
m. Passive Operations: Fund capture operations from users under any contractual modality. n. Passive Operations for a Determined Term: Fund capture operations whose maturity date will depend on the term agreed upon between the user and the company. o. Program: Application or software that allows clients who maintain active operations under the installment system to calculate, under the assumption of compliance, interest, commissions, and expenses. p. General Public: Comprises any natural or legal person who potentially could become a user of the financial system. q. Regulation: Regulation on Information Transparency and Provisions Applicable to Contracting with Users of the Financial System. r. Sanctions Regulation: Sanctions Regulation issued by the Superintendence of Banking, Insurance and Private Pension Fund Administrators. s. Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators. t. Interest Rates that depend on a variable factor: Those rates that have as a reference an indicator that varies over time, which is not susceptible to unilateral modification by the company itself or by virtue of agreements or practices with other entities. Examples of variable factor are: the variation of the price index, the average market interest rates both active and passive, the reference rates applied by the Central Reserve Bank of Peru for credit operations for monetary regulation purposes, the London Interbank Offered Rate or LIBOR, among others. u. User or Consumer: Person who acquires, uses, or enjoys the products or services offered by companies, and who is defined as a user in accordance with the Consumer Protection Law and its amendments. 4

TITLE II
TRANSPARENCY OF INFORMATION PROVIDED TO THE USER OF THE FINANCIAL SYSTEM REGARDING ACTIVE, PASSIVE OPERATIONS, AND SERVICES.

CHAPTER I
PRINCIPLES

Article 3.- Principle of Information Transparency
Companies must be fully transparent in the dissemination, application, and modification of interest rates, commissions, expenses, and any other tariff associated with the active and passive operations they carry out, as well as the services they provide.

4 Literal modified by SBS Resolution No. 905-2010 of 26/01/2010.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) Information transparency is a mechanism that seeks to improve access to information for users and the general public, with the aim that they can, in a responsible manner, make informed decisions regarding the operations and services they wish to contract and/or use with companies.

For the purpose of complying with this principle, companies must observe what is provided by the Consumer Protection Law, Law No. 28587, the norms contained in the Regulation, as well as any other provision on the matter issued by this Superintendence.

CHAPTER II
CRITERIA FOR THE DETERMINATION AND APPLICATION OF INTEREST RATES, COMMISSIONS, AND EXPENSES

SUB CHAPTER I
CRITERIA APPLICABLE TO INTEREST RATES

Article 4.- Determination of interest rates 5
Companies, in accordance with what is provided in Article 9 of the General Law, may freely determine compensatory and default interest rates for their active and passive operations.

Compensatory and default interest rates must be expressed in effective annual form for all types of operations, it being necessary to consider for such effect that it is a year of three hundred sixty (360) days. For the purposes of their determination and application, companies must take into account the regulation on the matter issued by the Central Reserve Bank of Peru in accordance with its Organic Law.

The interest rates that companies disseminate and apply must adjust to the criteria mentioned above.

Article 5.- Interest Rates that depend on a variable factor
When companies use rates that depend on a variable factor, it must be specified in a precise and unequivocal manner how it will be determined at each moment, including its periodicity of change, if applicable.

In the event of agreeing on a rate that replaces the reference rate, the same must be clearly determined, as well as the conditions under which its modification would be carried out.

SUB CHAPTER II
CRITERIA APPLICABLE TO COMMISSIONS AND EXPENSES

5 Article modified by SBS Resolution No. 905-2010 of 26/01/2010.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)

Article 6.- Determination of commissions and expenses 6
The commissions and expenses that companies apply to their active, passive operations, and services will be determined freely in accordance with what is established in Article 9 of the General Law.

Commissions constitute remuneration for additional and/or complementary operations or services to those contracted by users or clients, which have been previously agreed upon and effectively provided by the company. Expenses are those costs duly accredited, incurred by the company with third parties on behalf of the client to provide additional and/or complementary services to the contracted operations that, according to what was agreed, will be passed on to the client.

Under no circumstances may commissions and expenses or insurance premiums be charged to the client or user for concepts not requested, not agreed upon, or not previously authorized by them, in accordance with what is established in this Regulation.

Article 6 A.: Criteria for determination of commissions and expenses 7
The commissions and expenses that companies apply to clients or users must observe the following criteria:

a. Charging of commissions and expenses is only permissible when supported by the performance of additional services to the operations and/or essential or inherent management of the contracted operation or service, provided that their charging has been expressly agreed upon and that they are distinguishable and/or individualizable from the operation or service, in accordance with what is provided in this Regulation.

i. In the case of active operations, essential or inherent operation and/or management will be understood as those linked to the evaluation of the client to the signing of the contract, disbursement, and administration of the credit; likewise, those linked to the collection of the credit in a compliant situation and the lifting of guarantees will be considered in this category. Regarding operations that imply contingent credits, such as credit lines, charges applied for their administration will not be considered essential or inherent.

Regarding mortgage credits for housing, operations or essential or inherent management will also be considered those linked to the evaluation and administration of their guarantees.

ii. In the case of passive operations, only the safeguarding of the deposit will be understood as an essential or inherent service.

b. In any case, charging of expenses for insurance, notarial, appraisal, registry, and tax concepts is permissible as appropriate to the contracted service.

6 Article modified by SBS Resolution No. 905-2010 of 26/01/2010.
7 Article incorporated by SBS Resolution No. 905-2010 of 26/01/2010 and modified by SBS Resolution No.
7897-2011 of 06/07/2011.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)
c. Charges for collection management may only be made when concrete and individualized actions have effectively been taken towards the consumer and aimed at achieving the payment of the obligation, considering for such effect the parameters developed on this particular matter by Article 61 of the Code for the Protection and Defense of the Consumer (hereinafter, the Code).

The tariffs that companies disseminate and apply for the services they provide must adjust to the criteria mentioned above, being classified as commission or expense, as appropriate.

In Annex No. 5 of the Regulation, examples of charges that do not meet the criteria to be considered as expenses or commissions are detailed. This list is only illustrative, and this Superintendence may, as a consequence of its supervision activities, observe other charges that do not fit the described criteria.

Article 7.- Support for commissions and expenses
Companies must have the support for the commissions and expenses they charge. This support must be disaggregated by client or operation, as appropriate. In the event this is not possible, it may be supported globally by group of clients, type of operation, or other criterion that allows its determination.

The requirement of technical justification aims to support that commissions correspond to services effectively provided while expenses correspond to real costs incurred with third parties, in accordance with what is provided in the previous article. In the case of expenses, the cost support must justify the amount recorded under this concept.

Article 8.- Charging of insurance premiums for active operations
The amount for the concept of premiums and any additional expense related to the insurance that the user must pay in insurances associated with active operations, cannot be greater than that which the company has effectively contracted with the insurance company, without prejudice to the commissions it might establish for the administration of policies, which must be adequately informed to the user.

CHAPTER III
PERMANENT DISSEMINATION OF INTEREST RATES, COMMISSIONS, EXPENSES, PRODUCTS, AND SERVICES

Article 9.- Dissemination of interest rates, commissions, expenses, products, and services. 8
For the purpose of making possible the comparison of information regarding the products and services offered by companies, only the Effective Annual Cost Rate (TCEA) may be disseminated in the case of active operations under the installment system, while for active operations signed under the revolving system, only the Effective Annual Interest Rate (TEA) may be disseminated, and in the case of passive operations, the Effective Annual Yield Rate (TREA) in accordance with the conditions indicated by this Superintendence. This information must be presented in all information supports other than the rate sheets that companies make available to users.

8 Article modified by SBS Resolutions No. 905-2010 of 26/01/2010 and No. 7897-2011 of 06/07/2011.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) In the case of the dissemination of information of the products and services offered through the rate sheet, companies must comply with informing the general public of the interest rates, including the default rate, expressed only in effective annual form, the commissions, and the associated expenses, specifying the particularities of charging these concepts. This information must be disseminated in a clear, explicit, and understandable manner, in order to avoid that its text can generate confusions or incorrect interpretations.

Regarding information referring to the insurances that companies offer, whether or not associated with credit operations, companies must indicate previously, in a clear and detailed manner, the covered risks, the amount of the premium or the way in which it will be determined, the exclusions of the insurance, and the term to request coverage, specifying that it is not a term of expiration.

Likewise, the name of the insurance company issuing the policy must be indicated; without prejudice to this, payments made by the insurance contractors to the companies are considered paid to the insurance company. The aforementioned insurances must comply with the criteria indicated in Chapter II of this Title.

In transactions where the user is responsible for paying taxes, the respective obligation, the type of tax subject to, the applicable percentage, and, if applicable, the applicable amount must be indicated promptly and expressly.

The information regarding interest rates, commissions, and expenses that companies disseminate must be revealed for each product or service offered; likewise, the timing of their collection and other conditions affecting their application and determination must be revealed.

The names of commissions and expenses must allow for easy identification and understanding by users and be consistent with the nature of the service. Furthermore, these must be drafted in Spanish, without prejudice to them additionally being drafted in another language.

Article 10th.- Means for the dissemination of interest rates, commissions, expenses, products, and services 9

To comply with the obligation of constant dissemination of interest rates, commissions, and expenses contained in Article 8 of Law No. 28587, companies must disseminate information on these concepts within their customer service offices and on their website. In customer service offices where the products or services offered by the company can be requested, a list or tariff schedule containing the interest rates as provided in Article 4 of the Regulation, commissions, and expenses that the company applies for said products and services must be kept available to interested parties. This must be in a visible place in the office, in a showcase, easel, or similar. In case of modification of these concepts, the update date must be incorporated into the documents exhibited by the company, both in its customer service offices and on its Website.

When tariffs are displayed on a support other than the showcase, a notice must be placed in the showcase informing of the existence and availability of the tariffs in other media, so that the user can know of the existence of these other media and eventually resort to them to access the tariffs. Additionally, when computer media are used for the dissemination of tariffs, these must clearly indicate the method of use so that users can easily access the information they contain.

Tariffs, whether displayed in showcases, easels, or similar supports, or in computer media, must be drafted in Spanish with legible characters not smaller than three (3) millimeters, for which Annex No. 3 of the Regulation shall apply.

The dissemination of information on interest rates, commissions, and expenses, through the companies' websites, must be carried out 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 company disseminates in its customer service offices.

