Resolution SBS No. 3274-2017: Approves the Market Conduct Management Regulation for the Financial System

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Lima, August 18, 2017

Resolution S.B.S.
No. 3274-2017

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, the Regulation on Information Transparency and Contracting with Users of the Financial System, approved by SBS Resolution No. 8181-2012 and its modifying norms, regulates the provisions of the Supplementary Law to the Consumer Protection Law in Financial Services, Law No. 28587 and the Consumer Protection and Defense Code, Law No. 29571, among other aspects;

That, the Regulation on Credit and Debit Cards, approved by SBS Resolution No. 6523-2013 and its modifying norms, regulates provisions related to information transmission and applicable security measures, verification of the identity of the holder or user, and the establishment of liability limits in the fraudulent use of said cards;

That, the purpose of the Superintendence is that companies have adequate market conduct reflected in the practices they adopt in their relationship with users, in the offer of financial products and services, information transparency, and complaint management;

That, in accordance with this and as a consequence of the practices identified in the Superintendence's supervision activities, it is necessary to approve a new regulatory norm on market conduct that regulates the requirements applicable to companies in their relationship with users, regarding information transparency, offer and contracting of financial products and services, among others, and the modification of the Regulation on Credit and Debit Cards;

That, additionally, it is necessary to modify the Accounting Manual for Companies of the Financial System approved by SBS Resolution No. 895-98 and its modifying and complementary norms with the purpose of requiring information related to credit cards that allows the Superintendence to perform a better supervision task;

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

Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Risks, Economic Studies, Market Conduct and Financial Inclusion, and Legal Advice; and,

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In exercise of the powers conferred by items 7, 9 and 13 of article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance – Law No. 26702 and its modifying norms;

RESOLVES:

Article First.- Approve the Regulation on Market Conduct Management of the Financial System, as indicated below:

REGULATION ON MARKET CONDUCT MANAGEMENT OF THE FINANCIAL SYSTEM

TITLE I
GENERAL ASPECTS

Article 1. Scope
The provisions of this norm are applicable to the companies included in item A of article 16 of the General Law, to the Bank of the Nation and to the Agricultural Bank.

Article 2. Definitions
For the purposes of the provisions of this norm, the following definitions are applicable:

1. Client: user with whom the company maintains a commercial relationship originating from the celebration of a contract.
2. Code: Consumer Protection and Defense Code, Law No. 29571 and its modifying norms.
3. Market Conduct: practices of companies in their relationship with users, regarding the offer of financial products and services, information transparency, and complaint management.
4. Contract: document containing all the rights and obligations corresponding to the client and the company, including the annexes that establish specific stipulations of the financial product and/or service that is the object of the pact.
5. Days: calendar days.
6. Companies: those considered in the scope of article 1.
7. Information brochure: document intended to inform users of the characteristics of the financial products or services offered by the companies. It is available to users in the company's offices, and may also be sent to their homes or via email.
8. Formula: method that allows determining the calculation of the principal and interest that companies charge or pay for their active or passive products, respectively, as well as the amounts they charge in case of default, commissions and/or expenses, as applicable.
9. Contractual form: contract model disseminated to the public, in accordance with what is established in the Regulation.
10. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banking and Insurance, Law No. 26702 and its modifying norms.
11. Financial products and/or services: any product and/or service of a financial nature, which may be active, under the installment system or under the revolving system; passive; or accessory or auxiliary services to a service of a financial nature.
12. Regulation: Regulation on Market Conduct Management of the Financial System.

1 Substituted by SBS Resolution No. 2304-2020, effective from 23.10.2020.

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13. Simulator: application or software that allows calculating, under the assumption of compliance, the interest, commissions, and expenses applicable to active products under the installment system.

14. Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators.

15. Fixed interest rate: any rate that has been the subject of a pact in the contract whose variation does not depend on a variable factor.

16. Interest rate that depends on a variable factor: that rate whose fluctuation or periodic adjustment depends on a predetermined indicator (factor) that varies over time and whose adjustment condition is established in the contract. Examples of variable factors 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 products for monetary regulation purposes, among others.

17. User or consumer: person who acquires, uses, or enjoys the products or services offered by the company, or who could potentially use them, and who is defined as such, in accordance with the provisions of the Code.

TITLE II
MARKET CONDUCT MANAGEMENT AND MARKET CONDUCT OFFICER

CHAPTER I
PRINCIPLES

Article 3. Market Conduct Principles
3.1 The adequate market conduct of companies in their interaction with users is manifested in their business practices, regarding the offer of products and services, the transparency of their information, and the management of their complaints.
3.2 The business practices that companies apply to their users, regarding the offer of products and services, must involve: i) the design of these considering respect for the rights recognized to users, the provisions of the current regulatory framework, and the policies and procedures approved in the matter of market conduct, ii) marketing mechanisms that do not induce error regarding the characteristics of the products and services, iii) compliance with the agreed conditions; and, iv) requirements to users, consistent with the nature of the products and services offered and contracted; and v) 3 that the channels made available must be accessible and easy to use for users, as well as they must have an option for human contact or personal attention, when applicable, in accordance with the provisions of Law No. 31601.
3.3 Information transparency is a mechanism that seeks to improve users' access to information and promote effective information disclosure. In this sense, companies must be diligent in the information they provide regarding the products and services offered, in order for users to understand their characteristics, benefits, risks, and applicable conditions, and to be able to make informed consumption decisions.
3.4 Adequate complaint management involves the comprehensive administration of complaints and their processing, considering timely and objective attention to communications presented by users, and the issuance of responses regarding all aspects of the complaint in a clear and simple manner.

2 Item modified by SBS Resolution No. 3240-2023 of 03/10/2023, effective from 02/04/2024.
3 Item incorporated by Resolution 1741-2026 published on 02/07/2026, effective from 03/07/2026

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CHAPTER II
MARKET CONDUCT MANAGEMENT

Article 4. Market Conduct Management
Companies are responsible for implementing adequate market conduct management in accordance with the current regulatory framework, which must be reflected in the conduct of the entire organization, in the business practices related to users implemented by business units, as well as in general policies and procedures. For this purpose, companies must develop the following:

1. Policies that incorporate market conduct into the corporate culture of the companies and their corporate governance structure.
2. General procedures for the design, validation, marketing, and monitoring of products and services, in accordance with market conduct principles.
3. Manual for market conduct management, which must contain the objectives, the mechanisms and procedures that will be used to meet the objectives, the responsibilities of the areas involved in the implementation of procedures with users, the functions of the market conduct officer, as well as communication and coordination channels between them, among others.
4. Code of good practices in the company's relationship with users, considering market conduct principles.
5. Annual staff training plan for personnel who have contact with users.

Article 5. Staff Training
5.1 The training that companies provide to personnel who have contact with users, as part of the annual training plan referred to in the preceding article, must consider, at a minimum, the following aspects: i) the development of the functions corresponding to them; ii) the products and/or services provided by the company; iii) the applicable regulatory framework in the matter of market conduct and consumer protection, linked to the functions assigned to them; and, iv) the manual for market conduct management and the code of good practices.
5.2 Companies must establish mechanisms that allow measuring the effectiveness of the training provided to their staff, and the support for this must be available to this Superintendence in physical or electronic files.

Article 6. Responsibility of the Board of Directors and General Management
6.1 The Board of Directors is responsible for approving the policies, measures, and procedures necessary to allow the company to have adequate market conduct in its business strategy and to comply with the provisions of this Regulation. Likewise, it is responsible for knowing the main challenges and difficulties faced by the company in its implementation.
6.2 The Board of Directors must designate a Market Conduct Officer with the characteristics, responsibilities, and powers established in this Regulation.
6.3 General Management is responsible for implementing the necessary measures and procedures so that companies have market conduct adequate to the current regulations and consistent with the general policies established by the Board of Directors, as well as assigning the human, technical, and logistical resources that allow them to comply with the functions mentioned in the Regulation.
6.4 The policies, measures, and procedures must be documented.

CHAPTER III

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RESPONSIBILITIES OF THE MARKET CONDUCT OFFICER

Article 7. Market Conduct Officer
7.1 The Market Conduct Officer must perform their duties full-time and exclusively dedicated to the company.
7.2 Exceptionally, companies may request prior authorization from the Superintendence for the functions of the Market Conduct Officer to be assumed by an official on a non-exclusive dedication basis, due to their nature, size, and the complexity of their products and services. The request must be accompanied by the following information:

1. Report supporting how compliance with current provisions associated with market conduct will be given;
2. Curriculum vitae of the official who will assume the responsibilities and functions corresponding to the Market Conduct Officer;
3. Reasons for requesting the designation of an official who will assume the functions of the Market Conduct Officer on a non-exclusive dedication basis; and,
4. Other documentation at the request of the Superintendence.
   7.3 If, in the exercise of its supervision powers, the Superintendence determines that the exercise of the functions of the Market Conduct Officer on a non-exclusive dedication basis does not allow adequate market conduct management, it may revoke the authorization granted under item 7.2.

Article 8. Requirements of the Market Conduct Officer
8.1 The Market Conduct Officer must meet the following minimum requirements:

1. Have knowledge and experience in consumer protection and market conduct matters.
2. Have sufficient knowledge about the products and services provided by the company.
3. Have experience in control, monitoring, and process management tasks.
4. Others established by the Superintendence.
   8.2 Companies must communicate to the Superintendence the name of the Market Conduct Officer, as well as compliance with the requirements indicated in the previous item within five (5) days from the date of their designation by the Board of Directors.

Article 9. Responsibilities and functions of the Market Conduct Officer
9.1 The responsibilities and functions of the Market Conduct Officer, among others contemplated in the Regulation, are the following:

1. Propose strategies and measures to the company to manage adequate market conduct.
2. Evaluate and verify the application of policies and procedures implemented to ensure adequate market conduct in the company reflected in the conduct of the entire organization.
3. Verify that the company has procedures that allow compliance with current regulations on market conduct established by the Superintendence.
4. Participate in the decision-making process that impacts the company's relationship with users, leaving a record of such participation.
5. Participate in the validation of the design and sales strategy, leaving a record of such participation, as well as in the post-contracting monitoring of the products and services offered by the company to users.
6. Identify, as a result of market conduct management, aspects that could have an impact on users and bring them to the attention of General Management.
7. Generate reports and indicators that allow detecting improvement opportunities in the company's procedures related to users and propose corrective measures.

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8. Design an annual training plan for company personnel who have contact with users, coordinate its execution, and measure the results of its effectiveness.
9. Issue semi-annual and annual reports that allow evidencing the level of compliance with the responsibilities and functions established in this Regulation.
10. Be the representative before the Superintendence on matters related to market conduct.
11. Attend to information requests requested by the Superintendence.
12. Those others that are necessary for the fulfillment of their functions.
    9.2 The Market Conduct Officer, for the proper fulfillment of their responsibilities and functions, must prepare an annual work program that must be submitted for prior consideration to the Board of Directors and must be approved by it before December 31 of each year. This program must contain the description of the activities to be carried out, the objectives set for each of them, and a schedule of their execution. The Superintendence may require its sending by electronic means, in accordance with the conditions established by multiple letter. 4

Article 10. Submission of management reports
10.1 The Market Conduct Officer must prepare a follow-up report on the activities carried out during the first semester of the year, considering the responsibilities and functions described in the previous article, which must be presented to the Superintendence, at the latest within thirty (30) days after June 30 of each year.
10.2 The Market Conduct Officer must prepare an annual report on the market conduct management in the company and the results obtained, and present it to the Superintendence within forty-five (45) days after the closing of the fiscal year.
10.3 Both reports must be brought to the attention of the company's Board of Directors and sent to the Superintendence. The method of sending is by physical means, unless the Superintendence, alternatively, requires their sending by electronic means, in accordance with the conditions established by multiple letter. 5

TITLE III
CALCULATION AND APPLICATION OF INTEREST RATES, COMMISSIONS, EXPENSES AND YIELD AND THEIR DISSEMINATION

CHAPTER I
CRITERIA APPLICABLE TO INTEREST RATES

Article 11. Calculation of rates 6
11.1 Companies, in accordance with the provisions of article 9 of the General Law, may freely determine the interest rates for their active and passive products, within the limits established by the Central Reserve Bank of Peru, if applicable, and considering for this purpose what is indicated in article 6 of the Supplementary Law to the Consumer Protection Law in Financial Services.
11.2 Compensatory interest rates must be expressed in effective annual form, considering for this purpose that it is a year of three hundred sixty (360) days. For its calculation and

