About Privacy N To Cra Credits Money Debtors

Original Language Title: SOBRE PROTECCIÓN A DEUDORES DE CRÉDITOS EN DINERO

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"(Artículo 1º.-Introdúcense las siguientes modificaciones en la ley Nº 18.010, que establece normas para las operaciones de crédito y otras obligaciones de dinero que indica: 1) (amended article 2 as follows: to) added, in the first subparagraph, the following final sentence:"Means interest rate of operation of credit money non-resettable, the relationship between the capital and interest calculated in the manner set out in this subsection."."

(b) add, in the second paragraph, the following final sentence: "Means interest rate a resettable credit, the relationship between the capital and interest calculated in the manner set out in this subsection.".

(2) replace, in the first paragraph of article 3, the phrase "financial company or savings and credit cooperative", by "compensation fund of family allowances, insurance company or savings and credit cooperative, or any other applicator of funds through money in massive way credit operations, as defined in article 31 of this law".

((3) Introducense the following amendments in article 6: to) replace, in the first paragraph, the phrase "Current interest is the average interest charged by banks and financial companies established in Chile", by the following: "Current interest rate is the weighted average amount of the rates charged by banks established in Chile,", and merge, then the end point , the following text: "whenever the Superintendency of banks and financial institutions, by virtue of the designated in this subsection, set new limits or modify existing ones must, by resolution established, characterize the considered credit segments, specifying the volume, current interest rates and regular interest rates of surrogate, and effective operations among other relevant aspects. When you create or modify a boundary, the SVS may use as reference to set the current rate of each segment of new or modified, the rate of one or a group of financial operations which, combined, achieve a profile of payments similar to that would be new or modified segment operations. In case of using such reference, must do so for a maximum period of twelve months can be extended only once. "."

(b) Insert, in the second paragraph, then of the expression "will be published", the following: "on the web site of the Superintendency of banks and financial institutions and".

(c) replace, in the fourth paragraph, the phrase "An interest that exceeds by more than 50% to the current governing at the time of the Convention can not be stipulated", by the following: "(No podrá estipular_se un interés que exceda el producto deel capital respectivo y la cifra mayor entre: 1) 1.5 times the current rate governing at the time of the Convention" (, según determine la Superintendencia para cada tipo de operación de crédito de dinero, y 2) the current rate governing at the time of the Convention increased by 2 percentage points per year ".

(d) delete the final clause.

(4) Agreganse the following articles 6 bis and 6 ter: "article 6 bis.-for those operations of credit money denominated in national currency non-resettable, by amounts equal or less than 200 units of development, by more or equal to ninety days, and not corresponding to those exempted by article 5 may not stipulate is an interest whose rate exceeds the rate of current interest governing at the time of the Convention for the operations of" (money credit denominated in non-resettable national currency for amounts greater than 200 and less than 5,000 units of building and more or equal to ninety days, increased by an additive term whose value will be of: i) 14 percentage points on annual basis, more than 50 units of building operations.

(ii) 21 percentage points on annual basis, in those operations in amounts equal to or less than 50 units of promotion.

A segment to each grouping of operations arising out of the distinction by the amount established in the previous paragraph is called. The Superintendent shall determine and publish the current rate of each designated segments and set them.

Also, the Superintendent shall be published quarterly interest rate average weighted by amounts, those operations covered by subparagraph first of this article whose payment mechanism consist of the deduction of respective contributions or capital, more readjustments and interests that apply to you, directly from the remuneration of the debtor or of the pension that have eligibility either under discount legal or conventional. The mentioned Superintendent may establish through regulations periodic information that should give banks and insert institutions of funds through money in massive way credit operations, as they are defined in article 31 of this law, in order to fulfill the task entrusted by this subsection.

In credit operations of money whose payment mechanism consist of the deduction of respective contributions or capital, more readjustments and interests that apply to you, directly from the pension may be entitled to receive the debtor, the conventional maximum interest that can be stipulated will be the current interest rate for operations in national currency not resettable for amounts greater than 200 and lower to 5,000 units of development and by instalments or greater than ninety days, increased by 7 percentage points on annual basis. Shall conform to the provisions of this subsection those operations whose payment be made through deductions made on the basis of prescribed by law Nº 18.833 and those whose origin is merely conventional, either: (i) existing between the pension paying entity and issuing a credit institution a Convention to make such deductions and provided that the discount has been authorized by pensioner , and (ii) to be the same entity paying of pension which acts as a creditor in the respective operation of credit money.

Article 6 ter-the maximum rate conventional to apply to credits arising in the use of credit by a previously agreed line of credit cards is set according to the maximum amount authorized for these operations at the Convention giving rise and time that has been agreed on it to make use of the Rotary or recast , as the case may be, and shall correspond to that existing at the time at which the respective interests accrued.