Likewise, companies must maintain a permanent link to the "Transparency" section of this Superintendence's website, as well as to other sections referred to this topic when indicated by this control body. Companies must disseminate the way in which users can access the information contained on the website.

Additionally, to fulfill the dissemination obligation indicated in the first paragraph of this article, companies may use other dissemination media such as telephone or written communications addressed to the user, television, radio, print press, or brochures if applicable.

When informational brochures are used to disseminate active and passive operations and services, such brochures must contain updated information on the characteristics of the operation and/or service, as well as on interest rates, commissions, and expenses, if applicable. When the objective of the brochure is to disseminate only the specific characteristics of an operation or service without incorporating quantitative information regarding interest rates, commissions, expenses, or amounts and/or terms, or the monthly installment, in the case of active operations, it must be indicated that information on costs will be available in the tariff schedule, the customer service platform, or the entity's website. If the objective of the brochure is to disseminate the quantitative aspects mentioned above corresponding to specific operations, then such brochures must contain explanatory examples of the operations offered under the assumption of compliance with the stipulated conditions.

For active operations concluded under the installment system, they must include the applicable effective annual cost rate for the example; additionally, in such brochures, all charges at the client's account in the event of non-compliance with their obligations must be indicated, including default interest and other applicable charges.

For the case of passive operations indicated in Article 17A of the Regulation, the example used to calculate the effective annual yield rate must consider as the initial deposit amount one thousand new soles (S/. 1000.00), one thousand US dollars (US$ 1000.00), or one thousand euros (€ 1000.00) according to the calculation and term indicated in Annex No. 1-A of the Regulation, assuming that during said term there are no additional transactions to the opening of the account.

Regarding deposits in other currencies, the Superintendence will communicate via multiple letter the amounts to be used. Likewise, when the passive product requires a minimum opening amount higher than the initial deposit amounts mentioned above, these minimum opening amounts must be used for the purpose of the example. Additionally to the example, for savings accounts, the minimum balance required to obtain yield must be indicated, as provided in Article 17B of the Regulation.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)

Furthermore, in order to provide users with all the required information prior to the celebration of any contract, in accordance with what is provided by Article 2 of Law No. 28587, companies will make contractual forms available to users in their premises and through the website.

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

In cases where the disseminated information has advertising content, companies must observe the norms contained in Article 11 of this Regulation.

Notices must be indicated on ATMs, prior to the acceptance of the operation, that are easily identifiable, indicating to users that withdrawal or cash disposal operations they perform with their debit or credit cards, respectively, may be subject to a commission or expense, for which they must consider the conditions agreed with the card issuer. 10

Article 11th.- Advertising of operations and services 11

The advertising carried out by companies must adhere to the provisions contained in the Code and in the Law on Repression of Unfair Competition, as well as any other provision that may be issued on the matter.

In virtue of this, those acts or conduct carried out by companies, such as advertising, that have the effect, real or potential, of affecting or impeding the adequate functioning of the competitive process or that violate rights recognized to consumers, will be analyzed by INDECOPI in accordance with what is provided by current regulations.

CHAPTER IV
INFORMATION THAT MUST BE PROVIDED TO THE USER FOR THE PURPOSES OF CONTRACTING AND PROVIDING ACTIVE, PASSIVE OPERATIONS, AND SERVICES

Article 12th.- Information provided to users prior to the celebration of contracts

Companies must provide users with all the information they request prior to the celebration of any contract. The provision of the aforementioned information is satisfied with the physical delivery to users of the contractual form and the information regarding interest rates, commissions, and expenses that will be the subject of agreement with the company. "Information prior to the celebration of the contract" is understood as all information that must be provided to the user during the period of time it takes for them and the company to celebrate it.

Without prejudice to compliance with the obligation indicated in the previous paragraph, companies must answer all queries that users have regarding the content of the contracts. To this effect, they must have personnel duly trained and updated on the topics contemplated in such documents and others, as indicated in Article 28 of the Regulation. The most frequent questions that users have, with their respective answers, must be incorporated into the company's website, if it has one, as part of the dissemination they carry out of the products and services they offer.

Regarding information related to insurance associated with the operations that will be the subject of the contract, the provisions indicated in Article 8 of the Regulation must be informed. Likewise, companies must take into account the responsibilities for the contracting of insurance detailed in Article 18 of the Regulation.

Promotional conditions that incentivize the contracting of specific active, passive operations, or services, must be maintained by the company during the offered period, and if applicable, for the number of units offered or for any other condition subject to the promotional condition; likewise, these promotional conditions must be adequately informed.

In case the conditions regarding the period and/or units to be offered and/or any other condition to conclude or discontinue the promotion have not been informed, companies must communicate to the client the conclusion or discontinuation previously, maintaining the promotional condition for a period of at least six (06) months after the communication, unless due to the nature of the promotion itself it must, unequivocally, continue to be offered for a longer period. Such communication must be made using the means indicated in Article 25 of the Regulation.

In case the amount of some commissions and expenses cannot be determined at the time of signing the contract, at least the criterion to be applied for their calculation and corresponding charge must appear.

Article 13th.- Information on active operations

For the purpose of celebrating contracts for active operations, whether they are granted under the installment system or other distinct modalities, companies must attach to the contracts the Summary Sheet contained in Article 24 of the Consumer Protection Law, which will contain the information and payment schedule indicated in Article 15 of the Regulation and which forms part of the contract.

Regarding active operations granted under the installment system, the payment schedule and simulations carried out through the programs for the settlement of interest and payments of the company, which are available to the public, must contain the effective annual cost rate that the client would pay for the credit operation, which will be calculated in accordance with the procedure indicated in Article 17 of the Regulation. 12

In the case of operations other than those indicated in the preceding paragraph, such as credit lines and credit cards, the Summary Sheet must contain the concepts that are applicable.

Article 14th.- Information on passive operations

Regarding passive operations, both those agreed for a fixed term and other distinct modalities, the user will be provided, along with the corresponding contract, an Information Booklet with the content indicated in Article 16 of this Regulation, which forms part of the contract.

In case of deposits other than fixed-term deposits, the Information Booklet must contain the concepts that are applicable.

Article 15th.- Summary Sheet and payment schedule 13

The Summary Sheet shows the detail of compensatory and default interest rates, commissions, and expenses that will be at the client's account and summarizes some of the obligations undertaken by the client and/or by the company that are relevant for both parties. However, its delivery to the client does not exempt the company from incorporating in the body of the contract the clauses that regulate the rights and obligations of the contracting parties.

The Summary Sheet is an annex that forms part of the contract and must bear the signature of the authorized person acting on behalf of the company.

The Summary Sheet must be delivered to the client for reading. In case there are doubts about the concepts contained in said document, the company must resolve them in accordance with what is indicated in Article 12 of the Regulation. After reading the document and resolving any doubts, the parties will sign the Summary Sheet in duplicate, with one copy remaining in the possession of the company as proof of compliance with its delivery to the client.

The Summary Sheet, along with the Contract, duly signed, must be kept in the files that the company has available for its conservation.

The Summary Sheet must contain the following information:

a) The amount of the principal object of the credit, or the total amount of the credit line, as applicable, and the currency in which it is agreed. When it is not possible to know the amount of the line or credit at the time of contract signing, the Summary Sheet must indicate the minimum amount to which the client could access, stating that the amount effectively approved will be communicated at the time of delivering the credit card or disbursing the credit. Likewise, it must be indicated that it could even be that said payment method is not granted as a result of the credit evaluation.

b) The effective annual compensatory interest rate, indicating whether it is fixed or variable. In case of a variable rate, the criterion for its modification must be indicated. Regarding operations with credit cards or credit lines in which the client is offered differentiated interest rates by type of currency, by type of acquired product, or by any other criterion, the client must be provided with information on the current rates.

c) The total amount of compensatory interest.

d) The default interest rate.

e) The amount and detail of commissions and expenses transferred to the client, if any. Regarding insurance, the amount of the premium, the name of the insurance company issuing the policy, and the policy number, if applicable, must be informed.

f) The payment schedule according to the agreed conditions, which must contain the following:

f.1. Number of installments or payments to be made, their periodicity and payment date, disaggregating the concepts that make up the installment, such as the amortization of the principal amount, the amount of interest, the insurance premium, if any, among others.

f.2. The total amount to be paid, which must be equal to the sum of the principal amount, the amount of interest, the amount of commissions and expenses transferred to the client. Expenses paid directly by the client will not be included.

f.3. The effective cost rate, calculated according to Article 17 of the Regulation, which will not be required in active operations agreed in modalities other than the installment system.

f.4. Reductions in installments or in the amount owed for timely payment that have been agreed, specifying, if applicable, the date or period in which the benefit would apply and the respective amount, according to the agreed conditions.

In cases where, due to the nature of the credit operation, certainty regarding payment dates cannot be obtained, the company must deliver a schedule containing the other information referred to in the previous paragraph such as amounts, installments, number of installments, and effective cost rate that the client must pay during the validity of the contract. Such schedule must indicate that it is a preliminary document that will be replaced by the final document after payment dates are determined; it must be signed by the user upon receipt. Additionally, the deadline for the delivery of the definitive schedule must be indicated, which must not exceed thirty (30) days; as well as the obligation of the intervening parties to sign it and incorporate it as part of the Contract.

In the cases described in the previous paragraph, the user may opt for personal delivery of the schedule or for sending it via physical means or through the electronic route, a document substantiating such choice must exist. To this effect, the requirement to request the client's signature on the document will not apply, it being sufficient that there is a document accrediting the delivery of the definitive schedule according to the terms requested by the user.

The company must keep in its files both the preliminary and definitive schedules, signed or with the corresponding delivery record, as agreed according to the present article.