4 Item modified by SBS Resolution No. 3966-2018 of 11/10/2018 5 Item modified by SBS Resolution No. 3966-2018 of 11/10/2018 6 Article modified by SBS Resolution No. 3748-2021 of 10/12/2021.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 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.
11.3 The default interest rate, in cases of non-compliance or delay in credit payment, must be expressed and applied as a nominal annual rate, non-compounding, considering for this effect that it is a year of three hundred sixty (360) days. This, in accordance with the provisions of Article 6 of the Supplementary Law to the Consumer Protection Law in Financial Services.
Article 12. Interest rates that depend on a variable factor
12.1 Companies must indicate, in a simple and clear manner, the way in which the rate is determined at each moment, including its frequency of change or the conditions that determine its modification, within the limits established by the Central Reserve Bank if applicable. This rate must not be subject to unilateral adjustment by the company itself or by virtue of agreements or practices with other entities. 7
12.2 If the interest rate that depends on a variable factor in fixed-term credits and fixed-term deposits considers a spread associated with said indicator, the same treatment contemplated for the fixed interest rate applies for the modification of said spread. By virtue of the above, any modification occurs only if the requirements established in Article 31 are met.
Article 13. Effective Annual Cost Rate
13.1 The Effective Annual Cost Rate (TCEA) is the rate that allows comparing the total cost of an active product. It is calculated by equating the present value of all installments with the amount actually received as a loan. For this calculation, installments involving principal, interest, commissions, and expenses, which according to the agreement are passed on to the client, including insurance in the case of consumer and/or housing mortgage credits, are included. Payments for services provided by third parties that are directly paid by the client, and applicable taxes, are not included in this calculation.
13.2 The TCEA calculations, for the case of active products under the installment system, proceed under the assumption of compliance with all agreed conditions, using the formula indicated in Annex No. 1 of the Regulation.
13.3 The TCEA calculations for the case of active products under the revolving system, taking into account their characteristics, are performed assuming a standardized pattern of cost comparison and proceed under the assumption of compliance with all agreed conditions, in accordance with the indication in Annex No. 1-A of the Regulation.
Article 14. Effective Annual Yield Rate
14.1 The Effective Annual Yield Rate (TREA) is the rate that allows comparing the total yield of a passive product. It considers all charges for commissions and expenses, including insurance, when applicable, under the assumption of compliance with all agreed conditions. Payments for services provided by third parties that are directly paid by the client, and applicable taxes, are not included in this calculation.
14.2 The TREA for the case of fixed-term deposits is calculated by equating the amount deposited with the present value of the amount actually received at the maturity of the term and/or all partial amounts received until their maturity.
7 Paragraph modified by SBS Resolution No. 3748-2021 of 10/12/2021.

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14.3 The TREA, for the case of deposits other than those indicated in subsection 14.2, is calculated assuming a standardized pattern of product yield comparison. For the calculation of the TREA, a reference amount is used assuming that there are no additional transactions to the opening of the account, using the formula indicated in Annex No. 2 of the Regulation.
Article 15. Minimum equilibrium balance
15.1 The minimum equilibrium balance in a savings account is the balance that must be maintained in said account, without any transaction being made, to generate sufficient interest in a thirty (30) day month to cover the commissions and expenses associated with the maintenance of said account, such that at the end of the month the deposited capital is not lost nor is yield gained.
15.2 When 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 each other as indicated in the previous subsection, but rather that there is a balance from which one passes directly from a monthly loss to a monthly gain, the minimum balance is considered that amount in which the lowest positive yield is recorded.
CHAPTER II
CRITERIA APPLICABLE TO COMMISSIONS AND EXPENSES
Article 16. Commissions and expenses
Commissions and expenses are determined in accordance with what is established in Article 9 of the General Law. The approval of these charges is developed in the Regulation on Commissions and Expenses of the Financial System 8:

1. Commissions are charges for additional and/or complementary services to the operations contracted by users, which have been previously agreed upon and effectively provided by the companies.
2. Expenses are charges incurred by companies for additional and/or complementary services to the operations contracted by users, which have been previously agreed upon and effectively provided by third parties.
   Article 17. Application of commissions and expenses
   17.1 Companies cannot establish commissions or expenses regarding essential and/or inherent services to the financial products and/or services contracted by the client. Essential and/or inherent services are understood as all those management or services that cannot be disconnected from the contracted financial product and/or service, such that their non-performance would make it impossible for companies to provide or offer it.
   17.2 On this matter, the following criteria must be observed:
3. Regarding active products, both in the case of new products, as well as for refinancing or restructuring of credits, essential and/or inherent services are understood to be:
   a) The evaluation of the user, celebration of the contract, disbursement, credit administration, and management related to its collection. b) Management associated with the evaluation, constitution, and administration of guarantees in those products conditioned on their constitution, such as housing mortgage, vehicle, pledge, among others. Management associated with the study of titles is considered part of the evaluation of guarantees. 8 Paragraph modified by SBS Resolution No. 3748-2021 of 10/12/2021.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 c) Management associated with the lifting of guarantees. d) In the case of credit cards, the initial issuance or renewal upon expiration of the physical medium necessary for the use of the credit line. e) The existence of a free-of-cost channel to make cash withdrawals. 9 f) The payment of credit obligations through channels made available by each company, including advance payment operations and advance of installments, provided that it is not a charge included in Annex No. 1 of the Regulation on Commissions and Expenses of the Financial System. 10
2. Regarding passive products, essential and/or inherent services are understood to be:
a) The safeguarding of the deposit. b) The activation of the savings account. c) The initial issuance or renewal upon expiration of the physical medium granted to make withdrawals from the account, when it is an indispensable requirement for such effect. d) The maintenance of the physical or electronic medium granted to make transactions, when it is an indispensable requirement for such effect. e) The existence of a free-of-cost channel and/or a monthly number of free operations to make withdrawals. 11
3. It is permissible to charge expenses for insurance, notarial services, appraisal, and registry, as appropriate to the contracted product, considering for this effect what is established in this chapter.
4. If given the characteristics of the financial product and/or service, it is derived that a certain service must be considered as essential and/or inherent, since otherwise its provision and/or use would be unnaturally altered or made unviable, no charges for commissions or expenses associated with said service can be made.
17.3 Annex No. 3 of the Regulation details examples of charges that do not meet the criteria to be considered as commissions or expenses. This list is only illustrative, which is why it can be modified or expanded by the Superintendence, as a consequence of its supervision activities, regarding other charges that do not adhere to the criteria described in the previous subsection. These are published in the "Citizen Guidance and Services Portal" section of the Superintendence's website.
Article 18. Support for commissions and expenses 12
Commissions and expenses must imply the provision of a previously agreed service, additional and/or complementary to the operations contracted by users, and effectively provided, which justifies the transfer of said cost to the client, as well as a real and demonstrable cost. Companies must have a report containing the technical, economic, and legal support that allows accrediting the effective existence of the service and justifies the transfer of said concept to the client, through a commission or expense. The presentation of said report is carried out as provided in the Regulation on Commissions and Expenses of the Financial System.
CHAPTER III
TRANSPARENCY OF INFORMATION
Article 19. Dissemination of interest rates, commissions, expenses, products, and services
9 Literal incorporated by SBS Resolution No. 3748-2021 of 10/12/2021.
10 Literal incorporated by SBS Resolution No. 3240-2023 of 03/10/2023, effective from 02/04/2024.
11 Literal incorporated by SBS Resolution No. 3748-2021 of 10/12/2021.
12 Article modified by SBS Resolution No. 3748-2021 of 10/12/2021.

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19.1 Companies must inform users of the compensatory interest rate, and the default interest rate in case of non-compliance; as well as the commissions and expenses associated with the different financial products and/or services they offer, in accordance with what is provided in the Regulation on Commissions and Expenses of the Financial System, as well as with the categories, denominations, and descriptions listed in Annexes No. 1 and 2 of this Regulation. This information must be communicated and disseminated in a clear and understandable manner. 13
19.2 In the case of financial products and/or services where the user is required to assume taxes directly related to these, the respective obligation, the type of tax to which it is subject, the percentage, and, if applicable, the applicable amount must be indicated.
19.3 In any payment operation of obligations, even when performed in a company other than the credit holder, the company receiving the payment must inform the user, prior to the execution of the operation and through the channel used, the concept and amount of the applicable commission, if any. 14
Article 20. Mechanisms for disseminating information 15
Companies must disseminate information regarding compensatory interest rates, and default interest rates in case of non-compliance; commissions and expenses and characteristics of the financial products or services offered, as appropriate, through the following mechanisms:

1. List or tariff.- The dissemination of information must consider the following:
   a) The compensatory interest rate presented only in effective annual form. b) The default interest rate presented only in nominal annual form. c) Commissions and expenses in accordance with what is provided in the Regulation on Commissions and Expenses of the Financial System. d) Expenses. e) Taxes. This information must be revealed for each product or service offered, making reference to the timing of its charge and other conditions affecting its application. In case of modification of the information, the update date must be incorporated into the list or tariff. Companies must inform in their offices regarding the existence and availability of the list or tariff. Additionally, when computerized media and/or any other means are used for the dissemination of tariffs, these must indicate the way to use them. Tariffs, whether displayed in windows, stands, similar supports, or in computerized media, must be drafted in Spanish, with legible characters not less than three (3) millimeters.
2. Qualitative informative brochures.- used to disseminate the characteristics of an active or passive product, without incorporating quantitative information regarding interest rates and/or credit or deposit amounts, or the monthly installment that would be applicable, as appropriate. Such brochures must indicate that information on costs is available in customer service offices, through the list or tariff, and on the company's website.
3. Quantitative informative brochures.- used to disseminate the characteristics of an active or passive product, incorporating quantitative information regarding interest rates and/or credit or deposit amounts, or the monthly installment that would be applicable, as appropriate, additionally considering the following:
   a) For active products under the installment system, an explanatory example must be presented that considers the characteristics of the offered product and disaggregates the components that contribute to the determination of the TCEA, using the formula indicated in Annex No. 1 of the Regulation, as well as charges for the client's account in the event of non-compliance with their obligations. b) For active products under the revolving system, an explanatory example must be presented that disaggregates the components that contribute to the determination of the TCEA, using the formula indicated in Annex No. 1-A of the Regulation, as well as charges for the client's account in the event of non-compliance with their obligations. c) For the case of passive products, an explanatory example must be presented that disaggregates the components that contribute to the determination of the TREA, using the formula indicated in Annex No. 2 of the Regulation, as well as penalties applicable in the event of non-compliance by the client with the agreed conditions, if applicable.
4. Automated teller machines (ATMs).- companies that issue credit and/or debit cards and are also holders or operators of ATMs must ensure that, once an ATM operation is requested, information is provided to the user on screen and with prior character to the operation being carried out, the exact value of the applicable charge.
   In case the holder or operator companies of ATMs are different from the company issuing the credit and/or debit cards and it is not possible to comply with what is required in the previous paragraph, the latter must ensure that the former provide the user, on screen and with prior character to the operation being carried out, the exact value of the applicable charge for its use, specifying that the issuing company of the payment medium could make additional charges. Once this information is provided, the ATM must offer the user the possibility to approve or reject the requested operation. If the referred information is not included on the ATM screen, charges for its use cannot be transferred to the user.
5. Website.- to comply with the obligation of constant dissemination regarding their products and services, companies must present on their websites the lists or tariffs, contractual forms, and that information detailed in Annex No. 4 of the Regulation. In case of modification, the update date must be incorporated into the documents exhibited by the company.
   Companies that issue credit cards must disseminate comparatively the characteristics of the credit cards they offer to the public based on client profiles, their interests, as well as the applicable tariffs. The Superintendence, through a multiple letter, may determine the form of dissemination of this information. The dissemination of the referred information must be carried out through a link that can be identified on the main website, as part of the information on each financial product and service offered. Likewise, companies must maintain a permanent link with the "Citizen Guidance and Services Portal" section of the Superintendence's website.
6. Information provided by persons in charge of the offer of products and services.- the own or subcontracted personnel of the companies are obliged to inform the TCEA or TREA, applicable to active or passive products, as appropriate, that would be applicable to the client, as well as explain the composition of said rates. In the case of credits under the revolving system, an explanatory example must be granted in accordance with the indication in Annex No. 1-A of the Regulation. Only