For purposes of determining the maximum conventional rate applied in the appropriations referred to in the preceding paragraph, means that changes in the agreed time or in the quota authorized for the respective line of credit made to the Convention which gives rise to the credit, or renovations which is done to this, constitute a new Convention.

For credit operations carried out in installments, the conventional to apply maximum rate will be set according to the amount and period of the respective transaction, and will correspond to that applicable at the time of be made the same.

Provisions of paragraphs first and second shall also apply to the lines of credit that have access to a bank account. "."

(5) Insert, in subparagraph first of article 8, then the word "Convention", the following sentence: "or at the time that accrued the respective interests in the case of operations referred to in subsection first article 6 ter".

(6) replace, in the third paragraph of article 10, the figure "20" ' 25".

(7) add the following article 19 bis: "article 19 bis.-in money lending operations denominated in non-resettable national currency for amounts equal to or less than 40 units of development, for terms equal to or greater than ninety days, and whose object is productive microfinance, it will be not considered as interest, as defined in the article 2º of the present law" , that part of the commissions stipulated by the concept of monitoring and evaluation of the referral credits, which do not exceed the down between 1.5 units of building operation and 20% of the amount of the respective operation at the date of granting.

For these purposes, means that they are lending to productive microfinance those intended for the financing of investment and working capital in projects or business activities from production or marketing of goods and services, which are developed by the debtor through a micro-enterprise or self-employment activities.
They be entitled to the benefits established in the first subparagraph, the money credit operations carried out by those credit institutions which, in any of the three immediately preceding calendar years, have fulfilled requirements referred to by the Fund for solidarity and Social investment to be executing one of the subsidy programs of transaction costs of productive Microcredit Fund manage. The foregoing, to the extent that, within the requirements, contemplating that at least 60% of the total number of money credit operations carried out by the lender during the year prior to the application calendar, has had as a debtor to natural persons who at the time of the operation formed part of the most vulnerable 50% of the population , or micro-businesses whose owner, Manager or constituent, main partner in its case, has fulfilled the condition before referred to, as determined by the instrument of socio-economic characterization referred to in article 5 of the law No. 20.379.

Those lenders that initiate productive microcredit granting activity shall benefit temporarily to the benefit set out in subsection first, whenever they publish on a permanent basis in their respective Web site information about the number of productive microfinance under the benefit that had been made in each month and the date of commencement of this activity. However, starting in the third year of granting of productive microcredit, the lender must comply with the requirement laid down in the preceding paragraph. Otherwise, means that the institution has not enjoyed the benefit during the elapsed time.

Before concerned lenders shall be published in permanent form on their Web site and in the forms that use to promote their products, the circumstance of being welcomed to the benefit referred to in this article, indicating the limit and maximum amount of fees that are authorized by law to charge for the services of monitoring and evaluation of the project not computed at the interest rate of the operation of credit to agree, without prejudice to the other obligations of information and transparency which they are entitled. "."

(8) add, in article 30, the following paragraph third, again, passing the current third paragraph to be fourth: "in those credit operations of money whose capital is equal to or less than 200 units of building under any circumstances cannot be enforceable obligation in advance, but once completed sixty consecutive days since the debtor incurs mora or simple delay in payment. This exception also applies to credit operations of money with mortgage of housing whose capital is equal to or less than 2,000 units of promotion. All Pact in contravention of this provision shall be taken by unwritten. "."

(9) Insertanse the following items 31, 32, 33, 34, 35 and 36: "article 31.-are institutions which placed funds through money lending massively those which, having carried out transactions that are subject to a maximum conventional rate during the previous calendar year, to comply with the conditions and requirements established by Supreme Decree of the Ministry of finance" issued under the formula "by order of the President of the Republic" and signed, in addition, by the Minister of economy, development and tourism. That Decree may not establish requirements that imported sums total global annual amounts of credit operations of less than 100,000 units of development money or a number less than or equal to thousand annual operations, without prejudice to its respect set the global amounts should be determined for sets of related persons, as this term is defined in article 100 of law No 18,045. The designated institutions are subject to the supervision of the Superintendency of banks and financial institutions, exclusively in regards to compliance with provisions of this law and only in relation to the operations referred to in articles 6 bis and 6 ter, and notwithstanding paragraphs second and third of this article. This without prejudice to other functions and powers that other provisions of this Act grant the above-mentioned Superintendence.