When a variable interest rate has been agreed, the schedule must be prepared taking as reference the value that said rate has in the market at the moment the contract is signed, indicating that each installment will be recalculated for each payment date based on the value of the variable rate on such date.

g) For the case of credit card contracts, the order of payment imputation applicable, as agreed by the parties, must be indicated.

h) The concepts that will apply for non-compliance with undertaken obligations, if agreed, such concepts must be shown in the same section so that they are easily visible to the client. Likewise, it must be indicated that in case of non-payment according to the agreed conditions, the corresponding report will be made to the Risk Central with the corresponding rating, in accordance with the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions in force.

i) All benefits agreed for the payment of the credit on time.

j) The consumer's right to make advance or prepayments in total or partial, with the corresponding reduction of interest to the day of payment, deducting commissions and expenses derived from the contractual clauses agreed between the parties, without commissions, expenses, or penalties of any type or charges of a similar nature or effect being applicable to them.

k) The scope and specific obligations of guarantees and other collateral, if any.

l) A final declaration by the client referring to that the Summary Sheet, as well as the contract, were delivered for reading, that their doubts were resolved, and that they sign with full knowledge of the conditions established in said documents.

m) Other information that is relevant for the parties, as considered by the company or this Superintendence.

n) A declaration establishing that, if as a result of proven fraud or negligence, the user is induced to error and as a consequence thereof makes an excess payment, said amount is recoverable and will accrue until its return the maximum of the sum for the concept of compensatory and default interest that have been agreed for the credit operation or, in default, the legal interest. 15

Regarding operations with credit cards or credit lines, the company must communicate the aspects of the Summary Sheet that are applicable. The provisions referred to the payment schedule will not be applicable to said operations, with the exception of what is referred to the periodicity and payment date in letter f.1 of the preceding paragraph.

Article 16th.- Information Booklet 16

The Information Booklet shows the detail of the interest rate that will be returned to the client, the commissions and expenses that will be at the client's account, and summarizes some of the obligations undertaken by the client and/or by the company that are relevant for the parties. However, its delivery to the client does not exempt the company from incorporating in the body of the contract the clauses that regulate the rights and obligations of the contracting parties.

The Information Booklet is an annex that forms part of the contract and must bear the signature of the authorized person acting on behalf of the company.

The Information Booklet must be delivered to the client for reading. In case there are doubts about the concepts contained in said document, the company must resolve them in accordance with what is indicated in Article 12 of the Regulation. After reading the document and resolving any doubts, the parties will sign the Information Booklet in duplicate, with one copy remaining in the possession of the company as proof of compliance with its delivery to the client.

The Information Booklet, along with the Contract, duly signed, must be kept in the files that the company has available for its conservation.

9 Article modified by Resolution SBS No. 905-2010 of 26/01/2010.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)

10 Paragraph incorporated by SBS Resolutions No. 7897-2011 of 06/07/2011.
11 Article modified by SBS Resolutions No. 905-2010 of 26/01/2010 and No. 7897-2011 of 06/07/2011.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)

12 Paragraph modified by Resolution SBS No. 0144-2007 of 09/02/2007

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)

13 Article modified by Resolution SBS No. 905-2010 of 26/01/2010.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)

14 Letter modified by Resolution SBS No. 7897-2011 of 06/07/2011.
15 Letter incorporated by Resolution SBS No. 7897-2011 of 06/07/2011.
16 Article modified by Resolution SBS No. 905-2010 of 26/01/2010.

NORMA DEROGATED BY RESOLUTION SBS NO. 8181-2012 (ARTICLE 32 DEROGATED BY RESOLUTION SBS NO. 6523-2013)

The Information Brochure shall contain the following details:
a) The effective annual compensatory interest rate that will be applied to the deposit, indicating whether it is fixed or variable. If it is a variable rate, the criteria for its modification must be specified. b) The effective annual yield rate, indicating whether it is fixed or variable. c) The total amount of interest to be paid, for time deposits, when applicable. d) The cut-off dates for the crediting of interest, as well as the mechanism by which payment will be made. e) The maturity date of the deposit, if applicable. f) The amount and detail of any commission or expense that is passed on to the client, if any. g) The penalties that will be applied for failure to meet the obligations undertaken, if any were agreed upon. h) The rate and amount of taxes that will be applied to the operation, if applicable. i) A final declaration by the client referring to the fact that the Information Brochure, as well as the contract, were delivered for reading, that their doubts were answered, and that they sign with full knowledge of the conditions established in said documents. j) The effective annual yield rate corresponding to the example indicated in Article 10 of this regulation, calculated according to Article 17A. k) The minimum balance required to obtain yield, in accordance with the provisions of Article 17B of this regulation. l) The channels made available to you for withdrawing money, indicating the mandatory requirements for their use. m) Any other information that is relevant to the parties as considered by the company or this Superintendence.

In the case of information brochures corresponding to time deposits, additionally, the applicable rate or, in its absence, the applicable mechanisms to determine it regarding the case of early withdrawal of funds when it is agreed that the interest rate corresponding to another type of deposit will apply, must be included.

The obligation to provide the Information Brochure shall be considered fulfilled if the information contained therein is included in certificates of deposit, or in any other document by which the deposit is represented, and in which the signature of the client and the person responsible for the company appear.

Article 17.- Effective Annual Cost Rate

As provided in this Regulation, companies must inform clients of the effective annual cost rate (TCEA) in active operations granted under the installment system. The TCEA is that which allows equalizing the present value of all installments and other payments to be made by the client with the amount effectively received as a loan. For this calculation, all installments for the amount of principal and interest, all charges for commissions, expenses for services provided by third parties or any other expense incurred by the company, which according to the agreement will be passed on to the client, including, in the case of consumer and mortgage loans for housing, insurance, will be included. Payments for services provided by third parties that are directly paid by the client will not be included in this calculation.

Calculations of the effective cost rate will proceed under the assumption of compliance with all agreed conditions.

The effective cost rate must be expressed in annual terms using the formula indicated in Annex No. 1 of the Regulation.

Article 17A.- Effective Annual Yield Rate

The effective annual yield rate of savings accounts, time deposits, and CTS deposits is that which allows equalizing the amount deposited with the present value of the amount effectively received at the maturity of the term, considering all charges for commissions and expenses, including insurance, when applicable, and under the assumption of compliance with all agreed conditions. Payments for services provided by third parties that are directly paid by the client and taxes that are applicable are not included in this calculation. The effective yield rate must be expressed in annual terms, using the formula indicated in Annex No. 1-A of the Regulation.

In cases where the effective annual yield rate is identical to the effective annual interest rate, either of these may be used indistinctly, explicitly informing that they have the same value. If these rates are different, a reference amount will be used for the purpose of calculating the effective annual yield rate for one year considering a year of three hundred sixty (360) days, assuming that there are no additional transactions to the opening of the account.

Companies must keep available to the public in their offices information on effective annual yield rates of deposits and investments through programs for the settlement of interest and payments, to which access will be provided through customer service personnel.

Article 17B.- Minimum Balance for Yield

The minimum balance for yield is the balance that must be maintained in a savings account in which no transaction is made, to generate sufficient interest in a thirty (30) day month to compensate for commissions and expenses associated with the maintenance of said account, so that no yield is lost or gained at the end of the month.

In the event that, due to the existence of different ranges for the application of interest and for the charging of commissions and expenses, it is not possible to determine a balance in which these concepts compensate as indicated in the previous paragraph, but rather that there is a balance from which a monthly loss turns into a monthly gain, the minimum balance for yield will be considered that amount in which the smallest positive yield is recorded.

Article 18.- Responsibility of Companies in the Contracting of Insurance Associated with Active Operations

Companies that offer users insurance associated with active operations, such as credit life insurance, damage insurance to protect assets received as collateral, fraud insurance, as well as any other type of individual or collective insurance associated with the active operations they perform, must observe the following:

a) When contracting said insurances, they must strive to obtain the best policy conditions for their clients. b) If the user proves that they have contracted on their own an insurance that provides similar or greater coverage than the insurance offered by the company, and for terms equal to or greater, the user is not obligated to take the insurance offered by the company for the contracting of active operations, being able to substitute it with the one they obtained, under the conditions described by the company. In this case, the insurance must be endorsed in favor of the company up to the amount of the outstanding balance. By virtue of the endorsement, the company may agree with the user that the payment of the insurance premium is added to the payment of the periodic installments previously agreed upon for the credit, with the purpose of guaranteeing the validity of the policy until the maturity of the operation. The endorsement and form of payment, by agreement of the parties, may be processed by the user with the insurance company that issues the policy and delivered to the company, or by the company. c) They must deliver to the insured the individual insurance policies or, where applicable, the Insurance Certificates referred to in the Regulation on Insurance Policies and Technical Notes approved by the Superintendence, issued by companies of the insurance system, within a period not exceeding ten (10) days counted from the receipt of the respective documents. d) In the event of a claim, and if applicable, they must inform the beneficiaries, heirs, or insured persons about the existence of the contracted insurance, through a written communication addressed to their address; if this is not available, this information may be disseminated through their web pages and customer service offices. e) Upon receipt of the insurance indemnity, in their capacity as beneficiary, they must settle the account as of that date, detailing the allocation of the indemnity to the debtor balance, in order to deliver it to the insured or their heirs, within a maximum period of thirty (30) days from receipt of the indemnity.

Article 19.- Obligation of the Company to Deliver Copies of Contracts

In the case of contracts for active, passive operations, or services, concluded in writing, the company must deliver a copy of the same to the client, including all its annexes. Likewise, in cases where the client signs incomplete securities, the company must provide them with a copy of these and the document containing the stipulations to proceed to fill them out, as provided in Circular No. G-0090-2001.

The original contract duly signed, together with all its annexes, must be kept as part of the credit files of debtors, if applicable, or in other files that the company has established for their proper conservation.

Article 19A. Dissemination of Additional Information

Companies must inform their clients about their rights and obligations, in relation to the product or service they have contracted, in accordance with the current regulatory framework through their customer service offices. In this regard, they must make available to their clients informational material regarding the following aspects:

Procedure for the presentation and handling of requests for account closure or cancellation of credits or credit cards, as applicable, indicating all channels made available to them for this purpose. This procedure cannot be more burdensome than that established for contracting the credit or credit card, and additional requirements or demands that hinder the exercise of this right cannot be established.
The order of payment allocation applicable to credit card contracts, in accordance with what was negotiated and agreed upon by the company with the client.
Procedure for exercising the right to make partial or total advance payments, for this purpose.
Procedure for exercising the rights of guarantors or sureties of users.
Procedure to cancel an authorization for automatic debit.
Detail of the consequences in case of failure to meet payment obligations, as well as the effects of refinancing or debt restructuring.
The procedure applicable to recover the amount paid for excess payments, specifying that in this scenario the amount paid in excess is recoverable by the client and accrues up to its return the maximum sum for compensatory and default interest that have been agreed upon for the credit operation or, in its absence, the legal interest.