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 at the client's request can information be additionally provided regarding the effective cost rate applicable in other periodicities.
The company personnel must be capable of providing and explaining to users the information contained in this article and other provisions contained in the Regulation.
Article 21. Dissemination of aspects related to benefits, risks, and product conditions
21.1 The dissemination of information regarding aspects mainly related to benefits, risks, and conditions is carried out on the website and must consider –as a minimum– the information detailed in Annex No. 4 of the Regulation, as appropriate.
21.2 Users can make inquiries related to said information through other mechanisms or electronic means that the company makes available to users.
TITLE IV
CONTRACTING WITH USERS
CHAPTER I
INFORMATION FOR CONTRACTING
Article 22. Information prior to the celebration of contracts 16
22.1 Companies must provide users with all pertinent information that they request prior to the celebration of any contract and during the period it takes for this and the company to celebrate it. The granting of the aforementioned information involves the delivery and/or making available of the contractual form and simulations that refer to the cost of the product under the offered installment system, as appropriate, in accordance with Chapter III of this Title.
22.2 In case of denial of a credit request, and at the user's request, companies are obliged to inform expressly, within seven (7) business days of the request being presented and through the channels previously made known to the user, the aspects that did not allow a positive qualification of the credit request.
22.3 When the denial is linked to the application of prudential norms referred to in Article 41, the company must indicate this in its communication.
Article 23. Promotional conditions
23.1 Promotional conditions that incentivize the contracting of products and/or services must be maintained during the offered period or, if applicable, for the number of units to be offered or other circumstance that determines the end of the promotion. These promotional conditions must be informed along with the applicable restrictions, duration periods of said conditions, or the possibility of varying or suppressing them once the contracting has occurred.
23.2 If before contracting the conditions regarding the period and/or units to be offered and/or any other circumstance to conclude or discontinue the promotion have not been informed, companies must communicate previously to users their conclusion or discontinuation, maintaining the promotional condition for a period of at least six (6) months after the communication is made, unless
16 Article modified by Resolution No. 01689-2025 of 07/05/2025, effective from 10/05/2025.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 because of the nature of the promotion, it must continue to be offered for a longer period. Such communication must be made, at minimum, through the same means used to inform about the promotion.
23.3 In the event that contracts are entered into with users without considering restrictions applicable to the agreed promotional conditions, the duration of such conditions, or the possibility of varying or suppressing them, companies cannot modify the contractual clauses containing said promotional conditions based on the binding effect of advertising.
Article 24. Products offered at no cost or with designations implying free of charge
Companies cannot designate their products as “free,” “no cost,” or use other terms implying free of charge, if under any circumstance commissions or expenses can be passed on to the user, which must be part of the summary sheet and/or information booklet, as established in the following articles.
Article 25. Information on active products
25.1 Regarding active products, the user must be provided, as part of the contract, with a summary sheet, which does not exempt companies from incorporating in the body of the contract the clauses that regulate the rights and obligations of the contracting parties.
25.2 The summary sheet must contain only the following information 17:

1. 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 that the amount actually approved will be communicated at the time of delivering the credit card or disbursing the credit. Likewise, it must be indicated that, even so, such financing might not be granted as a result of the credit evaluation.
2. The Effective Annual Cost (TCEA) applicable to active products under the revolving system.
3. The effective annual compensatory interest rate, indicating whether it is fixed or variable. If the rate is variable, the criterion for its determination and the timing for recalculating installments must be indicated. Regarding credit cards or credit lines where differentiated interest rates are offered to the client, the client must be provided with information on the current rates, according to the type of financing.
4. The nominal annual default interest rate applicable in case of default. Likewise, it must be indicated that, in the event of failure to pay according to the agreed conditions, a report with the corresponding rating will be made to the Risk Central 18.
5. The amount and detail of commissions and expenses that are part of the active product. Charges that respond to user requests and are agreed upon on each occasion are not considered in this category, except those that are applied periodically (such as the cost for sending account statements by physical means), regarding which it must be indicated that the related information is disseminated through the list or tariff. Commissions and expenses must be presented in accordance with what is approved in the Regulation on Commissions and Expenses of the Financial System. Regarding insurance, the name of the insurance company issuing the policy, the main risks covered, and the policy number, if applicable, must be informed.
6. The channel or channels that are free of charge in the case of cash withdrawal on credit cards.
   17 Paragraph modified by SBS Resolution No. 3748-2021 of 10/12/2021.
   18 Subparagraph modified by SBS Resolution No. 3748-2021 of 10/12/2021.
   19 Subparagraph modified by SBS Resolution No. 3966-2018 of 11/10/2018.
   20 Subparagraph modified by SBS Resolution No. 3748-2021 of 10/12/2021.

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7. Other information that is relevant to the parties and as considered by the company or the Superintendency.
The information from subparagraphs 2, 3, and 4 must be incorporated into the summary sheet in a prominent manner and heading the minimum information described in this subsection.
25.3 Likewise, for active products under the installment system, a payment schedule must be delivered as part of the summary sheet, which must contain the following:

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, commissions, or expenses, if any, indicating the total amount to be paid for each of these concepts.
2. The total amount to be paid, which must be equal to the sum of the principal amount, the interest amount, and the commissions and expenses passed on to the client.
3. The Effective Annual Cost (TCEA) applicable to the active product under the installment system.
   25.4 In cases where, due to the nature of the product, certainty regarding payment dates cannot be obtained, companies must deliver a schedule containing the additional information referred to in this article. Such schedule must indicate that it is a preliminary document that will be replaced by the final document, within a period not exceeding thirty (30) days from the delivery of the preliminary version. In these cases, the user may opt for the delivery or making available of the schedule through the mechanisms referred to in Article 49. Companies must keep in their files both the preliminary and definitive schedules.
   25.5 When a variable interest rate has been agreed, the schedule must be prepared taking as reference the market value that such rate has at the time the contract is signed, specifying that the rate may vary over time.
   25.6 Regarding active products under the revolving system, companies must communicate the aspects of the summary sheet that are applicable. The provisions regarding the payment schedule do not apply to said products, except for the periodicity and payment date.
   Article 26. Information on passive products
   26.1 Regarding passive products, the user must be provided, as part of the contract, with an information booklet, which 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.
   26.2 The information booklet must contain the following detail:
4. The effective annual compensatory interest rate applied to the deposit, indicating whether it is fixed or variable. If it is a variable rate, the criterion for its determination must be indicated. When, due to the way the interest rate is referenced, it could be zero, this possibility must be explicitly stated.
5. The Effective Annual Yield (TREA) and the minimum balance for savings accounts.
6. Regarding fixed-term deposits, it must be indicated (i) the total amount of interest to be paid and the timing at which the client can dispose of them; (ii) the penalties applied for failure to comply with the agreed conditions, if applicable; and, (iii) the maturity date of the deposit, and whether the deposit is automatically renewed upon maturity or not. Regarding renewal, it must be specified that the interest rate from the current tariff at that date will apply.
7. The amount and detail of commissions and expenses that are part of passive products. Charges that respond to specific requests made by users and are agreed upon on each occasion are not considered in this category, regarding which it must be indicated that the related information is disseminated through the list or tariff. Commissions must be presented in accordance with the established categories and/or designations.
8. Free of charge operations according to the service channel.
9. Indicate whether or not it is a deposit backed by the Deposit Insurance Fund.
10. Other information that is relevant to the parties, as considered by the company or the Superintendency.
11. The channel or channels that are free of charge for making withdrawals in the case of deposit products.
    The information from subparagraphs 1 and 2 must be incorporated into the information booklet in a prominent manner and heading the minimum information described in this subsection.
    The obligation to provide the information booklet is considered fulfilled if the information contained therein is included in deposit certificates, or in any other document representing the deposit, and there is a record of the will of the parties.
    Article 27. Companies' responsibility in the contracting of associated insurance 22
    27.1 Companies are subject to the requirements established in the Regulation on Marketing of Insurance Products, the norms that modify or replace it.
    27.2 Additionally, companies that offer insurance considered as a condition for contracting, such as mortgage life insurance to cover housing mortgages and insurance for the protection of the collateral asset, must observe the following:
12. They must inform users that they have the right to choose between contracting the insurance offered by the companies, or an insurance contracted directly by the user or through the designation of an insurance broker; provided it meets, to the satisfaction of the companies, the previously informed conditions. The dissemination of said information must be carried out in the offer of products that consider insurance as a condition for contracting, through the mechanisms used by companies for this purpose:
    a) In the case where the user proves the contracting, at their own expense, of an insurance that meets the conditions established by the company, they are not obliged to take the offered insurance and can substitute it with the one they had contracted. In this case, the insurance must be endorsed in favor of the company up to the amount of the outstanding balance. b) The endorsed insurance does not generate an additional commission or expense for the user, provided it is a life insurance that replaces the mortgage life insurance offered by the company. 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 for the credit or debited from a passive product. The endorsement and payment method, by agreement of the parties, can be processed by the user before the insurance company system that issues the policy and delivered to the companies, or by the companies. c) If the user contracts the insurance marketed by the company, it must deliver to the insured the individual insurance policies or, if applicable, the insurance certificates referred to in the Market Conduct Management Regulation of the Insurance System approved by the Superintendency, issued by the insurance system companies.
13. The payment date of indemnities to the companies is the one that must be considered to settle the active operation. Companies have a maximum period referred to in the Regulation for the Management and Payment of Claims, approved by SBS Resolution No. 3202-2013, to carry out the settlement.
14. Additional clauses to the contracted mortgage life insurance policies, regardless of whether they are a condition for contracting or not, must be optional. Companies must request the express consent of users for each additional coverage; for this purpose, companies must safeguard the corresponding support for such express consent. 23
    27.3 Mortgage life insurance in products other than housing mortgages is optional. In such case, if the user decides to contract the optional mortgage life insurance, companies must request the express consent of users for each insurance product contracted optionally and safeguard the corresponding support for such express consent.
    27.4 What is provided in paragraph 27.3 regarding the optional nature of mortgage life insurance in credits other than housing mortgages is understood to be fulfilled when companies offer within the portfolio of each of their credit products, at least one that does not require the contracting of a mortgage life insurance, informing users about its existence prior to the contracting of any product, and keeping the support for the compliance with this obligation.
    Article 28. Companies' responsibility in the contracting of notarial services 2425
    Companies are subject to what is provided in the Code for the use of notarial services, in the framework of the contracting of financial products and services, for which they must:
15. Inform users that they have the right to free choice of notaries.
16. Use only the services of those notaries that are on the lists managed by the Notary Colleges.
17. Facilitate user access to the list of notaries made available by the Notary Colleges.
18. Send to the notaries the requests for exception referred to in the second final complementary provision of Law No. 30908 presented by users, for their evaluation.
    Article 29. Early payment and advance of installments
    29.1 Users have the right to make payments above the due installment in the period, considering for this purpose the following:
19. Conditions or limitations for the exercise of the right must not be established.
20. Commissions, expenses, penalties of any kind cannot be applied for the exercise of the right or charges of a similar nature or effect.
21. It must be informed, at the time of making the operation, the amount applicable for taxes.
22. Companies must make available for making early payment and advance of installment operations, at minimum, the same channels used for the payment of installments or credit card obligations, without additional procedures or requirements being exigible to the user.
    29.2 Payments made above the due installment in the period, in the case of credits under the installment system, can be classified as:
    23 Subparagraph incorporated by SBS Resolution No. 3240-2023 of 03/10/2023, effective from 02/04/2024.
    24 Article replaced by SBS Resolution No. 904-2019 of 06/03/2019 25 Article modified by SBS Resolution No. 3748-2021 of 10/12/2021.
    26 Subparagraph modified by SBS Resolution No. 3240-2023 of 03/10/2023, effective from 29/09/2024.