The Superintendent shall require all institutions mentioned in this article, information of the operations subject to conventional maximum interest according to the provisions of this law, which is decoupled from data allowing identification of the respective debtor, with the periodicities and formats determined by means of a general rule, being able to distinguish between types of insert institutions of funds through the lending of money in massive way. This information shall also include any sum which, in periodic, sporadic form, or only once, receives or is entitled to receive from the debtor, the institution when it provides services for complex, complementary to the operation of credit money or acts different from such an operation. However, when the Superintendent detectare a possible breach of the provisions referred to in the first subparagraph, this may require information identifying the debtor, for the purpose of monitoring compliance with these standards. The Superintendent must establish and publish a bi-annual statistical compendium that summarizes the information gathered pursuant to this subsection.

In addition, on the basis of the information referred to in the previous paragraph, and using objective and comparable parameters, the Superintendent shall develop and publish, at least every six months, rates that allow the public to compare prices among the main products of credit money or linked to them than to acquire significant groups of individuals and companies in smaller size carried out by money lending operations identified in articles 6 bis and ter 6th. For this purpose, the Superintendent shall specify information that should give suppliers such credit institutions subject to the provisions of this article, the variables to be considered in each index, the periodicity of measurements, methodologies of support, the form of communication of results and other matters as it deems necessary for the performance of this function.

The Superintendent and the national consumer service may exchange information relating to the operations of credit of money affected the fulfilment of the provisions of this law and of the law No. 19.496, on protection of the rights of consumers, for which companies must sign an agreement for the exchange of information. For these purposes, the data shall deliver always dissociated holders referred to such data, and with full respect for the provisions of the law Nº 19,628, on protection of private life.

The internal revenue service shall notify the Superintendent, before 30 June of each year, according to the information available, the volume and number of operations as well as the identity of each one of the Insert institutions of funds which satisfy the conditions set out in subsection first. The Superintendency will annually produce payroll insert institutions of funds through money lending massively which will be subject to the provisions of this article during the next calendar year, and shall notify each of those institutions from the circumstance of being included in the aforementioned list before July 30 of each year.

Officials of the Superintendency of banks and financial institutions and any other person that, on the occasion of the provisions of this law, has had access to information referred to in this article, they shall maintain absolute reserve of the same and may not give it to inform third parties even after their duties have ceased. Violation of this prohibition shall be punished with the penalty specified in articles 246 and 247 of the criminal code.

Article 32.-The Superintendent must take the measures of internal organisation necessary precautionary reserve to control the proper use of the information collected in accordance with the provisions of the preceding article.

Article 33.-without prejudice to the application of the provisions in article 8 of this law and article 472 of the Penal Code, the institutions which placed funds through money lending massively that commit in violation of provisions of this Act, in relation to the operations referred to in articles 6 bis (, 6 ter or 31, or standards issued by the Superintendent pursuant to those provisions, may be made for part of this, one or more of the following penalties: 1) reprimand or censure.

(2) fines to up to 5,000 units of promotion. In the case of repeated infractions of the same nature, may apply a penalty of up to five times the amount previously expressed.
The specific amount of the fine referred to in number 2) precedent be determined founded appreciating the severity and consequences of the fact, the capital involved in the respective operations and if the offender has committed other infractions of any kind in the last twelve months. This circumstance will not be taken into account in those cases in which the repetition has determined itself single increase of the amount of the basic fine.

Prior to applying any of the sanctions provided for in this article, the Superintendent shall require a report of the entity involved, to which, moreover, may apply for remission of the precedents that it deems appropriate with respect to the fact or operations concerned. To do this, establish a maximum period of twenty working days, being empowered to impose respective sanctions in case of not receiving the background required in time and form.

Article 34.-the affected entity may claim of the application of the fine established in paragraph 2) of the preceding article or the amount the Court of appeals to his home within a period of ten working days counted since the Superintendent notifies its resolution by sending registered letter.

Once the claim is filed, the court give transfer to the Superintendent for ten working days and, evacuated the formality or charged for rebellion, the Court will issue a ruling without further recourse.

Then rendered the judgment of the Court, in the event that this confirm the sanction applied, or expiry of the period of subsection first unless the affected entity perform the relevant claim, must be the whole of the fine in the General Treasury of the Republic.

If the fine is not paid, the Superintendent can sue executively the offender with the letters at the competent civil court, accompanying copy of the resolution which applied the sanction or the judgment rendered in his case, which will be on its own merit Executive.

Article 35.-The SVS may not start a process aimed at applying fine an offender after three years of the fact or omission occurred or on the operation concerned.

Collection of a fine action prescribes within the period of one year since it became enforceable.

Article 36.-Laws currently in effect or that are handed down in the future, make reference to interest rates current, maximum interest conventional or conventional maximum interest rates, means that they make reference to the provisions of this Act. "."