Additionally, the information detailed in this article must be published on the companies' web pages, in a duly identified link.

CHAPTER V
INFORMATION THAT MUST BE PROVIDED TO THE USER FOR THE PURPOSE OF MODIFYING INTEREST RATES, COMMISSIONS, EXPENSES, AND OTHER CONTRACTUAL STIPULATIONS

Article 20.- Prior Requirement to Proceed with Unilateral Modification of Interest Rates, Commissions, Expenses, and Other Contractual Stipulations.

Unilateral modifications regarding interest rates, commissions, expenses, and other contractual stipulations will only proceed to the extent that they have been previously agreed upon by the parties. The aforementioned modifications must be communicated previously within the timeframes indicated in Articles 21, 22, and 23 of the Regulation, unless they involve modifications in interest rates, commissions, and expenses that imply more favorable conditions for the client, which will be applied immediately.

In said prior communications, it must be explicitly indicated that the client may conclude the contractual relationship in accordance with the terms of the contract. Likewise, in the case of a unilateral modification of the conditions of a time deposit, a reduction in the interest rate or a penalty for the withdrawal of the deposit before the maturity of the agreed term shall not be applied.

Likewise, along with the prior communications, the modification to the payment schedule must be provided if applicable, as indicated in Article 24 of this Regulation.

The means used to communicate to the client the modifications to the conditions and terms included in the contract must give preference to the mechanisms indicated in Article 25 of the Regulation.

In specific cases of renewal or automatic extension of time deposits, companies must previously communicate any variation of the conditions previously agreed upon, if these entail a detriment to the client.

The provisions of this article do not apply to contractual modifications made to incorporate other services that are not directly related to the contracted product and, therefore, do not constitute a condition for contracting. In these cases, once the communication is made in accordance with the provisions of the following articles, the client must be granted the faculty to accept the proposed modification, without the client's refusal necessarily implying a resolution of the main contract.

The provisions of this article shall not apply in cases where companies restrict operations due to the application of prudential regulations issued by the regulator, such as those referred to the management of over-indebtedness risk of retail debtors or due to considerations of the client's profile related to the company's anti-money laundering and counter-terrorism financing prevention system.

Article 21.- Modification of Interest Rates

Companies must inform their clients of the modification of interest rates in advance when it concerns increases in the case of active operations and when it concerns reductions in the case of passive operations. The respective communication must be made with an advance of no less than fifteen (15) calendar days, indicating the date or moment from which the modification will enter into force.

This provision does not apply when it has been agreed with the client an interest rate that depends on a variable factor, unless it is a change in the reference rate, in which case the prior communication will proceed within the timeframe indicated in the preceding paragraph, indicating the date or moment from which the modification will enter into force.

Prior communication is not required when the modification of the interest rate is favorable to the client, in which case the new rate may be applied immediately.

Article 22.- Modification of Commissions and Expenses

Companies must inform their clients of the modification of commissions and expenses in advance of their application if such modifications represent an increase compared to what was agreed. The respective communication must be made with an advance of no less than fifteen (15) calendar days, indicating the date or moment from which the modification will enter into force.

Prior communication is not required when the modification of commissions and expenses is favorable to the client, in which case the new charges may be applied immediately.

Article 23.- Modification of Other Aspects Included in Contracts

Modifications to contractual conditions other than interest rates, commissions, and expenses must also be informed to clients by companies in advance of their application. The respective communication must be made with an advance of no less than thirty (30) calendar days, indicating the date or moment from which the modification will enter into force.

When companies grant clients conditions, options, or rights that constitute additional facilities to those existing and that do not imply the loss or substitution of previously established conditions, they will not be considered as contractual modifications for the purposes of this Regulation.

Article 24.- Modifications to the Payment Schedule

When modifications in interest rates, commissions, expenses, and other contractual stipulations modify what was informed in the payment schedule, it must be recalculated and sent to the client, along with the prior notice of the corresponding modifications, within the period of fifteen (15) calendar days for modifications included in Articles 21 and 22 of this Regulation, or in the period of thirty (30) calendar days for the modifications referred to in Article 23 of the Regulation.

In case of modifications to the schedule, information regarding the effective annual cost corresponding to the remaining balance of the credit operation must also be incorporated, which will be computed according to the criteria indicated in Article 17 of the Regulation. This concept will be identified in the new schedule as "remaining effective annual cost."

Article 24A.- Modification of the Effective Annual Yield Rate and/or Minimum Balance for Yield

When modifications in interest rates, commissions, or expenses modify the effective annual yield rate and/or the minimum balance for yield contained in the information brochure, companies must inform their clients of this modification through their web page and customer service offices. The aforementioned modification must remain available to the public for a period of no less than thirty (30) calendar days.

Article 25.- Means of Communication to be Used.

The means of communication used by the company must allow the client to be able to take adequate and timely knowledge of the modifications to be made.

The company must agree with the client on the most appropriate means of communication for the purpose of complying with the prior communication provision, as established in Articles 5 and 6 of Law No. 28587. For this purpose, the company must identify the means of communication that can be used based on the nature of the operation; considering among others, the use of written communications to the client's address, emails, annotations in the records of operations carried out with credit or debit cards, statements of account, as well as telephone communications to the client that can be credibly accredited. In the absence of an express agreement, in products where there is an obligation to periodically send statements of account, these will be considered as an appropriate means of communication.

Article 26.- Operations and Services Subject to Communication

The obligation to make prior communications to the client referred to in Articles 21, 22, and 23 above applies to all contracts that companies have concluded with clients.

Article 26A.- Resolution of Contracts

Without prejudice to what is provided in the previous articles, companies may unilaterally resolve contracts concluded in accordance with the resolution clauses for this purpose agreed upon in the contracts signed with users.

CHAPTER VI
ANSWERING INQUIRIES AND COMPLAINTS

Article 27.- Answering Inquiries

Companies must have specialized personnel in user attention for the purpose of clarifying any doubts that users might have regarding information on interest rates, commissions, and expenses, contractual aspects, and in general, regarding the operations and services they provide both in their customer service offices and through their web page, if they have one.

Article 28.- Trained Personnel

The personnel responsible for answering user inquiries must be properly trained not only in the matters corresponding to the operations provided by the company, 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 user, the aforementioned personnel must identify themselves to the user as responsible for fulfilling this function. The training provided to the aforementioned personnel on topics such as customer service, user protection, transparency regulation, among others, must be duly documented in the personnel information files or personnel records, through physical or computer files, which must be available to the Superintendence at all times.

Article 29.- Answering Complaints

Companies must have areas in charge of attending to user complaints in accordance with the provisions issued by the Superintendence through Circular No. G-110-2003 and its modifying and/or complementary norms.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)
Article 30.- Dissemination of information regarding complaints
Companies shall disseminate through their website statistical information relating to complaints filed by users. The information disseminated must show historical quarterly information on the total number of complaints attended to by the company, classified by the ten (10) operations, services, or products that are most frequently the subject of complaints, indicating the three (3) most frequent reasons for complaints, distinguishing the number of complaints that were resolved in favor of the user and in favor of the company, the average time for their resolution, as well as the total number of operations of the supervised company in the last quarter, as indicated in Annex No. 2 of the Regulation. Such information must be consistent with that which the company periodically transmits to this Superintendency, regarding complaints received from users, in accordance with the current regulatory framework. This information must be maintained on its website for a period of no less than one year.

CHAPTER VII
PERIODIC INFORMATION THAT COMPANIES MUST PROVIDE TO USERS
Article 31.- Obligation to provide periodic information to clients
Companies have the obligation to provide periodic information to their clients regarding their account statements for operations they perform, and if applicable, also for the services they contract. This shall proceed in accordance with the current regulations comprised in the General Law and complementary norms issued by the Superintendency. The method to be used to provide periodic information regarding account statements must be agreed upon in the contracts signed by the company with the client. Additionally, companies may use different communication means that allow the client to be able to take adequate and timely knowledge of the respective information. Companies have the obligation to inform their clients, adequately, in periodic communications, such as account statements, of the different instances before which they can resort to file complaints and/or reports for the operations and services they perform, such as the company itself, the Financial Client Defender, INDECOPI, and the Superintendency, respectively.

Article 32.- Information included in credit card account statements
The information included in the credit card account statements that companies send to their clients must have the characteristics indicated in the current Credit Card Regulation.
Regarding purchases whose payment has been agreed to be made under the cash, revolving, or cash credit systems, the list of all purchases must be indicated. Likewise, if under said systems the possibility of making minimum payments is contemplated, the amount that will be used for the payment of principal, interest, commissions, and any other applicable concept must be broken down, as provided for in the sixth paragraph of Article 6 of Law No. 28587.

29 Article modified by SBS Resolution No. 905-2010 of 26/01/2010.
30 Article modified by SBS Resolution No. 471-2007 of 20-04-2007 31 Article modified by SBS Resolution No. 905-2010 of 26/01/2010.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) When it comes to purchases whose payment has been agreed to be made through fixed installments, the company must inform, along with the total installment corresponding to the billing period, the installments for the purchases made, breaking down the amount of principal, interest, commissions, and expenses that correspond in each case. If for operational reasons, duly communicated to this Superintendency, the aforementioned breakdown cannot be shown, companies must reveal the total amount of principal, interest, commissions, and expenses that correspond to the installments of the period. When under the assumption indicated in the preceding paragraph, the client is offered the possibility of making minimum payments, lower than what would be the total installment, or the possibility of paying the total installment in parts, the amount that will be used for the payment of principal, interest, commissions, and any other applicable concept must be broken down, as provided for in the sixth paragraph of Article 6 of Law No. 28587. On the front side of the account statements, the estimated number of months indicated by the company for the debtor balance to be fully extinguished, under the conditions that the client only makes minimum payments and does not make more purchases or transactions, must be highlighted and easily identifiable, considering for this effect that the size of the font used must not be less than three (03) millimeters. For this effect, it must be considered that in each subsequent period the client will always cancel, on the payment date, only the minimum payment corresponding to the debtor balances of each period, until their total debt is equal to zero. This calculation must be performed separately for each currency used in the credit card. Additionally, explanatory examples may be used for the purpose of clarifying the impact that the payment of minimum installments may have on future payments and on the cancellation of the pending debt; said examples may be shown within the account statement or in informational brochures or other type of material that the company provides to its clients on a periodic basis. In case the company grants the client the possibility of not making the payment corresponding to the month's installment, the consequences that will be generated in the client's debt if they decide to accept said option must be expressly indicated. This information may be indicated in the account statements or delivered through informational brochures or other type of material that the company provides to its clients along with the account statements, provided that proof of delivery to the client can be left. Likewise, the following informational gloss must be included on the front of the account statements, in a highlighted and easily identifiable manner in font not less than three (03) millimeters: “If you had agreed to
the cash disbursement provision, remember that you have the right to request the suppression of said option.