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1. Early payment.- payment that results in the application of the amount to the credit capital, with the consequent reduction of interest, commissions, and expenses derived from contractual clauses as of the date of payment.
2. Advance of installments.- payment that results in the application of the paid amount to the installments immediately following the due one in the period, without producing a reduction in interest, commissions, and expenses derived from contractual clauses.
   29.3 Payments greater than two (2) installments (which includes the one due in the period) are considered early payments. In these cases, companies must request from clients, at the time of making the payment, to indicate whether the amount of the remaining installments should be reduced but maintaining the original term, or the number of installments with the consequent reduction of the credit term. The choice must be made through the mechanisms established for this purpose in the contracts, and companies must keep a record that allows accrediting the choice made. Likewise, in those cases where such choice is not available, companies must proceed to reduce the number of installments, within fifteen (15) days of making the payment.
   In the case of early payment, companies must deliver, at the request of clients, modified payment schedules, considering the payment made, within a period not exceeding seven (7) days from said request. Companies must inform the client about the possibility of requesting said schedules, leaving a record of this action, as appropriate to the payment channel used. Clients may expressly manifest their will to advance the payment of installments, with companies proceeding to apply the excess amount paid over the period's installment to the immediately following installments, as established in subsection 29.4. On each occasion when clients express their will to make an advance of installments, without producing the reduction of interest, commissions, and expenses derived from contractual clauses, and prior to the execution of the payment, companies must request and keep a record that accredits the clients' choice to make an advance of installments instead of an early payment, referencing in both cases their economic implications.
   29.4 Payments less than or equal to the equivalent of two (2) installments (which include the one due in the period) are considered advance of installments. In these cases, companies proceed to apply the excess amount paid over the period's installment to the immediately following unpaid installments.
   Clients may request, before or at the time the payment is made, that the payment be processed as early, resulting in the application of what is indicated in subsection 29.3.
   29.5 Total early payments in revolving system obligations are applied considering a reduction of interest, commissions, and expenses derived from contractual clauses as of the date the payment is made, if applicable.
   29.6 Partial early payments in revolving system obligations, which are those made above the minimum payment, must consider the following:
3. Partial early payments in credit card obligations are made considering the rule of order of imputation of payments referred to in the Credit and Debit Card Regulation.
4. Partial early payments must be applied considering a reduction of interest, commissions, and expenses derived from contractual clauses, if applicable.
   CHAPTER II

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 MODIFICATION OF INTEREST RATES, COMMISSIONS, EXPENSES, AND OTHER STIPULATIONS, RENEWALS AND CONTRACTUAL RESOLUTIONS
Article 30. Prior requirement to proceed to the unilateral modification of interest rates, commissions, expenses, and other contractual stipulations
30.1 Unilateral modifications referred to: i) interest rates for contracts other than fixed-term credits or fixed-term deposits, ii) commissions, iii) expenses; and, iv) other contractual stipulations other than the increase of the credit line, only proceed insofar as they have been previously agreed by the parties and communicated within the periods and through the means indicated in the following articles.
30.2 In prior communications, companies must indicate expressly:

1. If it is a modification in the agreed conditions, highlighting those concepts that will be the subject of change and expressly indicating what they consist of, in order to allow users to take knowledge of them.
2. The possibility that clients can terminate the contractual relationship, according to the terms of the contract.
   30.3 The requirements indicated in the preceding subsections do not apply when it comes to contractual modifications that imply more favorable conditions for clients, which are applied immediately. In this case, the sending of a prior communication is not exigible; without prejudice to this, companies must inform of the new conditions through the mechanisms agreed with clients for this purpose.
   Article 31. Modification of interest rates
   Companies must inform clients of the modification of interest rates in contracts other than fixed-term credits or fixed-term deposits, in advance, when it comes to increases in the case of active products and reductions in the case of passive products. The communication of the information must be made with an advance of no less than forty-five (45) days indicating the date or moment, from which, the modification will enter into force.
   Article 32. Modification of fixed-term credits or fixed-term deposits
   32.1 In fixed-term credit contracts or fixed-term deposit contracts, the modification of the agreed interest rate can only proceed in the following cases: 27
3. In fixed-term credit contracts: by novation of the obligation, considering for this purpose what is provided in the Civil Code.
4. In fixed-term deposit contracts: by renewal of the deposit, for which companies must previously communicate any variation of the agreed conditions, if these imply a detriment to the client. This communication must be made through the mechanisms indicated in subsection 2 of Article 36, before the maturity date of the deposit.
5. When there is effective negotiation, on each occasion when it is intended to make such modifications. It is understood that there is effective negotiation when it can be evidenced that the clause contemplating the possibility of modifying the interest rate does not constitute a mass condition that is part of the adhesion contract and conditions its signing; that is, when it can be evidenced that the user has influenced the content of the clause.
   32.2 Additionally, modifications of interest rates in fixed-term credit contracts or fixed-term deposit contracts can proceed in the following cases:
   27 Subparagraph modified by SBS Resolution No. 3966-2018 of 11/10/2018

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1. When the Superintendence, prior to a favorable report from the Central Reserve Bank of Peru, authorizes the financial system in general due to extraordinary and unforeseeable circumstances that put the system itself at risk, in accordance with what is stated in Article 6 of the Supplementary Law to the Consumer Protection Law in Financial Services.
2. When they imply conditions more favorable for clients than those applied immediately. In this case, sending prior communication is not required; without prejudice to this, companies must inform clients of the new conditions through the mechanisms agreed upon with clients for this purpose.
   Article 33. Modification of commissions, expenses, and other contractual aspects
   33.1 Companies must inform clients about the modification of commissions and expenses prior to their entry into force, in case such modifications represent an increase compared to what was agreed. The communication must be made with a notice of no less than forty-five (45) days, indicating the date or moment from which the modification will enter into force. In the case of periodic execution commissions and/or expenses, the increased charge is applicable from the next period after the notice period has expired. The obligation to inform also applies in the case of modifications to contractual conditions other than interest rates, commissions, expenses, and increases in the credit line. 28
   33.2 The requirement considered in the preceding paragraph does not apply when it concerns contractual modifications that imply conditions more favorable for clients and/or that constitute additional facilities to those existing and that do not imply the loss or substitution of previously established conditions. In this case, sending prior communication is not required; without prejudice to this, companies must inform clients of the new conditions through the mechanisms agreed upon with clients for this purpose.
   Article 34. Modifications in the payment schedule
   When unilateral contractual modifications vary what was informed in the payment schedule contained in the summary sheet, companies must send to clients with a notice of no less than forty-five (45) days, along with the prior communication referred to in the preceding articles, the recalculated schedule, considering the information regarding the Effective Annual Cost (TCEA) corresponding to the remaining balance of the active product. This concept must be identified in the new schedule as "Remaining TCEA".
   Article 35. Modification of the Effective Annual Rate (TREA) and/or minimum equilibrium balance
   35.1 When contractual modifications vary the TREA and/or the minimum equilibrium balance, companies must send to clients, along with the prior communication and within the period referred to in the preceding articles, the recalculated rate and/or minimum equilibrium balance.
   35.2 The requirements indicated in the preceding paragraph do not apply when it concerns contractual modifications that imply conditions more favorable for clients which are applied immediately. In this case, sending prior communication is not required; without prejudice to this, companies must inform clients of the new conditions through the mechanisms agreed upon with clients for this purpose.
   Article 36. Means of communication to be used
   28 Paragraph modified by SBS Resolution No. 3748-2021 of 10/12/2021.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 Companies must use direct means of communication that allow for a record of the communication, such as physical communications or electronic means, for contractual modifications referred to 29:

1. Companies must use direct means of communication that allow for a record of the communication, such as written communications to the client's address, emails, statements, text messages, instant messaging, and/or telephone communications to the client, for contractual modifications referred to:
   a) Interest rates, penalties, commissions, and expenses when such modifications cause harm to users. The foregoing also applies to modifications to the payment schedule, the TCEA, the TREA, and/or the minimum equilibrium balance, in the case of active or passive products, respectively. b) The termination of the contract for causes other than non-compliance or other than the scenarios in Article 41. c) The limitation or exemption of liability by the companies. d) Incorporation of services that are not directly related to the contracted financial product or service.
2. For communications regarding contractual modifications of aspects other than those previously indicated, means of communication must be used that allow clients to adequately and timely become aware of the modifications to be made, according to what is agreed with them for this purpose.
3. A record must be kept regarding the communications made to clients.
   Article 37. Rules applicable to the increase of the credit line
   Increases in the credit line cannot be made through unilateral modifications by the companies. In this sense, prior notice is not required as stated in Article 33, but the express consent of the client must be requested on each occasion it is made, through the mechanisms that companies agree with clients for this purpose, leaving express record of the date from which the increase in the credit line proceeds. The client's silence cannot be considered as a sign of acceptance.
   Article 38. Incorporation of services that are not directly related to the contracted financial product or service
   Contractual modifications associated with the incorporation of services that are not directly related to the contracted financial product or service and that, therefore, do not constitute a condition for contracting, proceed only if prior communication is made with a notice of no less than forty-five (45) days, through the means of communication indicated in paragraph 1 of clause 36.1 of Article 36, granting the client the right to accept the proposed modification, without the client's refusal implying the termination of the main contract.
   Article 39. Contractual termination at the user's request
   39.1 Companies must make available easy-to-access channels for the user to exercise their right to terminate the contract, establishing as a minimum the same channels used to contract the financial product or service, without additional requirements or demands that hinder the exercise of this right. Companies must have available to the Superintendence the justification for the limitations existing in the channels used for contracting, in which the termination of contracts is not allowed. 30
   29 Paragraph modified by SBS Resolution No. 3966-2018 of 11/10/2018, effective 16/10/2018 30 Paragraph modified by SBS Resolution No. 3966-2018 of 11/10/2018

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39.2 In the case of contracting through mechanisms other than written, companies may attend to contractual termination requests through other channels that the company has available for contracting, without in any case imposing additional requirements or demands that hinder the exercise of this right.
39.3 Contracts must establish the conditions applicable in case the client decides to terminate them due to unilateral modifications that are harmful to them and that do not originate from the imposition of regulatory obligations.
39.4 Regarding active products, contracts must specify how the payment of the obligation is processed prior to the termination of the contract, considering the nature of the obligation assumed and what is provided in letter b) of Article 47 and letter e) of paragraph 56.1 of Article 56 of the Code. For this purpose, companies must grant a reasonable period for the client, if they deem it necessary, to find another financing mechanism, which must be no less than forty-five (45) days. Granting a longer period to make the total payment of the obligation prior to the termination of the contract does not prevent the company, if deemed applicable, from charging the corresponding fee resulting from the contractual modification, once the notice period stated in the Regulation has been fulfilled.
Article 40. Unilateral contractual termination
Companies may unilaterally terminate the contracts entered into, communicating this to their clients, in accordance with the termination clauses agreed upon for this purpose.
Article 41. Termination or modification by application of prudential norms
41.1 Companies may choose not to contract or to modify contracts entered into with users in aspects other than interest rates, commissions, or expenses, and even terminate them, without the prior notice referred to in Article 30, as a consequence of the application of prudential norms issued by the Superintendence, such as those related to the management of over-indebtedness risk of retail debtors, due to client profile considerations related to the anti-money laundering or counter-terrorism financing prevention system, due to lack of transparency by users, among other scenarios determined by the Superintendence, in accordance with what is stated in Article 85 of the Code.
41.2 The lack of transparency of users referred to in the preceding paragraph occurs when, in the evaluation performed on the information indicated or presented by users before contracting or during the contractual relationship, it emerges that such information is inaccurate, incomplete, false, or inconsistent with information previously declared or delivered by the user and negatively impacts the reputational or legal risk faced by the company.
41.3 Companies must apply what is provided in paragraph 41.1 always that users are previously informed, through contractual forms, about the situations that may affect contracting or the contractual relationship. Likewise, company personnel must inform users about this prior to signing the contractual form.
41.4 If companies decide to terminate the contract signed with the user or modify contractual conditions, for the causes indicated in paragraph 41.1, they must send a communication to the clients' address or through the mechanisms established in the contracts for this purpose, within seven (7) days following such modification or termination, a period that may be extended by the Superintendence via multiple letter. The communication must state that the termination or modification of the contract is carried out based on what is provided in Article 85 of the Code, in those cases where it occurs as a consequence of the detection of activities that threaten the anti-money laundering prevention system or due to lack of transparency.
41.5 Companies must have policies and procedures for the application of what is stated in this article, as well as maintain the justification for their decisions, which must be available to this Superintendence.
41.6 When information requests from government entities concern cases where the initiation, termination, or modification of the contract is associated with the anti-money laundering prevention regime, only the entity is communicated that the contracting, termination, or modification were carried out in accordance with what is provided by Article 85 of the Code. 31
Article 41-A. Certificate of No Debt and Release of Guarantee 32
Once all client obligations have been paid, financial system companies deliver or make available, automatically and within a period no greater than seven (7) business days, the document that certifies such cancellation, at no cost.
Additionally, companies must issue, at the user's request, the document stating the individual cancellation of a loan, without prejudice to the existence of other unpaid obligations. For this purpose, companies may implement the same treatment indicated in the previous paragraph or an internal procedure that is informed to the user at the time of receiving their request. In the case where a movable vehicle guarantee or mortgage has been constituted, the document containing the unilateral declaration of release of the guarantee must also be included. The latter must allow its formalization through a public notary for registration in the Public Registries.
Article 41-B. Certificate of Debt Regularization 33
Once the payment of a past-due debt has been regularized, and provided that the user is up to date in their obligation, at their request, companies must issue and/or make available within a period no greater than seven (7) business days, counted from the date of such request, the certificate that certifies the payment and regularization of the debt, at no cost.
CHAPTER III
DISSEMINATION AND SUPERVISION OF FORMULAS AND THE SIMULATOR FOR THE SETTLEMENT OF INTERESTS AND PAYMENTS
Article 42. Dissemination of formulas and the simulator for the settlement of interest and payments
42.1 Companies must disseminate, through their website, the formulas and explanatory examples applicable to the following active and passive products: checking account deposits, savings deposits, time deposits, CTS deposits, mortgage loans, MIVIVIENDA loans, vehicle loans, credit cards, and other consumer loans. The use of simulators is mandatory, only for active products under the installment system, in the case of compliance with the agreed conditions.
31 Paragraph modified by SBS Resolution No. 3966-2018 of 11/10/2018 32 Article incorporated by SBS Resolution No. 3748-2021 of 10/12/2021.
33 Article incorporated by Resolution 1741-2026 published on 02/07/2026, effective from 03/07/2026

