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LEGISLATIVE ASSEMBLY-REPUBLIC OF EL SALVADOR
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DECREE NO 350
THE LEGISLATIVE ASSEMBLY OF THE REPUBLIC OF EL SALVADOR,
CONSIDERING:
I.-That according to the provisions of Articles 101 and 102 of the Constitution, the economic order must essentially respond to principles of social justice,
which tend to assure all the inhabitants of the country, an existence worthy of the human being; and that the State has also, the responsibility of to guarantee economic freedom in what is not opposed to the social interest.
II.-That by Legislative Decree Number 221, dated January 23, 2013, published in Official Journal No. 16, Volume No. 398, dated 24 of that same
month and year, the Anti-Usura Law was issued, which aims to prohibit, prevent and punish usurious practices in order to protect the rights of property and the possession of persons and to avoid legal consequences,
economic and assets derived from all usurious practices.
III.-That the entry into force of the said Law, has generally allowed a gradual decrease in the statutory maximum rates. However, having
made a thorough analysis, it has been concluded that, in order to strengthen the aforementioned Law, it is necessary to issue the relevant reforms, to grant to the Central Bank of Reserve, Superintendence of the System Financial
and the Consumer Ombudsman, sufficient powers to better develop their privileges, in order to avoid abuses and excesses in the market.
FOR TANTO,
in use of their powers Constitutional and at the initiative of the deputies: Misael Mejia Mejia and Francisco Jose Zablah Safie; Deputies of the 2012-2015 Legislature: Jose Alvaro Cornejo Mena, Antonio Echeverria Veliz, and Douglas Leonardo Mejia Avilés.
DECRETA the following:
REFORMS TO THE LAW AGAINST USURY
Article 1.-Reform the second indent, and Three points at the end of Article 5 of the
as follows:
" For the purposes of this Law, it is considered to be a multi-purpose microcredit, which is granted,
to natural or legal persons, through the application of appropriate technologies for the granting and administration of the credit process, which must contain at least: (a) Procedures and forms for the lifting of the financial information through its staff, in the business and/or domicile of the applicant or the applicants, allowing the analysis of the payment capacity;
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information that hints of the morality of the or the applicants; and b) Procedures and policy of raising the loan in the business and/or domicile of the debtor. "
" To refunding and restructurings of credits, they will be applied to the permitted maximum legal effective rate corresponding to the segment to which the original credit belonged.
retroventa, jointly or separately granted, on movable or immovable property and loans with collateral or other operations,
payable at maturity, within a period of less than one year, made by pawn, montepios or similar, they may not exceed the maximum legal effective rate of the Consumer Credit Segment for Natural Persons without Discount Order of up to 12 Urban Minimum Wage of Commerce Sector
and Services.
Legal persons will be required to have internal policies, containing
guidelines specific, for the segmentation of your credit portfolio, as set out in this Law. "
Article 2.-Reform the second, third, fourth and sixth, of Article 6, as follows:
" For these purposes, the Central Reserve Bank shall take into account the effective interest rates of the operations of the credit contracted in the months of December to May, and from June to November. Effective interest rates should be reported by the following financial market entities:
banks, cooperative banks, cooperative societies and associations of savings and credit, associations and non-profit foundations which grant credits. For the purposes of calculating the simple average effective interest rate, for micro-credit segments targeting micro-enterprises established in
this Law, the information to be provided shall be further considered. part of the non-profit associations and foundations, savings and credit societies, cooperative societies and associations of savings and credit, credit banks and workers ' banks.
Natural or legal persons not included in the the previous paragraph, such as commercial houses, goods or services traders and in general to any subject or entity that provides money or grants
financing, including the so-called pawn houses, montepios or the like, shall submit to the Central Reserve Bank the information of its credit activity so that it is taken into account when establishing the effective interest rates that will serve as a benchmark to determine the maximum interest rates
, and should be used for the calculation of such interest rates, the methodology outlined in the issued by the Central Reserve Bank.