CHAPTER VIII
DISSEMINATION AND SUPERVISION OF FORMULAS AND PROGRAMS FOR THE SETTLEMENT OF INTERESTS AND PAYMENTS
Article 33.- Dissemination of formulas and programs for the settlement of interests and payments
To comply with what is provided by Article 7 of Law No. 28587, companies must disseminate through their website the formulas and programs referred to in this chapter, in an easily accessible place, together with the information on the operations and products they offer to users, in accordance with the provisions of the Regulation. The dissemination of the formulas must be accompanied by explanatory examples, so that users can have complete knowledge of the procedures followed by the company and, if applicable, be able to replicate them for specific operations that have been agreed upon with it. The Superintendency will establish from the “Transparency” section of its website links that allow direct access to said formulas and programs. The active and passive operations in relation to which the formulas must be disseminated for the purposes of this chapter are the following: checking accounts, savings deposits, term deposits, CTS deposits, mortgage loans, MIVIVIENDA loans, vehicle loans, credit cards, and other consumer loans. The dissemination of programs will be mandatory only for active operations under the installment system, in the event of compliance with the agreed conditions. Companies will organize the information of the formulas and programs published on their website, according to the categories of the operations mentioned above. Then, companies will organize the information by product, understanding as product the mode of operation that possesses characteristics that distinguish it from other modes, such as the form of payment, the currency, or any other attribute that implies a variant in the formula, and which generally has a commercial denomination identifiable by clients. In the offices where the aforementioned active and passive operations can be requested, companies must make the formulas available to clients, delivering them in printed media if they so request; and, through customer service personnel, they must make available to clients the programs for the settlement of interests and payments of the company. In the latter, in the case of active operations agreed under the installment system, the effective annual cost rate must be included. In all cases, the information regarding the formulas and programs must be published both for those operations that the company currently offers to users and those that although no longer offered still have valid contracts, provided they were contracted after the entry into force of this Regulation.

Article 34.- Guidelines for the presentation of formulas and programs
Each active or passive product indicated in the previous article must have a formula, in accordance with the guidelines established in Article 35 of the Regulation.
Active products under the installment system must also have a program. The results of the programs must be the same as those obtained using the respective formulas of said products; the simulated schedules must meet the requirements established in literal f) of Article 15 of the Regulation. 34 The formulas and programs that companies employ must consider the following guidelines:
a) The formulas will allow clients to know, step by step, the process of calculating interest, commissions, and expenses.

34 Párrafo modificado por la Resolución SBS N° 0144-2007 del 09/02/2007

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) b) The programs will allow clients to simulate the calculations performed by companies for the settlement of interest, commissions, and expenses. c) The concepts included in the formulas will be defined immediately following the formula. Likewise, they must coincide with the terms employed in the reports or account statements. d) Through notes, details that facilitate the understanding of the formulas and programs can be specified, if applicable. e) Notations may be used, provided that the meaning of each notation used is expressed.

Article 35.- Methodological guidelines for the presentation of formulas for passive and active products 35
Regarding passive products, companies must consider the following criteria for the preparation of formulas:
a) The formulas will allow calculating the amount of interest that corresponds to be paid by the client. The amount of interest must be presented as the product of applying the interest rate of the period to the amount subject to the interest rate, detailing the procedure to calculate each of these concepts. b) The calculation of the interest rate applicable to the interest settlement period must start from the passive rate announced by the company in the contract, in the account statements, or any other valid medium to communicate its modification. Likewise, the process of capitalization of interest must be detailed. c) The presentation of the formulas must explain in detail all concepts that could modify the amount subject to interest, in what cases and under what form they could influence said amount; if applicable, the calculation procedure to determine said concepts will be included. d) The formulas for calculating the amount of commissions and expenses charged to clients, if applicable, will be presented following the same guidelines established for the calculation of the interest amount. e) For fixed-term deposits, the formula must additionally describe the interest rate and the commissions or expenses applied when clients withdraw the deposit before the expiration of the agreed term. Regarding active products, companies must consider the following criteria for the preparation of formulas:
a) Companies must present the formulas for calculating the amount of interest that the client must pay. The amount of interest must be presented as the product of applying the interest rate of the period to the amount subject to the interest rate, detailing the procedure to calculate each of these concepts. b) The calculation of the interest rate applicable to the interest settlement period must start from the active rate announced by the company in the contract, in the account statements, or any other valid medium to communicate its modification. Likewise, the process of amortization of the debt principal must be detailed. c) The presentation of the formulas must explain in detail all concepts that could modify the amount subject to interest, in what cases and under what form they could influence said amount; if applicable, the calculation procedure to determine said concepts will be included. Likewise, the presentation of the formulas must contemplate the procedure followed by the company to perform the corresponding calculations in case a grace period is granted to users. d) The formulas for calculating the amount of commissions and expenses charged to clients, if applicable, will be presented following the same guidelines established for the calculation of the interest amount. e) The formulas will be developed in the assumption of compliance and non-compliance in payments, in the latter case in accordance with what is stated in Article 36 of the Regulation. f) In the case of active products that offer payment options with minimum amount, total amount, or intermediate payments between the minimum and total amount, the formulas must detail how the payment made is applied to the amortization of the debt, interest, commissions, and expenses.

35 Artículo modificado por Resolución SBS N° 905-2010 del 26/01/2010.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)
Article 36.- Formulas applicable in case of non-compliance with payments in active products
For active products, companies must detail the calculation procedure for the amount of interest that applies in case of non-compliance with payments, in accordance with the guidelines established in the previous article.
Likewise, when companies apply additional charges for non-compliance with payments, they must present the formulas for their calculation, detailing the amount of late payment commissions, collection expenses, administrative expenses, and/or other expenses charged to clients.
The formula for calculating the amount of interest and additional charges must detail how these charges vary depending on the days of non-compliance, if applicable.

Article 37.- Explanatory numerical examples
Companies must present, by way of example, a numerical exercise that illustrates the application of the formulas for each product as indicated in Article 33 of the Regulation, in accordance with the following guidelines:
a) As a general guideline, the sequence of presentation of each formula will follow the following steps: (1) calculation of the amount subject to the interest rate, (2) calculation of the interest rate, (3) calculation of the interest amount (4) calculation of the commission and expense amount, (5) total amount. b) The numerical exercises will accompany the development of the formulas so that, for each step presented in the formulas, the corresponding example is shown. c) To prepare the numerical exercise, companies must consider a “typical” operation that reflects the most usual conditions of each product.

Article 38.- Persons responsible for formulas and programs
Companies must designate the official responsible for the formulas and programs, who must keep them updated. Such designation must be communicated to the Superintendency within sixty (60) days following the publication of the Regulation. Likewise, companies must inform the Superintendency whenever there is any change in the designation of the responsible official, within five (5) days of the change occurring.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013)
CHAPTER IX
PERIODIC INFORMATION THAT COMPANIES MUST PROVIDE TO THE SUPERINTENDENCY FOR THE PURPOSES OF ITS DISSEMINATION TO USERS
Article 39.- Presentation of information on interest rates, commissions, and expenses associated with active operations and complaints
For the purpose of promoting greater transparency of information regarding the interest rates, commissions, and expenses applied by companies, they must transmit to the Superintendency, in accordance with the procedures and deadlines comprised in the current regulations, any type of information regarding said concepts that is required, which must originate from their current fee schedules. The information received by the Superintendency will be made available to users and the general public on its institutional website, in the section referred to as information transparency, as well as through other means deemed pertinent. The information may be presented in a comparative manner between companies and, if applicable, for operations with standardized characteristics so that users and the general public have the possibility of making a comparison among the various concepts charged by companies. Likewise, the information that companies transmit to the Superintendency regarding complaints received from users, in accordance with the current regulations, will be disseminated by the Superintendency in a comparative manner between companies through its website and updated periodically. For the purpose of complying with the power of information dissemination indicated in Article 9 of Law No. 28587, the Superintendency will coordinate with INDECOPI the mechanisms through which the information received by this Superintendency will be disseminated through the communication channels administered by INDECOPI.

TITLE III
PROVISIONS APPLICABLE TO CONTRACTING WITH USERS OF THE FINANCIAL SYSTEM
CHAPTER I
GENERAL ASPECTS
Article 40.- Formalities for drafting contractual conditions
Companies must draft the contractual conditions corresponding to the products and services they offer to users in simple and clear language that allows adequate comprehension by them of their obligations and rights. The text of the contractual conditions must have the characteristics indicated in Article 3 of Law No. 28587 for such effect, by way of reference Annex 3 contains a list of computer fonts for Microsoft Word product; however, in case these formats are used for the preparation of documents, it must be verified that the printing thereof complies with the minimum size for characters.

36 Artículo modificado por Resolución SBS N° 905-2010 del 26/01/2010.

NORMA DEROGADA POR LA RESOLUCIÓN SBS N° 8181-2012 (ARTÍCULO 32° DEROGADO POR LA RESOLUCIÓN SBS N° 6523-2013) Likewise, regarding clauses that are not negotiated with users, companies must inform and disseminate them through their website, as well as through any means that allows prior knowledge.

Article 41.- Mechanisms that contribute to achieving contractual equilibrium.
The following are mechanisms that contribute to achieving contractual equilibrium in the relationship between companies and users:
a) The prior administrative approval of the general contracting clauses referred to in this Title, by the Superintendency; and, b) The identification and prohibition of clauses considered abusive in matters of interest rates, commissions, and expenses.

Article 42.- Scope of approval of general clauses and determination of abusive clauses
The approval of general contracting clauses as well as the determination of abusive clauses does not prevent users from resorting to the administrative and judicial instances that correspond to safeguard their rights regarding any aspect that had been agreed upon with companies, whether it is included or not in the general contracting clauses previously approved by the Superintendency.