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42.2 Information related to formulas and explanatory examples must be found alongside the information on the products that companies offer to users, so that users can have knowledge of the procedures followed by companies and, if applicable, be able to replicate them for specific cases that have been agreed upon with them.
42.3 Companies organize the information according to the categories of the products previously mentioned, considering those that the company currently offers to users and those that are no longer offered but still have active contracts. Likewise, companies organize the information by product, understanding product as the modality that possesses characteristics that distinguish it from other modalities, such as the payment method, the currency, or any other attribute that implies a variant in the formula, and which generally has a commercial denomination identifiable by clients.
42.4 In offices where the aforementioned active and passive products can be requested, companies must deliver, at the user's request, the result of the execution of the simulations for the settlement of interest and payments of the company, which considers the minimum information indicated in Article 43.
42.5 The Superintendence establishes from the "Orientation and Citizen Services" section of its website (www.sbs.gob.pe), links that allow access to the aforementioned information.
Article 43. Guidelines for the presentation of formulas and simulations
43.1 Formulas and simulators, as applicable, must consider the following guidelines:

1. Formulas allow users to know, step by step, the process of calculating interest, commissions, and expenses for each product.
2. The concepts included in the formulas are defined below the formula. Likewise, they must coincide with the terms used in reports or statements.
3. Simulators allow users to become aware of the calculations companies perform for the settlement of interest, commissions, and expenses.
4. Formulas and simulators must be kept up to date.
5. Through notes, details can be specified that facilitate the understanding of the formulas and the result of the simulation, if applicable.
   43.2 In the case of active products under the installment system, the document containing the result of the simulation must include the following information:
6. Name of the product
7. The principal amount of the credit and the currency in which it is agreed.
8. The Effective Annual Compensatory Interest Rate, indicating whether it is fixed or variable.
9. The applicable TCEA.
10. Disbursement date and credit term
11. Information on the installments to be paid by the client specifying: i) the frequency, ii) the total number, iii) payment date; and iv) the amount each installment amounts to.
12. The total amount to be paid upon fulfillment of the offered credit term, disaggregating the amount of capital, interest, commissions, and expenses. The cost of the insurance premium that is a condition for contracting, if contracted with the company, as well as the user's right to contract it directly and endorse it in favor of the company up to the amount of the outstanding balance.
13. Other information that could affect the previously described information, such as: grace period, extra installments, among others.

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Article 44. Methodological guidelines for the presentation of formulas for passive and active products
44.1 Regarding passive products, companies must consider the following criteria for the preparation of formulas:

1. Formulas allow calculating the amount of interest that corresponds to be paid to the client. The interest amount 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.
2. 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 periodic information, or any other valid means to communicate its modification, if applicable. Likewise, the process of interest capitalization must be detailed.
3. 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 impact said amount; if applicable, the calculation procedure to determine these concepts is included.
4. Formulas for calculating the amount of commissions and expenses charged to clients, if applicable, are presented following the same guidelines established for calculating the interest amount.
5. For fixed-term deposits, the formula must additionally describe the Effective Annual Interest Rate and the commissions or expenses applied when clients withdraw the deposit before the agreed term expires.
   44.2 Regarding active products, companies must consider the following criteria for the preparation of formulas:
6. Formulas allow calculating the amount of interest that corresponds to be paid to the client. The interest amount 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.
7. 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 statements, periodic information, or any other valid means to communicate its modification, if applicable. Likewise, the process of amortizing the debt principal must be detailed.
8. 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 impact said amount; if applicable, the calculation procedure to determine these concepts is 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.
9. Formulas for calculating the amount of commissions and expenses charged to clients, if applicable, are presented following the same guidelines established for calculating the interest amount.
10. Formulas are developed in the case of compliance and non-compliance in payments.
11. Formulas must detail how partial or total early payment is applied to the amortization of the debt, interest, commissions, and expenses.
    Article 45. Formulas applicable in the case of payment default in active products
    For active products, companies must detail the calculation procedure for the amount of interest or penalty applicable in case of default, in accordance with the guidelines established in the previous article, considering how these charges vary based on the days of default, if applicable.
    Article 46. Explanatory numerical examples
    Companies must present a numerical example illustrating the application of the formulas for each product, according to the following guidelines:

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1. As a general guideline, the presentation sequence of each formula will follow these 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 amount of commissions and expenses, (5) total amount.
2. The numerical examples will accompany the development of the formulas in such a way that, for each step presented in the formulas, the corresponding example is shown.
3. To prepare the numerical example, companies must consider a "typical" operation that reflects the most usual conditions of each product.

TITLE V
CONTRACTUAL CONDITIONS
CHAPTER I
GENERAL ASPECTS

Article 47. Formalities for the drafting of contractual conditions
47.1 Companies must draft the contractual conditions corresponding to the financial products and services they offer to users in simple and clear language, which allows for adequate understanding of the obligations and rights they would assume.
47.2 The contract must faithfully reflect all stipulations necessary for the correct regulation of the relationship between clients and companies, without using technical jargon, and when this is not possible, its meaning must be explained precisely.

Article 48. Multi-product contracts
48.1 Companies may make multi-product contracts available to users, understood as those that contain general conditions specifying the common terms applicable to more than one active and/or passive product.
48.2 Through these contracts, the client is given the possibility to contract one or more specific products to which the general conditions apply, at that moment or subsequently. In this case, companies must deliver to users the relevant part of the referred multi-product contract regarding the contracted product, when it has not been previously delivered or if modifications have occurred between the opportunity of concluding the multi-product contract and the contracting of the specific product, as well as the summary sheet and/or information booklet, as applicable.

Article 49. Contracting of financial products
49.1 34 In the contracting of financial products and services, the following must be considered:

1. The company must verify the identity of the client and record the acceptance of the contract, which includes the summary sheet or information booklet and any other corresponding information, as well as any operation carried out during its execution.
2. For the celebration of the contract and during its execution through digital channels, the company must apply what is established in the current regulations on information security and cybersecurity.

49.2 35 Companies may determine that the contract, including the summary sheet or information booklet, as well as any other corresponding information, are delivered and/or made available through any of the following means:

34 Paragraph modified by Resolution SBS No. 2286-2024 (numerals 1 and 2 of paragraph 49.1), effective from 29/06/2024, with an adaptation period in accordance with article seven of the same Resolution SBS No. 2286-2024.

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1. In the customer service offices of the companies.
2. At the address established by the client.
3. By sending or making the contract available through electronic means, provided that its reading, printing, conservation, and reproduction without changes are allowed.
   The means used by the company for the delivery and/or making available of the contract, in accordance with the provisions of the previous numeral, must be informed to the user.
   If the contracting is celebrated in the customer service offices with the intervention of a company official, the client may request that the contract be delivered immediately.

49.3 The delivery and/or making available of the contract including the summary sheet or information booklet, as well as any other corresponding information, must be carried out within a maximum period of fifteen (15) days from the celebration. In case the contract is concluded in writing and the delivery of the contract in the customer service offices is provided for, this is done immediately.
49.4 Companies must prove the delivery to the client, by any means, of the number of the resolution of the Superintendence by which the general clauses corresponding to the concluded contract were approved. 36

CHAPTER II
GENERAL CONTRACTING CLAUSES

Article 50. General contracting clauses requiring prior administrative approval
50.1 Companies must submit to prior administrative approval of the Superintendence the general contracting clauses of the contract models that regulate the financial products and services indicated below:
Active products:
Mortgage credit.
Consumer credit.
Passive products:
Savings deposit.
Time deposits (includes deposit certificates and bank certificates).
Deposit for compensation of time of service.
Checking account deposit.
Financial services:
Electronic money.

50.2 To the extent that it identifies products and/or services that generate an impact on users, the Superintendence may expand the previous list by multiple letter.
50.3 The approval of general contracting clauses does not exempt companies from the evaluation that may arise within the framework of the supervisory and control powers of the Superintendence, regarding the business practices that companies apply to their users, as well as from requiring modifications if these practices result contrary to the approved clauses.

35 Numeral modified by Resolution SBS No. 3966-2018 of 11/10/2018 36 Numeral modified by Resolution SBS No. 3966-2018 of 11/10/2018

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50.4 The prior administrative approval of general contracting clauses in charge of the Superintendence only comprises the clauses that regulate the rights and obligations of the parties. The Superintendence approves or denies requests for approval of general contracting clauses that fall under its competence, taking into consideration the current regulatory framework, and does not issue a statement on the application of norms and provisions issued by other bodies authorized for such purpose. Clauses referring to the application of these norms and provisions must be incorporated in a document distinct from the contract model.
50.5 General contracting clauses that do not have prior administrative approval cannot be used. The maximum period for prior administrative approval is sixty (60) business days, counted from the day following the receipt of the request.
50.6 The approval of general contracting clauses and the determination of abusive clauses derived from said procedure does not prevent users from appealing to the competent administrative and judicial instances in order to safeguard their rights, with the aim that a statement is issued on concrete cases. Without prejudice to the foregoing, the Superintendence identifies abusive practices and adopts the corresponding measures within the scope of its competence.
50.7 The contract annexes (including summary sheet and information booklet) cannot be used to incorporate additional rights or obligations to those established in the general contracting clauses approved by the Superintendence, nor to modify the content of said clauses. The mere presentation of the general contracting clauses for administrative approval obliges companies to comply with what is established in this paragraph.

50.8 The summary sheets that form part of the contract annexes of the active products, whose general contracting clauses have the approval of the Superintendence, are also considered approved, provided that their content is limited to that indicated in paragraph 25.2 of article 25 of the Regulation. 39
50.9 In the case of active products, the general contracting clauses must expressly incorporate the web section that allows them to be viewed, with the corresponding summary sheet, in the same section. 40

Article 51. Procedures for the approval of general contracting clauses and identification of abusive clauses
51.1 Companies must present their request for approval of general contracting clauses, both for the case of new contract models and for the modification of previously approved clauses of the products and services in accordance with the preceding article, observing the requirements and procedure set out in the regulations.
51.2 In the case of modifications, the company must indicate the clauses that are the subject of modification, including those that are affected to maintain concordance in the contract.

37 Paragraph incorporated by Resolution SBS No. 3966-2018 of 11/10/2018 38 Paragraph modified by Resolution SBS No. 3748-2021 of 10/12/2021.
39 Paragraph incorporated by Resolution SBS No. 3748-2021 of 10/12/2021.
40 Paragraph incorporated by Resolution SBS No. 3748-2021 of 10/12/2021.

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51.3 In case normative modifications are presented that have an impact on the approved general contracting clauses, companies must present the clauses that are modified as a result of the adaptation of their contract models to said regulation within thirty (30) days counted from the entry into force of the referred modifications. The Superintendence, by multiple letter, may determine exceptions in which the submission of the modified clauses is required in a manner different from that previously indicated.
51.4 What is indicated in the preceding subsection does not exempt companies from their obligation to:

1. Inform clients and the general public about the provisions approved by norms of an imperative nature that impact the content of previously approved general contracting clauses. For this purpose, companies must inform about the applicable provisions through their website, customer service offices, and other mechanism they determine. The use of the referred information mechanisms must be incorporated into the contracts and contractual forms.
2. Apply the legal norms of an imperative nature from the date they enter into force.
   51.5 The Superintendence makes available to companies, through its website, the general contracting clauses previously approved, which include those authorized to other companies, by resolution and to the guilds, by letter. In case the request for approval of general contracting clauses presented contains said clauses, their verification and approval proceed following a procedure of a swift nature. If the requests contain clauses that have not been previously approved by the Superintendence, they continue the regular prior approval process.

Article 52. Dissemination of general contracting clauses and requirements applicable in front of norms of an imperative nature
52.1 Companies must disseminate, through their website, the contractual forms that have general contracting clauses approved by the Superintendence, indicating the number of the resolution by which they were approved; as well as, the Summary Sheet and Information Booklet linked to the approved general contracting clauses.

