SBS Resolution No. 1278-2020: Replacing Article Twelfth of SBS Resolution No. 5570-2019, which approved the Resolution amending the Credit and Debit Card Regulation and other legal provisions

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239 Lima, April 7, 2020

S.B.S. Resolution
No. 1278-2020

The Superintendent of Banking, Insurance and
Private Pension Fund Administrators
WHEREAS:
That, by SBS Resolution No. 5570-2019, the Resolution amending the Credit and Debit Card Regulation, approved by SBS Resolution No. 6523-2013, the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, approved by SBS Resolution No. 11356-2008, the Regulation for the Administration of the Overindebtedness Risk of Retail Debtors, approved by SBS Resolution No. 6941-2008, the Regulation for the Requirement of Effective Equity for Credit Risk, approved by SBS Resolution No. 14354-2009, among other legal provisions, was approved; That, the amendments introduced by the aforementioned resolution to the Credit and Debit Card Regulation have the objective of reinforcing security measures and safeguarding the rights of users of credit and debit cards, seeking that companies have adequate market conduct. For this purpose, among other aspects, certain mandates related to the contracting of additional financing associated with credit cards are established; That, in order to achieve due compliance with the aforementioned amendments, it has been considered necessary to establish new deadlines for financial system companies to adapt to the provisions of SBS Resolution No. 5570-2019; With the approval of the Deputy Superintendencies of Banking and Microfinance, Risks, Economic Studies, Market Conduct and Financial Inclusion, and Legal Affairs; In use of the powers conferred in numerals 7 and 9 of article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banking and Insurance, Law No. 26702 and its amending norms and in use of the exception established in numeral 3.2 of article 14 of the Regulation approved by Supreme Decree No. 001-2009-JUS; RESOLVES:

Los Laureles No. 214 - Lima 27 - Peru Tel.: (511) 6309000 Fax: (511) 6309239
Article One.- To replace Article Twelfth of SBS Resolution No. 5570-2019, as indicated below:
"Article Twelfth.- This Resolution enters into force on January 1, 2021, except as provided below:
i) Article Ninth, Tenth and Eleventh, as well as the changes applied to articles 6, 9 and 14 contained in numeral 1 of Article One of this Resolution enter into force on the day following their publication in the Official Gazette "El Peruano". ii) Numeral 2 of Article Two, numeral 2 of Article Four and Article Six, numeral 1.3 of Section II of Annex 1 of Article Five enter into force as of the information corresponding to the month of January 2020. Once the provisions of the second paragraph of articles 7 and 13, referring to the enabling and disabling of additional services to cards, as well as the amendments of numeral 4 of Article 16, referring to the notification service to users referred to in numeral 1 of Article One of this Resolution, enter into force, they are mandatory for companies with respect to new contracts that are signed and, for existing contracts, from the moment of card renewal."
Article Two.- This Resolution enters into force on the day following its publication in the Official Gazette El Peruano.
Register, communicate and publish.
SOCORRO HEYSEN ZEGARRA
Superintendent of Banking, Insurance and
Private Pension Fund Administrators