CHAPTER II
GENERAL CONTRACTING CLAUSES
Article 43.- Prior administrative approval of General Contracting Clauses
Prior administrative approval of the Superintendency is required for the general contracting clauses that deal with the following aspects:
a) The resolution of the contract for causes other than non-compliance b) The conclusion of the contract in advance. c) The limitation or exemption of liability on the part of the companies. d) The limitation and/or exclusion of user rights. e) The centralization of client accounts, unless it concerns the right of compensation. When contracts contain clauses relating to the matters referred to in this article, only those previously approved by the Superintendency must be used. Likewise, the modifications that companies wish to make regarding the content of the previously approved general contracting clauses must follow the same approval procedure regulated in this Chapter, highlighting the changes made with respect to the approved version. Companies may adopt the general contracting clauses that have been previously approved by the Superintendency to other companies, for which effect they must send a communication indicating the general clauses they request to adopt and the number of the Resolution by which they were approved, so that their use is authorized by the Superintendency. The deadline indicated in the second paragraph of the first transitional provision of the Regulation will be computed from the day the corresponding Resolution of authorization is notified.

NORM REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32° REPEALED BY SBS RESOLUTION NO. 6523-2013) The approval of general contracting clauses that contain references to the collection of fees (commissions and expenses) does not exempt this Superintendency from making subsequent observations as appropriate within the framework of its supervisory and control powers, since the technical basis underlying such fees is subject to verification by this Superintendency. Companies may not use clauses that do not have prior approval from this Superintendency.

Article 44°.- General contracting clauses that will be subject to prior administrative approval
Companies must submit to the prior administrative approval of this Superintendency the general contracting clauses that deal with the matters indicated in Article 43° of the Regulation of operations and services, detailed below:
Active Operations: 37
Credit via Credit Card
Mortgage Credit for housing
Loan or monetary mutuum.
Passive Operations:
Savings Deposit
Time Deposits (includes deposit certificates and bank certificates) Deposit for Compensation of Service Time Checking Account Deposit Services:
Safe deposit box contract
Custody contract
Likewise, general contracting clauses that deal with the matters indicated in Article 43° of the Regulation, of any other operation and/or service that can be agreed upon with users and that are not included in the previous paragraph, must also be submitted to the prior administrative approval of this Superintendency.

Article 45°.- Approval Procedure
Companies will submit for evaluation and prior administrative approval by the Superintendency the general contracting clauses corresponding to the operations and services indicated in the previous article and that deal with the matters indicated in Article 43° of the Regulation.
For the prior approval procedure of the general clauses, companies must present a request sending a copy of the contract of the corresponding operation or service, properly adapted to the characteristics established by Law. In the referred copy of the contract, the general contracting clauses that require prior approval according to what is provided in Article 43° of the Regulation must be indicated. 38

37 List of Active Operations modified by SBS Resolution No. 7897-2011 of 06/07/2011.
38 Paragraph modified by SBS Resolution No. 7897-2011 of 06/07/2011.

NORM REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32° REPEALED BY SBS RESOLUTION NO. 6523-2013) The Superintendency will approve the aforementioned clauses by Resolution.
CHAPTER III
ABUSIVE CLAUSES
Article 46°.- Criteria for the determination of Abusive Clauses in matters of interest rates, commissions, and expenses. 39
Abusive clauses are all those stipulations not negotiated that, contrary to the requirements of good faith, cause, to the detriment of users, an important imbalance of the rights and obligations of the parties derived from the contract. It is considered that a clause has not been negotiated when it has been drafted previously and the user has not been able to influence its content. Constitute abusive clauses in matters of interest rates, commissions, and expenses, and cannot be incorporated into the contractual forms used by companies, those indicated below:
a) Those that authorize the company to vary interest rates, commissions, and expenses without prior notice, when this implies a higher cost or a detriment to the user, as provided in Chapter V of Title II of the Regulation. b) Those that authorize the company to vary interest rates, commissions, and expenses through the establishment of information mechanisms that do not comply with what is established in Chapter V of Title II of the Regulation. c) Those that authorize the company to charge interest rates, commissions, and/or expenses that do not comply with the criteria established in the current legal framework to have the quality of such. d) Those that authorize the company to charge future expenses and/or commissions without establishing the obligation to inform previously about the concepts and the opportunity in which they become due. e) Those that allow the company to unilaterally modify the conditions and terms of a continuing duration contract to the detriment of clients, unless they obey to reasons expressed in it, according to what is provided by current regulations and that the client's right to disconnect from it without any penalty is granted. f) Those that go against public order norms. g) Those identified by the Superintendency, with prior opinion from INDECOPI, in accordance with the norms on the matter, which will be incorporated into this list by means of a norm of a general character. Likewise, in accordance with what is provided in the Code, the following constitute abusive clauses:
a) Those that exclude or limit the responsibility of the company, its dependents or sales representatives for fraud or fault, or those that transfer responsibility to the consumer for the acts or omissions of the company. b) Those that authorize the company to suspend or resolve unilaterally a contract without previously communicating to the client, except for the exceptions given by different legal provision or the application of prudential norms issued by this Superintendency. c) Those that establish in favor of the company the unilateral faculty of extension or renewal of the contract, except contrary agreement in which this possibility is expressly established.

39 Article modified by SBS Resolution No. 7897-2011 of 06/07/2011.

NORM REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32° REPEALED BY SBS RESOLUTION NO. 6523-2013) d) Those that exclude or limit the rights recognized to users to make advance or prepayments in total or partial form, to oppose exceptions of non-compliance or to impose obstacles or unnecessary conditions determined by the Superintendency according to the concrete case, for the exercise of the rights recognized to the consumer in the contracts. e) Those that establish regarding clients limitations to the faculty of opposing procedural exceptions, limitations to the presentation of evidence, inversion of the burden of proof, among other rights concerning due process. f) Those that establish the client's waiver to file complaints for infringement of the norms of the Code, as well as those issued by this Superintendency. The fact that certain elements of a clause or that an isolated clause has been negotiated does not exclude the application of this article to the rest of the contract if the global appreciation leads to the conclusion that it is, nevertheless, a contract of adhesion.

Article 46A.- Sources for the Identification of Abusive Clauses
The identification of abusive clauses will be carried out based on the information that derives from the process of approval of general contracting clauses, from the complaints that are presented in the User Attention Platform of the Superintendency (PAU), from supervision actions and from the application of coordination mechanisms agreed upon with INDECOPI. 40

CHAPTER IV
DISSEMINATION OF GENERAL CONTRACTING CLAUSES
Article 47°.- Dissemination of general contracting clauses. 41
Companies must disseminate through their website the contractual forms that have clauses of contracting previously approved by the Superintendency.
Likewise, they must disseminate on their website those contractual forms corresponding to the contracts indicated in Article 44° of the Regulation, that are in use and that still do not have general contracting clauses previously approved by the Superintendency because they are in the approval procedure, indicating said situation in the respective forms. On the other hand, the Superintendency will disseminate, through its website, the general contracting clauses that it has approved.

TITLE IV
USER ATTENTION SYSTEM AND USER ATTENTION OFFICER
CHAPTER I
USER ATTENTION SYSTEM

40 Article added by SBS Resolution No. 1106-2006 of 24/08/2006 41 Article modified by SBS Resolution No. 905-2010 of 26/01/2010.

NORM REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32° REPEALED BY SBS RESOLUTION NO. 6523-2013)
Article 48°.- User attention system
Companies must have an adequate user attention system that allows providing a quality service consistent with the general policies established by the company, which must observe the current legal provisions in matters of consumer protection, transparency of information, provisions related to contracting with users, handling of inquiries and claims, and in general, any other provision that generates obligations for companies regarding users on the aforementioned matters. Part of the aforementioned provisions are the Mandatory Observance Precedents issued by INDECOPI. The user attention system must be conceived by companies as an important component of their organizational culture, must respond to the environment of their internal control system, and adapt to the nature and complexity of the business conducted by the company and its orientation in the market.

Article 49°.- Minimum elements of the user attention system
The user attention system implemented by companies must comprise the following minimum elements:
a) General policies and procedures regarding attention and service to the user, which must be consistent with the current regulatory framework on the matter. b) Manual of the User Attention System, which must contain the general policies of the company, as well as the objective, the description of the functioning of the system, the mechanisms and procedures that will be used to meet the objectives, the responsibilities of the involved areas and of the User Attention Officer, as well as the communication channels and coordination between them, the personnel training policy on the user attention system, among others. c) Code of Good Practices for the attention of users, which must comprise the policies designed by the company so that workers and officials responsible for attending to users provide adequate information and attention in accordance with current norms.

Article 50°.- Responsibility of the Board of Directors and Management
The Board of Directors is responsible for establishing the general policies and procedures that allow the company to have an adequate user attention system. Likewise, it will be responsible for the functioning of said system, for compliance with the policies, procedures, and provisions contained in the Regulation. The company must designate a User Attention Officer in charge of ensuring compliance with the user attention system whose functions are detailed in the following Article 51. Management will be responsible for coordinating with the User Attention Officer, the implementation of measures that are necessary so that the functioning of the user attention system adjusts to the general policies established by the Board of Directors, according to the terms indicated in the Regulation. Likewise, Management will be responsible for assigning the human, technical, and logistical resources that allow the aforementioned Officer to fulfill the functions pursuant to what mentioned in the Regulation.

CHAPTER II

NORM REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32° REPEALED BY SBS RESOLUTION NO. 6523-2013) RESPONSIBILITIES OF THE USER ATTENTION OFFICER
Article 51°.- User Attention Officer
The User Attention Officer is the official in charge of ensuring the implementation and compliance of the general policies and procedures established by the company, as well as compliance with all the regulations that support the user attention system, including this provision, as indicated in Article 53° of the Regulation. Said Officer must coordinate with Management the mechanisms and actions that must be implemented for the proper functioning of the user attention system.

Article 52°.- Requirements of the User Attention Officer
The User Attention Officer must meet the following minimum requirements:
a. Have relevant knowledge and experience in matters of consumer protection, transparency of information, and user attention. b. Have adequate knowledge of the norms on consumer protection, those on transparency of information and user attention comprised in Special Laws, as well as norms issued by the Superintendency on the matter.
c. Have sufficient knowledge and experience regarding the products and services provided by the company.
d. Have experience in follow-up and control tasks of operations and/or regulatory compliance. e. Others that this Superintendency establishes.
Companies must communicate to the Superintendency the name of the User Attention Officer, as well as the fulfillment of the requirements indicated in the previous paragraph within a period of five (05) days from the date of their designation.