52.2 In addition to what is indicated in the preceding subsection, when the general contracting clauses previously approved by the Superintendence are modified by norms of an imperative nature, companies must:

1. Disseminate on their website -along with the contractual forms-, the provisions approved by norms of an imperative nature that impact the content of previously approved general contracting clauses, in accordance with numeral 1 of subsection 51.4 of article 51 of the Regulation.
2. Indicate in the referred general contracting clauses a text stating that they are in the process of review and approval by the Superintendence.
   52.3 The Superintendence disseminates, through its website, the approved general contracting clauses.

CHAPTER III
ABUSIVE CLAUSES

41 Numeral modified by Resolution SBS No. 3966-2018 of 11/10/2018 42 Paragraph modified by Resolution SBS No. 3748-2021 of 10/12/2021.

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Article 53. Criteria for the determination of abusive clauses in matters of interest rates, commissions, and expenses
53.1 Abusive clauses are all those stipulations not negotiated that, contrary to the requirements of good faith, cause an imbalance of the rights and obligations of the parties derived from the contract, to the detriment of users. 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.
53.2 Abusive clauses that cannot be incorporated into the contractual forms used by companies include, among others, those indicated below:

1. Those that empower the company to vary the compensatory interest rate, the default interest rate applicable in case of non-compliance, commissions, and expenses without prior notice, when this implies a higher cost or a detriment to the user.
2. Those that empower the company to vary the compensatory interest rate, the default interest rate in case of non-compliance, commissions, and expenses by establishing information mechanisms that do not comply with what is established in the Regulation.
3. Those that empower the company to charge or vary compensatory interest rates, default interest rates in case of non-compliance, commissions, and/or expenses that do not comply with the criteria established in the current legal framework to be subject to charge or variation and/or that are outside the limits established by the Central Reserve Bank of Peru.
4. Those that empower the company to charge future expenses and/or commissions without establishing the obligation to previously inform the concepts and the opportunity in which they become due.
5. Those that allow the company to unilaterally modify the conditions and terms of a contract of continued duration to the detriment of clients, unless they obey to reasons expressed in it, in accordance with what is provided by current regulations and that the right of the client to dissociate from it without any penalty is granted.
6. Those that go against public order norms.
7. Those that the Superintendence identifies in accordance with the norms on the matter, which will be incorporated into this list by a norm of a general nature.
8. Those that exclude or limit the liability of the company, its dependents, or sales representatives for fraud or fault, or those that transfer the liability to the consumer for the facts or omissions of the company.
9. Those that empower the company to suspend or resolve a contract unilaterally without previously communicating it to the client, except for the exceptions given by a legal provision other than or the application of prudential norms issued by the Superintendence.
10. 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.
11. Those that exclude or limit the rights recognized to users to make advance or prepayments in total or partial, to oppose exceptions of non-compliance or to impose obstacles or unnecessary conditions that the Superintendence determines according to the concrete case, for the exercise of the rights recognized to the user in the contracts.
12. 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.
13. Those that establish the client's waiver to file complaints for infringement of the norms of the Code, as well as those issued by the Superintendence.

43 Numeral modified by Resolution SBS No. 3748-2021 of 10/12/2021.
44 Numeral modified by Resolution SBS No. 3748-2021 of 10/12/2021.
45 Numeral modified by Resolution SBS No. 3748-2021 of 10/12/2021.
46 Numeral modified by Resolution SBS No. 3748-2021 of 10/12/2021.

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53.3 The fact that certain elements of a clause or that an isolated clause has been negotiated will 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 53-A. Abusive practices 47
Abusive practices are those conducts that affect the legitimate interest of users by taking advantage of the particular circumstances of the consumption relationship, imposing excessively onerous conditions or that are not foreseeable at the time of contracting.
In Annex No. 5 of the Regulation, the abusive practices that are prohibited are detailed. This list may be expanded or modified by the Superintendence as a consequence of its supervisory activities by a norm of a general nature.

CHAPTER IV
PERIODIC INFORMATION

Article 54. Periodic information to clients
54.1 Companies must offer clients the possibility to request the sending or making available of information related to their passive or active operations under the installment system, considering for such purpose the following:

1. In the case of passive products, at the request of clients, companies send the statement of all movements produced in their deposits during the month.
2. In the case of active products under the installment system, at the request of clients, companies send information related to payments made and those that are pending according to the payment schedule.

54.2 Companies send or make available the information indicated in the previous numerals through electronic means (website, email, among others), within a maximum period of thirty (30) days after the closing of the month in which the information is requested and can be sent monthly, if so requested by the client.
54.3 Clients may request that the information be sent through physical means (to the address indicated by the client), for which companies must make their attention channels available, considering at least the customer service offices, the telephone line, and/or the website, to the client for the presentation of their request. Companies must prove said request, as well as the information delivered to the user regarding the charges applicable for the sending of information through this means. 48

Article 55. Communications regarding events and/or incidents that affect users 49
55.1 Companies must communicate to users any event that generates a detriment to the client in their balance or credit line, as well as those events related to business continuity or cybersecurity that having been classified as significant, have an impact on said users, in accordance with what is provided in the Regulation for the Management of Business Continuity, approved by Resolution SBS No. 877-2020 and its amendments, and the Regulation for the Management of Security of the

47 Article incorporated by Resolution SBS No. 1870-2020 of 29/07/2020 48 Numeral modified by Resolution SBS No. 3966-2018 of 11/10/2018 49 Article incorporated by Resolution SBS No. 1741-2026 published on 02/07/2026, effective from 27/06/2027

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55.2 Companies must establish criteria to determine when communications should be issued through the mass media channels determined by the company. At a minimum, these criteria must consider: (i) whether the event or incident has received negative coverage in mass media; (ii) whether its management required the participation of senior management or management; (iii) whether there are formal information requests from authorities regarding the management of the event. The criteria must be incorporated into the company's policies and procedures regarding the management of incidents, events, and/or crises.
55.3 Likewise, they must use direct communication means when the event causes harm to the customer in their balance or credit line, or if it is a significant cybersecurity incident affecting the user.
Article 56. Deadline for communication regarding events and/or incidents affecting users 50
56.1 Communication to users through mass media must be carried out within twenty-four (24) hours from the time the company becomes aware of the event or incident, and in accordance with what is established in the Regulation for the Management of Business Continuity, approved by Resolution SBS No. 877-2020 and its amendments, and the Regulation for the Management of Information Security and Cybersecurity, approved by Resolution SBS No. 504-2021 and its amendments, where applicable.
56.2 Direct communication to customers must be carried out within ten (10) business days counted from the next business day after the company becomes aware of the possible impact. Such communication must include information about the event that occurred and the actions adopted by the company for each user. Exceptionally and for justified cause, the communication deadline may be extended for a maximum of ten (10) additional business days.

FINAL COMPLEMENTARY PROVISIONS
First.- Compliance with the provisions of the Regulation The information that allows accrediting compliance with the provisions of the Regulation must be available to the Superintendency.
Second.- Creation of a web page
Companies included in the scope of the Regulation that request authorization to operate must have an enabled web page, at the latest on the date they begin their operations.
Third.- Application of provisions regarding market conduct management to legal persons not included in the definition of user 51

The provisions included in Chapter I of Title IV of the Regulation, referring to the information that must be provided to the user for the contracting of financial products and services, with the exception of Article 29, are also applicable by companies to those legal persons that are not included in the scope of the definition of user. Fourth.- Registration of the effective date of the operation In places made available to users to make payments and/or deposits, the operation must be registered on the date it was carried out, applying the same treatment that companies consider for registering operations carried out through their channels, and the necessary information must be provided to users regarding charges applicable to their operation. 50 Article incorporated by Resolution SBS No. 1741-2026 published on 02/07/2026, effective from 27/06/2027 51 Substituted by Resolution SBS No. 2304-2020, effective from 23.10.2020

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Fifth.- Authorization for the application of the Special Regime for Market Conduct Management 52 Companies, with prior authorization from the Superintendency, may adhere to the provisions of the Regulation of the Special Regime for Market Conduct Management, if justified due to their nature, size, complexity and/or volume of operations, as well as the financial products and/or services offered and their target audience. To this end, they must send to the Superintendency a report supporting the reasons for the request and the reasons why they consider that the provisions contained in the Regulation, which are not part of the Special Regime Regulation, do not apply to them. The Superintendency may require compliance with additional provisions based on the evaluated aspects. This does not limit that, if in the exercise of its supervision powers, the Superintendency determines that the granted authorization is not consistent with the company's operations or the situation that originated it becomes non-existent, it may leave the application of the Special Regime without effect. Sixth.- Treatment of clients with temporary difficulties for the payment of credits within the framework of a declaration of a state of emergency 53 Companies may make contractual modifications of credits within the framework of a declaration of a state of emergency. Companies that have made unilateral modifications, or that plan to make modifications by agreement with users regarding the contractual conditions of credits granted to clients who present or may present temporary delays in their payments, according to the provisions issued by the Superintendency within the framework of a declaration of a state of emergency and others that are applicable, must establish policies and procedures for the treatment of said clients and offer alternatives consistent with their financial situation and payment capacity. Such treatment is part of the credit administration service and collection management and, therefore, an essential and/or inherent service to credit, as stated in Article 17 of the Regulation. The minimum aspects that companies must implement for the treatment of clients mentioned in the previous paragraph are detailed in Annex No. 6. The justifications for the implementation of these aspects must be available to this Superintendency. In the case of contractual modifications within the framework of a declaration of a state of emergency, other than those cited in the first paragraph, such as refinancings, companies will endeavor to establish policies and procedures similar to those previously mentioned. Seventh.- Offer of credit cards without membership fees 54 Companies that issue credit cards must have within their portfolio of credit cards, at least one that does not include within its conditions the charging of membership fees. Companies must inform users about the existence of the credit card without membership fees, prior to the contracting of any credit card, and must
keep the support for compliance with this obligation. 52 Substituted by Resolution SBS No. 2304-2020, effective from 23.10.2020 53 Provision incorporated by Resolution SBS No. 1870-2020 of 29/07/2020 54 Provision incorporated by Resolution SBS No. 1870-2020 of 29/07/2020

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 These cards must allow access to payment networks and infrastructure, including the consumption of goods and services, without this implying the charging of membership fees, as these are essential or inherent services. Likewise, companies offer the services associated with these cards as established in the Credit and Debit Card Regulation. Eighth.- Credit life insurance 5556 In the case of the commercialization of credit life insurance, regardless of whether it is a condition for contracting, companies must observe the following: 57

1. Companies must present to the user at least one alternative of credit life insurance with surrender or refund value, in accordance with the provisions of Article 126 of the Insurance Contract Law, Law No. 29946, which will be freely chosen by the user.
2. Companies must inform users about their right to endorse a life insurance policy and the procedure to access this, prior to the offer of the insurance, and must keep the support for compliance with this obligation.
3. When the user presents an endorsement request and it is rejected, companies must communicate this fact and the associated reason to the user, through direct communication means, within twenty (20) days following the presentation of the request with complete documentation.
4. Companies are prohibited from establishing commissions or expenses related to the choice of a credit life insurance or the endorsement of a life insurance when the user opts to contract it with an insurance company different from the one offered by the company, including among others, the commissions or expenses corresponding to management associated with the evaluation of the credit life insurance policy.
5. The credit life insurance offered by companies must contain only the main coverages of death and total and permanent disability, whose validity period must not exceed the term of the credit.
6. Regarding credit life insurance with surrender or refund value, in addition to what is stated above, this must consider as a main coverage survival.
7. If the company offers other coverages other than credit life insurance, these must be optional and require being presented through additional policies or clauses; likewise, their contracting must be carried out independently from the contracting of the credit life insurance and the credit product, for which the express consent of users for each product or additional coverage is required, and the company must safeguard the corresponding support for said consent.
8. Companies must calculate the charge for credit life insurance proportionally to the amount of the outstanding debt balance. In the case of revolving credits, said charge must be proportional to the average of the daily debtor balances of the user's billing period, applying the following methodology:
   SDp = ( )
   Premium = Rate * SDp
   55 Provision incorporated by Resolution SBS No. 1147-2021, effective from 18/04/2021, except items 1, 5, 6, 7 and 8 effective from 12.04.2022; item 4 is effective from the validity of Law No. 31143, on 19/03/2021.
   56 Title modified by Resolution SBS No. 890-2025 of 12/03/2025, effective from 09/09/2025.
   57 Paragraph modified by Resolution SBS No. 890-2025 of 12/03/2025, effective from 09/09/2025.
   58 Item modified by Resolution SBS No. 3240-2023 of 03/10/2023, effective from 02/04/2024.
   59 Item modified by Resolution SBS No. 3240-2023 of 03/10/2023, effective from 02/04/2024.