The entities must refer to the Central Bank of Reserves the effective interest rates and amounts of credit operations, from the months of December to May and from June to November, in the first five working days of the months of June and December, respectively. The Central Bank of
Reserve will inform who is appropriate of the non-compliance in this matter. "
" The Central Reserve Bank shall issue the rules for determining the methodology, structure of the databases, operations and information to be included, the conditions for the referral of the information;
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as well as the guidelines necessary for the implementation of this Law and the mechanisms for which non-regulated natural and legal persons will be required to register with the Central Reserve Bank for
purposes of incorporating the information of their credit activity as dictated by this Act. The Central Reserve Bank is empowered to exclude from the calculation, information that does not comply with this Law, rules and manuals that it issues. "
Article 3.-Reform Article 8, as follows:
" Art. 8.-The Central Reserve Bank should make known in the first ten working days of the months of June and December, the maximum legal interest rates, differentiated by credit rates
and contracted amounts, according to the Article 5 of this Law, by means of its electronic page and by publication in two national circulation newspapers. "
Article 4.-Reform the acapite and article 9, as follows:
" Vigency of Legal Maximum Interest Rates
Art. 9.-The maximum legal interest rates, once published, will take effect from January 1 to June 30; and from July 1 to 30 and 1 December. "
Article 5.-Reform the first paragraph and add a final paragraph to Article 12 of the following
way:
" When dealing with entities monitored by the Superintendence of the Financial System, the
defaults According to the Law on Supervision and Regulation of the Financial System, it will be sanctioned by the latter, with the procedures that it indicates. The other subjects required to comply with this Law, will be sanctioned by the Consumer Ombudsman, through the procedure established in the Law
of Consumer Protection, considering in this case that the lack of registration in the Central Reserve Bank and usury constitute very serious infractions. Have the Central Reserve Bank empowered to report to the Consumer Ombudsman, when it becomes aware of any of these violations,
for the purpose of initiating the respective sanctioning administrative procedure. The Consumer Protection Office may verify the compliance of the Law and its regulations, on the part of the non-supervised creditors, and may require the support of other entities such as the Superintendence of Obligations
Instituto El Salvador de Fomento Cooperativo. "
" Additionally, the Superintendence of the Financial System and the Consumer Ombudsman,
will sanction supervised or unsupervised creditors, as appropriate, with a fine of up to fifty Urban Minimum Wage Sector Trade and Services, when they do not refer the information of their credit activity or are inaccurate in accordance with the technical and manual standards issued by
the Central Reserve Bank. "
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Article 6.-TRANSIENT DISPOSITION
The calculation of the maximum legal rates of the the first half of two thousand sixteen, shall be made in the first five working days of the month of July of the current year, and its publication shall be carried out within ten working days of the same month, taking into account the information submitted by the creditors,
for the months of January through May of two thousand sixteen. These rates will be in effect from one August to thirty-one in December of two thousand sixteen.
The Central Reserve Bank will have a period of sixty days, starting with the current reforms, to adjust the technical standards in the relevant.
Article 7.-This Decree shall enter into force eight days after its publication in the Official Journal.
GIVEN IN THE BLUE HALL OF THE LEGISLATIVE PALACE: San Salvador, at twenty-one day of the month
April of the year two thousand sixteen.
LORENA GUADALUPE PEÑA MENDOZA,
PRESIDENT.
GUILLERMO ANTONIO GALLEGOS NAVARRETE, ANA VILMA ALMASEZ DE ESCOBAR, FIRST VICE PRESIDENT. SECOND VICE-PRESIDENT.
JOSÉ SERAFIN ORANTES RODRÍGUEZ, NORMAN NOEL QUIJANO GONZÁLEZ, THIRD VICE-PRESIDENT. FOURTH VICE-PRESIDENT.
SANTIAGO FLORES ALFARO,
FIFTH VICE PRESIDENT.
GUILLERMO FRANCISCO MATA BENNETT, DAVID ERNESTO REYES MOLINA, FIRST SECRETARY. SECOND SECRETARY.
MARIO ALBERTO TENORIO GUERRERO, REYNALDO ANTONIO LÓPEZ CARDOZA, THIRD SECRETARY. FOURTH SECRETARY.
JACKELINE NOEMI RIVERA AVALOS, JORGE ALBERTO ESCOBAR BERNAL, FIFTH SECRETARY. SIXTH SECRETARY.
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ABILIO ORESTES RODRÍGUEZ MENJÍVAR, JOSÉ FRANCISCO MERINO LÓPEZ, SEVENTH SECRETARY. EIGHTH SECRETARY.
In compliance with the provisions of Article 97, third indent of the Rules of Procedure of this
State Authority, it is stated that this Decree was returned with observations by the President of the Republic, on the 12th day of May 2016; specifically, the second paragraph of article 2; observations that were considered by this Legislative Assembly, in Plenary Session of date 19
of May of the current year, as established in the third indent of the Article 137 of the Constitution, resolving to accept them for estimating that they are right.
GUILLERMO FRANCISCO MATA BENNETT, MANAGING SECRETARY.
CASA PRESIDENTIAL: San Salvador, one day of the month of June of the year two thousand sixteen.
PUBESLOSE, Salvador Sánchez Cerén,
President of the Republic.
Tharsis Salomon López Guzmán, Minister of Economy.
D. O. N ° 102 Took N ° 411
Date: June 2, 2016
JQ/adar 24-06-2016
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