Article 53°.- Responsibilities of the User Attention Officer
Are functions of the User Attention Officer:
a. Ensure the implementation and compliance of current norms in matters of consumer protection, transparency of information, user attention, and other provisions established by the Superintendency. b. Ensure that companies have customer complaint areas duly implemented and with adequate mechanisms for resolving their complaints.
c. Coordinate with other areas of the company the implementation of policies and procedures for the functioning of the user attention system and its due compliance.
d. Propose measures that allow the company to improve the functioning of the user attention system and its minimum elements. e. Verify that the dissemination media of interest rates, commissions, and expenses, as well as of the operations and services used by the company comply with current regulations. f. Verify that the personnel in charge of providing advice to users regarding the operations and services provided by the company, as well as regarding the matters contained in the contracts, comply with the training requirements contained in Article 28° of the Regulation.

NORM REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32° REPEALED BY SBS RESOLUTION NO. 6523-2013) g. Prove that the content of the contractual forms used by the company complies with the provisions indicated in the Regulation. h. Ensure that companies send periodic communications to their clients within the agreed deadlines, as well as that prior communications referred to contractual modifications are sent according to what agreed or in the deadlines that Law No. 28587 indicates, as provided in the Regulation.
i. Verify that the company disseminates the formulas and programs for the settlement of interests and payments in accordance with what is provided in the Regulation.
j. Coordinate with the Superintendency, INDECOPI, and any other public or private entity that has to do with matters of consumer protection. k. Report to the Superintendency an annual report referring to the functioning of the user attention system, as indicated in Article 54° of the Regulation.
l. The others that are necessary for the fulfillment of their functions.
The User Attention Officer, for the due fulfillment of their responsibilities and the presentation of the annual report referred to in literal k of the preceding paragraph, must elaborate an Annual Work Program that will be put before the Board of Directors for prior consideration and approved by it before December 31 of each year. Said program must contain the methodology used for verifications and reviews of the degree of compliance of the user attention system, the activities to be carried out, including the schedule of its execution. A copy of the referred Annual Program must be available to the Superintendency.

Article 54°.- Presentation of the Annual Report of the User Attention Officer to the Superintendency 42
The Annual Report referred to the functioning of the user attention system must be presented to the Superintendency at the latest within forty-five (45) days after the closing of the fiscal year by physical and electronic means.
The report must be made known to the Board of Directors before being presented to the Superintendency. The report must contain information relative to the verifications and reviews carried out by the User Attention Officer in accordance with what indicated in Article 53° of the Regulation, as well as a description of the methodology used.

TITLE V
INTERNAL AUDIT
Article 55°.- Internal Audit
The functioning of the user attention system, as well as compliance by the company with the provisions contained in the Regulation, must be evaluated by the Internal Audit Unit of the company based on generally accepted audit procedures.
The aforementioned evaluation must comprise, at minimum, the aspects on the matter indicated in the Annex "Scheduled Activities" of the Internal Audit Regulation. The conclusions of said evaluation must be presented to the Superintendency through a special annual report, together with the Annual Report of the User Attention Officer.

42 Article modified by SBS Resolution No. 905-2010 of 26/01/2010.

NORM REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32° REPEALED BY SBS RESOLUTION NO. 6523-2013) COMPLEMENTARY AND FINAL PROVISIONS First.- Obligation of Dissemination of the Regulation. 43 Companies must mention in their fee schedules, website, and brochures that they use for the dissemination of interest rates, commissions, expenses, products, and services, that such information is provided in accordance with Law No. 28587 and the Regulation of transparency and provisions applicable to contracting with users of the financial system, approved by SBS Resolution No. 1765-2005.

Second.- Creation of Website 44
Companies that request authorization to operate from the date of issuance of this resolution, must have a website enabled at the latest within fifteen (15) days after the date of issuance of the resolution that authorizes their operation.
Likewise, companies that still do not have a website must implement it within a maximum period of sixty (60) days from the entry into force of this resolution in order to effectively comply with the provisions referred to dissemination of interest rates, commissions, expenses, products, and services; formulas, programs, and general contracting clauses indicated in this regulation.

Third.- Application of the provisions contained in Chapter IV of Title II to clients of companies not included in the scope of the Regulation 45 The norms comprised in Chapter IV of Title II of the Regulation, referred to the information that must be granted to the user for purposes of contracting and provision of active operations, passive operations, and services, will also be applicable to those natural and legal persons that are not included in the scope of the definition of user and/or client contained in Title I of the Regulation, provided that such information is requested by the aforementioned persons from the companies. In this case, the supervision of what is indicated in this provision competes exclusively to the Superintendency.

Fourth.- Sanctions for non-compliance with Law No. 28587 and the Regulation 46 The Superintendency and INDECOPI, within the scope of their respective competencies, will sanction companies that incur in administrative infractions derived from non-compliance with Law No. 28587 and the provisions contained in the Regulation. Consequently, the Superintendency will sanction administrative infractions to the aforementioned norms typified in its Sanctions Regulation, while INDECOPI will sanction the non-compliance with the obligations contained in this Regulation that by their nature constitute infractions to the norms comprised in the Consumer Protection Law, Law No. 28587, and Law on Repression of Unfair Competition. In virtue of this, if having approved the general contracting clauses by the Superintendency, it takes knowledge that practices contrary to the right recognized to consumers persist, contravening the purpose for which they were approved, these situations will be brought to the knowledge of INDECOPI so that they become subject to investigation by said institution, according to its faculties for the attention of complaints and/or claims of clients and/or users of the financial system, as well as for ex officio investigations.

Fifth.- Modification of general contracting clauses approved by virtue of normative modifications. 47 48 49 In case there are modifications to the current regulations that have an impact on the approved general contracting clauses, companies must present the modified clauses to this Superintendency for their respective approval, within thirty (30) days of the normative modification occurring. The above does not eliminate the obligation that companies have to apply the mandatory legal norms from the date they enter into force. The presentation of the request for approval of the general contracting clauses may be done physically or through the mechanisms that the Superintendency informs for such effect by Multiple Letter.

Sixth.- Registration of Effective Date of Payments 50

At payment locations made available to users, the completion of payments made by clients must be properly recorded, applying the same treatment the company uses to record its operations. It is necessary to provide users with the information required regarding charges applicable to their operation. All payment channels must allow for the cancellation of applicable taxes and concepts that may correspond to the operation performed.

Seventh.- Contracting through channels other than in-person 52 53

Companies may enter into contracts through channels other than in-person provided that the following conditions are met: a) There is a prior contractual relationship between the company and said consumers, b) the company has adequate mechanisms to guarantee the security of the contracting in all its stages, and c) the client is allowed to obtain a printed copy of the contract, information booklet, or summary sheet; as well as any other information that corresponds, according to the current regulatory framework.

Eighth.- Termination of contracts by clients 54 55

47 Sixth Provision incorporated by SBS Resolution No. 905-2010 of 01/26/2010.
48 By means of a Correction Notice dated 02/07/2010, the numbering of the Sixth to the Fifth of the Supplementary and Final Provisions of the Regulation was corrected, as the reference to the fifth supplementary and final provision had been omitted.
49 Fifth Provision modified by SBS Resolution No. 7897-2011 of 07/06/2011.
50 Seventh Provision incorporated by SBS Resolution No. 905-2010 of 01/26/2010.
51 By means of a Correction Notice dated 02/07/2010, the numbering of the Seventh to the Sixth of the Supplementary and Final Provisions of the Regulation was corrected, as the reference to the fifth supplementary and final provision had been omitted.
52 Eighth Provision incorporated by SBS Resolution No. 905-2010 of 01/26/2010.
53 By means of a Correction Notice dated 02/07/2010, the numbering of the Eighth to the Seventh of the Supplementary and Final Provisions of the Regulation was corrected, as the reference to the fifth supplementary and final provision had been omitted.
54 Ninth Provision incorporated by SBS Resolution No. 905-2010 of 01/26/2010.
55 By means of a Correction Notice dated 02/07/2010, the numbering of the Ninth to the Eighth of the Supplementary and Final Provisions of the Regulation was corrected, as the reference to the fifth supplementary and final provision had been omitted.

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

Companies shall not establish unjustified or unreasonable limitations on the consumer's right to terminate a contract, nor on the mechanisms they may use for such purpose. Such mechanisms shall not be more complex than those used for the celebration of the contract.

Ninth. Simplified Regime 56

The Superintendent may generally regulate the exemption of one or more of the criteria indicated in the Regulation when the design of the operations, products, or services justifies it and/or when alternative means are available to comply with the objectives of this Regulation.

TRANSITIONAL PROVISIONS

First.- Company adaptation period

The period to adapt to the provisions contained in Title II referred to as Information Transparency shall be ninety (90) days counted from the entry into force of the Regulation 57, with the exception of the periods contained in articles 21°, 22°, and 23° of the Regulation, which, being included in articles 5° and 6° of Law No. 28587, entered into force thirty (30) days after the publication of said law. The aforementioned articles apply to those contracts in force at the time of the entry into force of Law No. 28587 that do not contain a notice period for the aforementioned communications. Likewise, they will apply to renewed contracts and new contracts that have been entered into from the entry into force of Law No. 28587.

Likewise, for the dissemination of the formulas and programs referred to in Chapter VIII of Title II of the Regulation, companies must adhere to the following schedule of maximum deadlines 58:

a) Time deposits, mortgage loans, and MIVIVIENDA loans, up to ninety (90) days from the entry into force of the Regulation. b) CTS deposits, vehicle loans, and consumer loans other than those referred to in letter d), up to one hundred eighty (180) days from the entry into force of the Regulation. c) Savings deposits and checking account deposits, up to two hundred seventy (270) days from the entry into force of the Regulation. d) Credit lines, including credit cards, up to three hundred sixty (360) days from the entry into force of the Regulation.

The period to have available to users the new contracts that include the general contracting clauses previously approved by this Superintendency as referred to in Title III, is sixty (60) days counted from the date the corresponding Approval Resolution is notified.