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SDi: Debtor balance of day i
N: Number of days of the billing cycle
SDp: Average of daily debtor balances
Rate: Percentage determined by the insurance company
9. The charge for the commercial premium of a credit life insurance on a credit product can only be demanded in a single sum in the currency in which said credit product was agreed, regardless of its conditions. 60
Companies must publish on their web page the information of the commercial premium of the credit life insurances they commercialize, indicating the charge for commercialization and/or brokerage commissions, if applicable. This information must be sent through the Report of Commissions and Main Expenses applied by companies of the Financial System, approved by Resolution SBS No. 2998-2024. 61 Ninth.- Development of internal policies and procedures for the attention of persons with disabilities 62 Companies must develop internal policies and procedures for the attention of persons with disabilities in order to ensure that they can access and use all channels made available by the companies. These policies and procedures must consider, among others, the exemption of charges for carrying out operations at the counter if this is the only accessible alternative that the person with disabilities has to carry out their financial operations.

TRANSITORY COMPLEMENTARY PROVISIONS
First.-
63 For those clients who before the validity of the Regulation accessed the periodic information indicated in paragraph 54.1 through physical means, companies must make their attention channels available, considering at minimum the public attention offices, the telephone line and/or the web page, so that clients communicate their email and consent for the sending by said means and/or the making available by other electronic means of said information, in order to comply with what is established in paragraph 54.2 of the Regulation. Companies must keep a record of the communication made by the client. Second.- 64 The provisions established in the Eighth Final Complementary Provision of this Regulation apply to new contracts and renewals of credit life insurance from the end of the adaptation period established in Resolution SBS No. 1147-2021, except item 4 whose application is immediate from the validity of Law No. 31143 to all existing contracts. Companies must communicate to users the adaptation to the new conditions of the aforementioned credit life insurance, once effective, using direct means, in addition to those indicated in paragraphs 51.3 and 51.4 of Article 51 of this Regulation. 60 Item incorporated by Resolution SBS No. 890-2025 of 12/03/2025, effective from 09/09/2025. 61 Paragraph incorporated by Resolution SBS No. 890-2025 of 12/03/2025, effective from 09/09/2025. 62 Provision incorporated by Resolution SBS No. 890-2025 of 12/03/2025, effective from 09/09/2025. 63 Provision incorporated by Resolution SBS No. 3966-2018 of 11/10/2018. 64 Provision incorporated by Resolution SBS No. 1147-2021 effective 18/04/2021.

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Article Two.- Through resolution, the administrative procedures referred to the request to have a non-exclusive market conduct officer and the request for exemption from compliance with the obligations contained in the Market Conduct Management Regulation for the Financial System will be incorporated into the Single Text of Administrative Procedures – TUPA of the Superintendency of Banks, Insurance and Private Pension Fund Administrators, approved by Resolution SBS No. 3082-2011, in accordance with what is established in the Regulation of Law No. 29091, approved by Supreme Decree No. 004-2008-PCM.
Article Three.- Any reference to the Regulation of Information Transparency and Contracting with Users of the Financial System, in the norms issued by this Superintendency, is replaced by the Market Conduct Management Regulation for the Financial System, approved by Article One of this Resolution.
Article Four.- Modify the Accounting Manual for companies of the financial system, approved by Resolution SBS No. 895-98 and its modifying norms, with the aim of incorporating the following analytical sub-account in Chapters III "Chart of Accounts" and IV "Description and Dynamics of Accounts":
5202.30 Credit cards
Article Five.- Modify Article 11 of the Credit and Debit Card Regulation, according to the following terms:
"Article 11.- Making available or sending and receiving of the statement of account and complaint procedure Companies must send or make available to credit card holders the statement of account, at least monthly, through electronic means (by presenting this information through the web page, email, among others). Customers may request that the statement of account be sent through physical means (delivery to the address indicated by the customer), for which companies must keep a record that allows accrediting this decision. Companies must comply with this requirement in a period not less than five (5) business days prior to the maximum payment date. If holders do not receive the statements of account in a timely manner, they have the right to request them from the companies and these have the obligation to provide a copy of these, under the conditions established in the contracts, even in those cases where the non-sending was due to what is provided in the following paragraph. Companies and holders may agree that the statement of account is not sent or made available, in the following cases:

1. When there is no debtor balance.
2. In case of non-payment, the obligation of companies to send statements of account ceases, provided that four (4) consecutive months of non-payment have passed. Companies and holders may agree on a period shorter than the one mentioned above.
   Holders may observe the content of the statements of account. This does not negate the rights of holders established in the current legal framework to go to the corresponding administrative, judicial and/or arbitral instances."

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Article Six.- Within a period that must not exceed sixty (60) days from the date of publication of this Resolution, companies must send to this Superintendency an adaptation plan to the provisions of the Market Conduct Management Regulation for the Financial System. This plan must include the following maximum adaptation deadlines, counted from the validity of the Regulation:

1. Three hundred sixty (360) days counted from the date of publication of the resolution, to comply with the provisions of:
   a) Article 25 on information about active products b) Article 26 on information about passive products c) Article 43 on guidelines for the presentation of formulas and simulations
2. One hundred eighty (180) days counted from the date of publication of the resolution, to comply with the provisions of:
   a) Item 5 of Article 20 of the Regulation. b) Title II of the Regulation This plan must include the actions foreseen for total adaptation and their schedule, as well as the officials responsible for compliance with this plan and the sending of bimonthly reports to the Superintendency.
   Article Seven.- Articles One to Five of this Resolution enter into force on November 1, 2017, on which date the Regulation of Information Transparency and Contracting with Users of the Financial System, approved by Resolution SBS No. 8181-2012 and its modifying norms, as well as Circular B- 2197-2011, EAF-247-2011, F-537-2011, EAH-12-2011, EF-6-2011, EDPYME-140-2011., CR-253-2011, CM-385-2011- Application of prudential norms according to article 85 of the Code of Protection and Defense of the Consumer, are repealed, except for what is provided by Article Six on adaptation, during the indicated period.
   Register, communicate and publish.
   SOCORRO HEYSEN ZEGARRA
   Superintendent of Banks, Insurance and
   Private Pension Fund Administrators

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ANNEX No. 1
CALCULATION OF THE ANNUAL EFFECTIVE COST RATE FOR ACTIVE PRODUCTS UNDER THE INSTALLMENT SYSTEM To homogenize the calculation of the annual effective cost rate, the following formula must be applied:
= ( 1+ ) −1 k a t i i
Where:
ia : Annual effective cost rate. it : Effective cost rate corresponding to the installment payment period (monthly, quarterly, semi-annual, etc.) k : Number of installments in a year.
The effective cost rate corresponding to the installment payment period (it) is that which allows equalizing the present value of all installments with the amount effectively granted as a loan to the client.
The installments include all concepts indicated in the Regulation.

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ANNEX N° 1–A
CALCULATION OF THE EFFECTIVE ANNUAL COST RATE (TCEA) FOR ACTIVE PRODUCTS UNDER THE REVOLVING SYSTEM To provide comparative information in active products under the revolving system, the calculation of the applicable TCEA for the revolving component must consider the following parameters:

1. Consumption of S/ 1000, if the currency of the credit line is in Soles, or US$ 300, if the currency of the credit line is in US Dollars, assuming that the account does not have prior debt. No other consumption or movement of the credit line should be considered.
2. Maximum Effective Annual Rate (TEA) applicable to the credit line, which is in effect at the time of calculating the TCEA or, in the case of a credit card, the maximum TEA applicable to purchases of goods and services under the revolving modality, according to the current tariff schedule. Regarding credit cards, and for the purposes of this calculation, rates applicable to cash withdrawals or purchase of debt from other entities, or other special rates managed by the company, will not be considered.
3. Term of 12 months. The consumption must be considered as having occurred up to 30 days before the corresponding billing closing.
4. Monthly installments with the values of the minimum payments resulting from adding the applied capital balance multiplied by a revolving factor of 24, interest, commissions, and expenses. Minimum thresholds of S/ 30, if the currency of the credit line is in Soles, or US$ 10, if the currency of the credit line is in US Dollars, must be considered for the capital amortization component of the minimum payment in each currency. In installment No. 12, the total debt must be cancelled.
5. Commissions and expenses applicable under the assumption of compliance with monthly installment payments, excluding from the calculation in all cases those corresponding to customer requests (such as the cost of sending statements via physical means). On credit cards, the annual membership fee must be considered in installment No. 12. 65
   Regarding the calculation of the TCEA for the non-revolving component (installments), the following parameters must be considered:
6. Amount of credit or consumption equal to S/. 1000, if the currency of the credit line is in Soles, or US$. 300, if the currency of the credit line is in US Dollars, assuming that the account does not have prior debt. No other consumption or movement of the credit line should be considered.
7. Maximum Effective Annual Rate (TEA) applicable to the credit line that is in effect at the time of calculating the TCEA or, in the case of a credit card, the maximum TEA applicable to purchases of goods and services under the installment scheme, according to the current tariff schedule. Regarding credit cards, and for the purposes of this calculation, rates applicable to cash withdrawals nor for purchase of debt from other entities, or other special rates managed by the company, are not considered, unless it is a specific example of such type of financing.
8. Term of 12 months. The consumption must be considered as having occurred 30 days before the corresponding billing closing.
9. Constant monthly installments.
10. Commissions and expenses applicable under the assumption of compliance with monthly installment payments, excluding from the calculation in all cases those corresponding to customer requests (such as the cost of sending statements via physical
    65 Numeral modified by Resolution SBS N° 3966-2018 of 11/10/2018

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 means). On credit cards, the annual membership fee must be considered in installment No. 12. 66 66 Numeral modified by Resolution SBS N° 3966-2018 of 11/10/2018

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ANNEX N° 2
CALCULATION OF THE EFFECTIVE ANNUAL YIELD
To calculate the Effective Annual Yield Rate (TREA), the initial deposit amount must be considered as 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 the Regulation, assuming that during said term there are no additional transactions to the opening of the account. Regarding deposits in other currencies, the Superintendency communicates through a 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, said minimum opening amounts must be employed for the purpose of the example. Additionally to the example, for savings accounts, the minimum equilibrium balance must be indicated. To homogenize the calculation of the effective annual yield rate, the deposit balance schedule must be generated considering the following procedure:
11.The initial deposit amount is taken as the initial amount for the first period (MI1).
12.Interests corresponding to the first period (I1), as well as total commissions and expenses applicable in that period (C1), are calculated.
13.The final amount for the first period (MF1) is calculated using the following formula:
MF1 = MI1 + I1 - C1
14.The final amount for the first period is considered as the initial amount for the second period (MI2).
15.Steps 2, 3, and 4 are repeated, taking into account the corresponding period, as many times as there are interest payment periods or commission and expense charging periods for the deposit, until reaching the final amount in the last period (MFT), where “T” represents the last period.
16.The TREA is equal to:
TREA = (MFT / MI1)^(P/T) - 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 is considered for the calculation (T = 12, P = 12)

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ANNEX N° 3
EXAMPLES OF CHARGES THAT DO NOT MEET THE REGULATION'S CRITERIA TO QUALIFY AS COMMISSIONS OR EXPENSES.
The charges indicated below, by way of example, do not meet the criteria established in the Supplementary Law to the Consumer Protection Law in Matters of Financial Services and in the Regulation to qualify as commissions or expenses and cannot be incorporated into the contractual forms used by companies nor charged to their users:

1. Charges for maintenance or administration of inactive accounts. An account is considered inactive when there has been no movement by the user or third parties for a period greater than twelve (12) months, or when during six (6) months its balance has been lower than the minimum established by the company.
2. Charges for issuance and/or preparation of credit card statements or periodic information required by customers according to article 54 of the Regulation or similar charges.
3. Charges for making available or sending credit card statements through electronic means.
4. Charges for making available or sending periodic information required by customers according to article 54 of the Regulation, when the client has chosen to receive information through electronic means.
5. Charges charged to the person in whose favor the check is drawn for its return when it has been poorly drawn or lacks fund provision, provided that they are checks corresponding to accounts within the same company.
6. Charges for disbursement of credit.
7. Charges for cash withdrawal in the case of credit cards.
8. Charges for credit evaluation.
9. Charges for inquiries made to risk centers, as part of the client's credit evaluation.
10. Charges for processing complaints and for complaints declared inappropriate or unfounded (dismissed).
11. Charges other than default interest, for payment of obligations outside their due date, such as penalties, among others.
12. Charges for issuing and delivering the first certificate of no debt for the cancellation of credit, for credit products operating through the installment system or total payment and contract resolution in the case of revolving credits.
13. Charges and management associated with the evaluation, constitution, and administration of guarantees in those products conditioned on their constitution, such as mortgage, vehicle, pledge, among others.
14. Management to proceed with the lifting of guarantees, such as the preparation and delivery of the clause or document necessary for this, including those conditioned on the payment of the obligation.
15. Charges for remittance of deposits to the deposit insurance fund within the framework of what is provided by current regulations.
16. Charges for issuing and delivering the certificate of the debtor's credit situation, when the company has made an erroneous report to the risk center.
17. Charges for early cancellation or prepayments of credits in total or partial.
    67 Numeral modified by Resolution SBS Nº 3748-2020 of 10/12/2021.