Regarding the provisions of Title IV, companies will have a period of ninety (90) days computed from the validity of this standard for its implementation.

Second.- Treatment of existing contracts.

56 Ninth Provision incorporated by SBS Resolution No. 2108-2011 of 02/16/2011.
57 Period extended by 60 days by SBS Resolution No. 347-2006 of 03/16/2006.
58 Schedule extended by 60 days by SBS Resolution No. 347-2006 of 03/16/2006

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

Contracts entered into before the validity of the Regulation are governed by the norms in force at the time of their celebration until their execution ends.

In case of extensions or renewals that operate from the validity of the Regulation, companies must adapt the content of the contract to the provisions of this standard.

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

ANNEX No. 1

CALCULATION OF THE ANNUAL EFFECTIVE COST

To homogenize the calculation of the annual effective cost rate referred to in article 17° of the Regulation, the following formula must be considered:

ia = (1 + it)^k - 1

where:
ia: Annual effective cost rate. it: Effective cost rate corresponding to the payment period of the installment (monthly, quarterly, semi-annual, etc.) k: Number of installments in a year.

The effective cost rate corresponding to the payment period of the installment (it), is that which allows equalizing the present value of all installments with the amount effectively granted in loan to the client. The installments include all concepts indicated in article 17° of the Regulation.

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

ANNEX No. 1-A 59

CALCULATION OF THE ANNUAL EFFECTIVE YIELD

To homogenize the calculation of the annual effective yield rate referred to in article 17A° of the Regulation, the deposit balance schedule must be generated considering the following procedure:

The initial amount of the deposit will be taken as the initial amount for the first period (MI1).
The interest corresponding to the first period (I1), as well as the total commissions and expenses applicable in that period (C1), will be calculated.
The final amount for the first period (MF1) will be calculated using the following formula:
MF1 = MI1 + I1 - C1
The final amount for the first period will be considered as the initial amount for the second period (MI2).
Steps 2, 3, and 4 will be repeated, taking into account the corresponding period, as many times as there are interest payment periods or commission and expense collection periods for the deposit, until reaching the final amount in the last period (MFT), where “T” represents the last period.
The AER (Annual Effective Rate) will be equal to:
AER = (MFT / MI1)^(1/P) - 1

Where “P” is equal to the number of periods in a year.

In case the deposit is for an indefinite term, a term of 12 months will be considered for the calculation (T = 12, P = 12).

59 Annex added by SBS Resolution No. 5078-2009 of 06/02/2009

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

ANNEX No. 2 60

INFORMATION ON COMPLAINTS THAT COMPANIES
MUST DISSEMINATE ON THEIR WEBSITE

For the dissemination of the information referred to in article 30° of the Regulation, companies must use the following format as a model, which must contain at least the information detailed therein, according to the respective explanatory notes. For its preparation, the information contained in Report No. 24 “Information on complaints received from users” of Circular No. G-146-2009, which companies periodically remit to this Superintendency, will be taken as a base.

INFORMATION ON COMPLAINTS RECEIVED FROM USERS

Period: From / / to / /

No. Operation, service or product 1	Complaints resolved 3	Average resolution time 4 (in calendar days)
	In favor of the company	In favor of the user
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11. Others 5
TOTAL COMPLAINTS RECEIVED IN THE QUARTER
TOTAL NUMBER OF OPERATIONS

60 Annex 2 modified by SBS Resolution No. 905-2010 of 01/26/2010

The operation, service, or product that is the subject of the complaint must be indicated, according to the list contained in Annex No. 1 of Reports 24, 24-A, and 24-B of Circular No. G-146-2009, which occupy the first ten (10) places of the complaints received during the reporting period.
At least three (03) of the most important complaint reasons during the reporting period must be listed, according to the list contained in Annex No. 2 of Reports 24, 24-A, and 24-B of Circular No. G-146-2009, for each of the operations, services, or products that have been listed in accordance with item 1.
The number of complaints resolved during the reporting period for each complaint reason corresponding to the listed operation, service, or product will be recorded. A complaint is considered resolved when the company has issued its final position to the user.
The average resolution time of complaints is obtained by dividing the sum of days it takes to resolve a certain set of complaints corresponding to the same operation, service, or product by the number of complaints that originate said sum.
The other operations, services, or products that are the subject of complaint will be recorded in an aggregated manner, indicating the number of complaints resolved in favor of the company and in favor of the user, as well as the average resolution time that corresponds to all complaints included in this row.

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

ANNEX No. 3

GUIDE FOR THE DETERMINATION OF THE CHARACTERS TO BE USED IN THE TEXT OF THE CONTRACTUAL CONDITIONS

In accordance with what is provided in article 3 of Law No. 28587, companies are obliged to present their contractual forms in characters that are adequately legible for users, which must not be less than three (03) millimeters. In this sense, by way of example, some computer font types for the Microsoft Word product that meet these characteristics and that could be used by companies are detailed below.

ARIAL NARROW 11
GENERAL CONTRACTING CLAUSES
Article 43°.- Prior administrative approval of General Contracting Clauses

The following general contracting clauses require prior administrative approval from the Superintendency:

ARIAL 11
GENERAL CONTRACTING CLAUSES
Article 43°.- Prior administrative approval of General Contracting Clauses

The following general contracting clauses require prior administrative approval from the Superintendency:

TAHOMA 11
GENERAL CONTRACTING CLAUSES
Article 43°.- Prior administrative approval of General Contracting Clauses

The following general contracting clauses require prior administrative approval from the Superintendency:

VERDANA 11
GENERAL CONTRACTING CLAUSES
Article 43°.- Prior administrative approval of General Contracting Clauses

The following general contracting clauses require prior administrative approval from the Superintendency:

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

TREBUCHET 11
GENERAL CONTRACTING CLAUSES
Article 43°.- Prior administrative approval of General Contracting Clauses

The following general contracting clauses require prior administrative approval from the Superintendency:

LATHA 11
GENERAL CONTRACTING CLAUSES
Article 43°.- Prior administrative approval of General Contracting Clauses

The following general contracting clauses require prior administrative approval from the Superintendency:

TUNGA 11
GENERAL CONTRACTING CLAUSES
Article 43°.- Prior administrative approval of General Contracting Clauses

The following general contracting clauses require prior administrative approval from the Superintendency:

CENTURY GOTHIC 11
GENERAL CONTRACTING CLAUSES
Article 43°.- Prior administrative approval of General Contracting Clauses

The following general contracting clauses require prior administrative approval from the Superintendency:

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

ANNEX No. 4

SCHEDULE FOR THE GRADUAL PRESENTATION OF GENERAL CONTRACTING CLAUSES BY COMPANIES

CONTRACTS	Presentation Dates before the Superintendency
Active Operations:
Credit via Credit Card	February 01 to 15, 2006
Mortgage Credit	June 01 to 15, 2006
Loan or monetary loan (consumption and microenterprise)	October 02 to 16, 2006
Automotive Credit	February 01 to 15, 2007
Financial Leasing	June 01 to 15, 2007
Passive Operations:
Savings Deposit	February 01 to 15, 2006
Time Deposits (includes deposit certificates and bank certificates)	June 01 to 15, 2006
Deposit for Time Service Compensation	October 02 to 16, 2006
Checking Account Deposit	February 01 to 15, 2007
Services:
Safe Deposit Box Rental	February 01 to 15, 2007
Custody	February 01 to 15, 2007

61 Annex repealed by SBS Resolution No. 7897-2011 of 07/06/2011.

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

ANNEX No. 5 62

LIST OF CHARGES THAT DO NOT MEET THE REGULATION'S CRITERIA TO HAVE THE QUALITY OF COMMISSIONS OR EXPENSES.

The charges indicated below do not meet the criteria established in Law No. 28587 and the Regulation to have the quality of commissions or expenses. Therefore, they cannot be incorporated into the contractual forms used by companies in the financial system nor charged to their users:

a) Charges for savings accounts that do not record movements, in addition to the concept of maintenance or administration of active or inactive accounts. b) Charges for the issuance and sending of account statements for credit card and checking account products, when it has been agreed that no statement will be issued or sent to the client's home address. c) Charges charged to the person in whose favor the check is drawn for its return when it has been poorly drawn or does not have fund provision, provided that they are checks corresponding to accounts of the same financial system company 63. d) Charges for the disbursement of credit. e) Charges for the payment of obligations on a date subsequent to maturity, in addition to the collection of moratory interest or penalties for said concept. These charges do not include commissions associated with actions effectively carried out or costs incurred for the recovery of debts. f) Charges for credit evaluation. g) Charges for consultations made to risk centers, as part of the client's credit evaluation. h) Charges for the processing of complaints and for complaints declared improper or unfounded (dismissed). i) Charges for the issuance and delivery of the first certificate of no debt for the cancellation of the credit, for credit products that operate through the installment system or total payment and resolution of the contract in the case of credit lines. 64 j) Charges for the preparation and delivery of an additional clause for the lifting of the guarantee. k) Charges for the issuance and delivery of the certificate of the debtor's credit situation, when the company has made an erroneous report to the risk center. l) Charges for the remittance of deposits to the deposit insurance fund within the framework of current regulations. 65 m) Charges for the evaluation and administration of guarantees linked to mortgage loans for housing. 66 n) Charges for the early cancellation or prepayments of credits in total or partial form. 67

62 Annex modified by SBS Resolution No. 905-2010 of 01/29/2010 63 Text corrected by means of a Correction Notice dated 02/08/2010. The wording of the text published by SBS Resolution No. 1106-2006 of 08/24/2006 is maintained.
64 Letter modified by SBS Resolution No. 7897-2011 of 07/06/2011.
65 Letter incorporated by SBS Resolution No. 7897-2011 of 07/06/2011.
66 Letter incorporated by SBS Resolution No. 7897-2011 of 07/06/2011.
67 Letter incorporated by SBS Resolution No. 7897-2011 of 07/06/2011.

REPEALED BY SBS RESOLUTION NO. 8181-2012 (ARTICLE 32 REPEALED BY SBS RESOLUTION NO. 6523-2013)

This list is only illustrative; this Superintendency may, through its supervision activities, point out other charges that do not meet the criteria described in article 6 A° of the Regulation.

Resolution SBS No. 1765-2005: Regulation on Information Transparency and Provisions Applicable to Contracting with Users of the Financial System

Lineage: Amended

Timeline

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