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18. Charges on passive accounts when their opening is established as a requirement to carry out charges related to the payment of any active product.
19. Charges for excess use on the credit card line.
20. Charges for the administration of credits under the revolving system.
21. Charges associated with the receipt or management of banknotes and coins, such as counting, centralization, verification, transport, vault custody, among others, within the framework of a financial operation.
22. Charges for access and management associated with the treatment of clients with temporary difficulties in paying credits within the framework of a declaration of state of emergency.
23. Charges for evaluation, administration and/or management of endorsed policy, in the case of credit life insurance, regardless of whether it is or is not a condition for contracting.
24. In banking companies, interbranch charges for withdrawing cash through an ATM of the own bank or at service counters in a locality different from the city where the bank account was opened. 71
25. Charges linked to financial advice linked to the offer, marketing or execution of a contract of financial products or services. 72
26. Charges for carrying out operations at the counters of financial system companies when such operations are carried out by persons with disabilities and who due to that condition are prevented from using a different channel. 73
27. In the company holding the credit, charges for the payment of credit obligations that are made through channels put at the disposal of users 74
The Superintendency may incorporate other charges that do not meet the criteria established by current regulations, which will be published on its website: www.sbs.gob.pe 68 Numeral incorporated by Resolution SBS Nº 1870-2020 of 29/07/2020 69 Numeral incorporated by Resolution SBS Nº 3748-2020 of 10/12/2021. 70 Numeral modified by Resolution SBS Nº 890-2025 of 12/03/2025, effective from 09/09/2025. 71 Numeral incorporated by Resolution SBS Nº 3748-2020 of 10/12/2021. 72 Numeral incorporated by Resolution SBS Nº 3748-2020 of 10/12/2021. 73 Numeral incorporated by Resolution SBS Nº 890-2025 of 12/03/2025, effective from 09/09/2025. 74 Numeral incorporated by Resolution SBS N° 1741-2026 published on 02/07/2026, effective from 27/06/2027

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ANNEX 4
INFORMATION REFERRED TO BENEFITS, RISKS AND CONDITIONS OF THE FINANCIAL PRODUCT a. Passive products:
Considering for such effect the characteristics of the offered passive product, information related to the following must be published – as appropriate –:
− Coverage of deposits by the Deposit Insurance Fund, considering for such effect what is provided by the regulatory framework and the manner in which coverage proceeds according to the General Law.
− Measures that the user must adopt to preserve the security of the payment medium, if applicable.
− Limits that, if applicable, are established to operations executed through that payment medium.
− Channels for the presentation and attention of: (i) information requests in the event of the death of the account holder; and, (ii) requests for contract termination.
− In applicable cases, reference to the manner in which currency conversion to that agreed in contracts is determined.
− Others at the company's discretion. b. Active products:
Considering for such effect the characteristics of the offered active product, information related to the following must be presented – as appropriate –:
− Limits that, if applicable, are established to operations executed through that payment medium.
− Measures that the user must adopt to preserve the security of the payment medium, if applicable.
− Requirements established for the user to contract insurance directly or through an insurance broker.
− Channels for the presentation and attention of: (i) information requests in the event of the death of the account holder; (ii) requests for contract termination and (iii) advance payments.
− Requirements to request the issuance of the clause or document necessary to proceed with the lifting of guarantees, including those conditioned on the payment of the obligation.
− Differences between advanced payment and advance payment and the rights that clients have to require their application and the manner in which this proceeds.
− In applicable cases, reference to the manner in which currency conversion to that agreed in contracts is determined.
− Others at the company's discretion.
The Superintendency may update this list incorporating other information, which must be published on its website: www.sbs.gob.pe

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ANNEX N° 5 75
ABUSIVE PRACTICES IN THE FINANCIAL SYSTEM
The practices indicated below, among others determined by the Superintendency, do not meet the criteria established in the Market Conduct Management Regulation of the Financial System as they are considered abusive and, therefore, cannot be applied by companies:

1. In the case of the credit card product:
   1.1. Charging more than one charge for failure to pay per billing cycle and card, regardless of the nature of the charge.
   1.2. Charging the annual membership fee before the validity year of the service associated with the credit card is completed.
   1.3. Modifying the amount of the annual membership fee or the conditions for its exemption, before the end of its validity, unless it is more beneficial for the client.
   1.4. Differentiated treatment, regarding the charging of interest, between revolving operations and single-installment operations, when they are paid within the due date of the statement for the period.
   1.5. Limitations or restrictions, including prior payment of the debt, to migrate to another credit card, including that card without annual membership fee.
2. Charging charges for replacement of credit and/or debit cards that have been retained, annulled or blocked for causes attributable to the company.
3. Requiring the replacement of the credit or debit card, as applicable, for the cancellation of the product and/or contract termination.
4. Conditioning the contracting, modification or termination of a financial product or service, to the contracting of an additional product or service, when this does not correspond to the nature of the product or service.
5. Regarding the treatment of clients referred to in the Sixth Supplementary Final Provision of the Regulation, those that imply limitations and/or conditions for access to the treatment that are not in accordance with the company's policies and procedures.
6. 7677In the case of credit life insurance, regardless of whether it is or is not a condition for contracting a credit product:
   6.1 Those practices that condition the granting of credit to the contracting of said insurance, except in mortgage credits for housing.
   6.2 Those practices that condition the contracting of said insurance to the subscription of any coverage other than the main ones.
   6.3 Charging the commercial premium without considering a single sum and in the currency in which the credit was agreed.
   6.4. Not informing the user of the total charges associated with marketing, i.e., those generated since the celebration of the contract, related to the evaluation, placement, administration of insurance, collection of premium amounts and any other related to the sale and maintenance of insurance; as well as the existence of bonuses, prizes, profits or other benefits in favor of insurance brokers and/or marketers, mentioning the variables that influence their determination.
   75 Annex incorporated by Resolution SBS Nº 1870-2020 of 29/07/2020 76 Provision incorporated by Resolution SBS Nº 1147-2021 effective 18/04/2021.
   77 Numeral substituted by Resolution SBS Nº 890-2025 of 12/03/2025, effective from 09/09/2025.

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7. Conditioning the endorsement of a life insurance in place of credit life insurance, regardless of whether it is or is not a condition for contracting, to the payment of life policy premiums in advance, to requiring the lending company as the sole beneficiary, as well as delaying the attention of endorsement requests. 78
78 Numeral incorporated by Resolution SBS Nº 890-2025 of 12/03/2025, effective from 09/09/2025.

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ANNEX N° 6 79
TREATMENT OF CLIENTS WITH TEMPORARY DIFFICULTIES IN PAYING CREDITS IN THE FRAMEWORK OF A DECLARATION OF STATE OF EMERGENCY

1. Companies must implement policies and procedures approved by the Board of Directors, for the treatment of clients referred to in the Sixth Supplementary Final Provision of the Regulation, covering at least the following aspects:
   1.1 Communication with clients:
   1.1.1 Establish communication strategies, in order to inform clients about the following aspects according to the type of contractual modification applied:
   a) For the case of unilateral modifications without prior notice to the client due to prudential norms, changes in the contract and the new payment schedule; as well as the procedure and deadline for the client to request reversal or an evaluation of the credit in order to obtain a different payment structure, if deemed appropriate. b) For the case of modifications by agreement with users, beforehand, companies must inform about the available treatment options, as well as the procedure and deadlines for clients to present their credit evaluation request.
   1.1.2 In communications sent to clients and/or information made available to them, companies must:
   a) Ensure that they are carried out in accordance with what is established in their policies and procedures. In the case of unilateral contractual modifications without prior notice to the client, within the deadline established in paragraph 41.4 of article 41 of the Regulation. b) Use clear, simple language adjusted to the particular situation of the client. c) Employ direct communication means agreed upon and/or made available for the client. d) Leave a record of their sending and/or availability, and that it is verifiable.
   1.1.3 In case the client does not present a request for reversal or credit evaluation, as applicable and within the deadlines established by the company, the following aspects of this Annex are not mandatory.
   1.2 Request and evaluation of client information
   1.2.1 Establish easy-access channels for receiving and attending to requests presented by clients, according to the company's policies and procedures.
   1.2.2 Credit evaluation must be carried out according to the client profile and in accordance with the policies and procedures established by the company, in order to offer each client alternatives for changing the contractual conditions of the credit, which adjust to their characteristics and financial situation.
   79 Annex incorporated by Resolution SBS Nº 1870-2020 of 29/07/2020

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1.2.3. From the receipt of the client's application with the complete documentation required by the company according to its policies and procedures, and while its evaluation is being carried out, companies cannot apply default interest, penalties, or additional commissions and expenses associated with the accrued and pending payment amount.
1.2.4. The deadline established for the attention of the application, and delivery and/or making available of the proposal by the company, if applicable, cannot exceed seven (07) days from the receipt of the client's application with the complete documentation in accordance with the company's policies and procedures. If the client does not qualify for the next stage of analysis of alternatives, the company must communicate this decision to the client within the same deadline.
1.3 Analysis of alternatives and selection
1.3.1. Grant each client contractual modification alternatives for credit, adequate to their needs and based on the result of the evaluation of their application, which could consider the following alternatives, non-exhaustive, based on their own policies and procedures:
a) Temporary or permanent reduction of interest rates b) Forgiveness of overdue interest, commissions, or expenses c) Postponement of installments or their pro-rata in subsequent periods d) Extension of the credit term in order to reduce the amount of periodic installments e) Others established by the company
1.3.2. Provide the client with information and guidance regarding the characteristics, benefits, risks, and conditions of the application of each alternative, in order for them to make an informed decision.
1.3.3. Establish easy-to-access channels so that the client can communicate the chosen contractual modification alternative for credit or the rejection of the alternatives presented by the company.
1.3.4. The deadline granted by the company to the client to communicate their decision cannot be less than seven (07) days for mortgage loans and five (05) days for other types of credits. Companies must obtain the client's consent and record their acceptance according to the conditions established in paragraph 49.1 of Article 49 of the Regulation.
1.3.5. The delivery and/or making available of the document containing the new agreed conditions, including the consequences for non-payment and for not contacting the financial entity or not responding to its communications, must be carried out through the means and deadlines established in paragraphs 49.2 and 49.3 of Article 49 of the Regulation. In the case of the credit card product, the information may be sent via the corresponding statement for the current billing cycle.
1.4 Periodic follow-up and monitoring:

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1.4.1 In the event of identifying new temporary difficulties for the client to pay the credit, companies may evaluate initiating a new contact with the client, following the provisions indicated in section 1.1 of this Annex.
1.4.2 Verify the adequate application of the policies and procedures approved by the company for the treatment of clients with difficulties in paying credits. In the event of identifying weaknesses, companies must carry out the corresponding corrective actions.
2. Companies must safeguard the justifications for the contractual modification alternatives for credit offered to the client, the communications made, the record of the client's choice, and the sending to them of the new agreed conditions, among other information.
3. Companies must make public information available regarding the access conditions to the aforementioned treatment of clients, as well as information about their procedures, at minimum, on their institutional website.
4. Companies must designate the areas and/or officials responsible for the implementation of the policies and procedures for the treatment of clients, as well as ensure that it has the human, technical, and logistical resources that allow compliance with the provisions regarding said treatment. Likewise, the Market Conduct Officer must evaluate and verify its correct implementation, in line with the functions and responsibilities established in Article 9 of the Regulation.
5. For cases where clients do not comply with their payment obligations and do not contact the financial entity, or do not respond to its communications, companies are not obligated to attend new requests for contractual modification of credits. Companies are obligated to inform clients about this, starting from the initial communication referred to in item 1.1 of this Annex.
6. Given the conditions of the state of emergency, the Superintendency may modify by general rule the deadlines established in the provisions of this Annex, and through a Multiple Letter, may establish complementary measures.