Law To Facilitate Financial Inclusion.

Original Language Title: LEY PARA FACILITAR LA INCLUSIÓN FINANCIERA.

Read the untranslated law here: http://www.asamblea.gob.sv/eparlamento/indice-legislativo/buscador-de-documentos-legislativos/ley-para-facilitar-la-inclusion-financiera/archivo_documento_legislativo



1 DECREE No. 72

THE LEGISLATURE OF THE REPUBLIC OF EL SALVADOR, CONSIDERING
:
I.- The Constitution provides that the State shall promote economic and social development by increasing the production, productivity and
rational utilization of resources.
II's interest in encouraging citizens to have access to formal financial services
and the use of retail payment instruments to achieve their integration in productive activities, thus contributing to improving their quality of life State and welfare.
III.- That is necessary to regulate novel mechanisms of financial services and payment in the country, which will facilitate the insertion
economic activity to traditionally excluded population. That
IV to provide financial services to the population that does not have them, it should facilitate the development of financial products that are suited to the
income levels and transaction volume of the target population.
V. It is necessary that state institutions promote financial inclusion
.
THEREFORE,
in exercise of its constitutional powers and initiative of Deputies of the 2012-2015 legislative period: Melvin David Gonzalez Bonilla, Jesus Grande Douglas Leonardo Mejia Aviles, Sigifredo Ochoa Perez and Edwin
Victor Alejandro David Zamora; as well as Congresswoman Silvia Figueroa Alejandrina Castro and Deputies: Juan Carlos Mendoza Portillo, Adelmo Santos Rivas Rivas, Manuel Rigoberto Soto Lazo, Francisco José Zablah Safie; with the support of the deputies and Lorena Guadalupe Peña Mendoza, Santiago Flores
Alfaro, Francisco Guillermo Mata Bennett, Jackeline Noemi Rivera Avalos, Damian Joy, Ana Marina Alvarenga Barahona, Ana Lucia Baires, Roger Blandino Nerio Alberto, Edmundo Yohalmo Cabrera Chacon, Norma Cristina Cornejo Amaya, Alma Rosa Cruz Sailor, Raul Omar Cuellar, Nidia Diaz,
Carlos Alberto Garcia, Maria Elizabeth Gomez Perla, Norma Guevara Ramirios Fidelia, Yaneth Hernandez Estela Rodriguez, Audelia Kleutgens Guadalupe Lopez, Hortensia Margarita Lopez Quintana, Arnoldo Martyr Marin Villanueva, Rodolfo Antonio Martinez, Rolando Mata Fuentes, Calixto Mejia Hernandez, Misael Mejia Mejia
Jose Santos Melara Yanes, Zoila Beatriz Quijada Solis, Jesus Nelson Quintanilla Gomez, Sonia Margarita Rodríguez Siguenza, Jaime Orlando Sandoval, Karina Ivette Sosa and Jaime Valdes Gilberto Hernandez.
DECREES the following:
LAW TO FACILITATE FINANCIAL INCLUSION

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CHAPTER ONE TITLE I OBJECT

Art Object of the Act. 1. This Act aims to promote financial inclusion, foster competition
in the financial system and reduce costs for users and customers of that system, establishing the minimum regulations for the following:
to ) Requirements constitution, authorization, operation, equity, guarantees and grounds for revocation of Electronic Money providers Societies;
B) Requirements to be met by banks, cooperative banks and savings and credit societies to provide electronic money and the legal consequences of breaking them;
C) electronic money, their generation, use and entities that could provide;
D) Hiring savings deposits and opening the respective account through simplified procurement procedures, to promote banking in the country
among people of lower income or domicile distant points traditional financial services of banks, cooperative banks and savings and credit;
E) control the amount of electronic money to manage the electronic platform; and
f) Create the basis for the formulation of public policies to promote financial inclusion.

CHAPTER ONE TITLE II CORPORATE MONEY PROVIDERS AND ELECTRONIC Providers

Electronic Money Societies Art. 2. The Providers Companies Electronic Money Providers Companies onwards, are corporations
fixed capital; its purpose is limited to providing electronic money; but they can also manage or operate mobile payment systems; ie clear and settle payments between providers of electronic money, with the authorization of the Central Reserve Bank of El Salvador
hereinafter Central Bank, and observing the requirements set by it for that purpose.
They constitute a fully subscribed and paid in cash minimum capital of five hundred thousand dollars of the United States of America, which must be proved by the deposit

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Amount corresponding to the Central Bank. The capital will be adjusted by the Superintendency of the Financial System Superintendency onwards, every two years, taking into account the variation of the Index of Consumer Price
prior opinion of that Central Bank.
The Superintendency will authorize the constitution and the start of operations in accordance with the requirements
and procedures established in the Technical Rules to that effect issued by the Central Bank, through its Standards Committee. The Providers Companies are regarded as members of the financial system, they will be supervised by the Superintendency and will contribute to financing the budget
of the Superintendency and Appeals Committee, even with a zero point seventy-five percent of their annual income.
Societies Providers may adopt and register any trade name, provided that does not belong to another entity rather confusingly. The name "Proveedora Society of Electronic Money" will be exclusive and compulsory use of the institutions authorized to operate as such
under this Act. No entity that has not been authorized by the Superintendency may use that name or a derivation of the same.
In the case of providers companies have majority foreign shareholders Providers Companies may additionally use its name, trade names used in their country of origin, which may be in the respective language, provided they do not contravene the provisions on current matters in El Salvador.
No natural or legal person who is not legally authorized may use notices, posters, receipts, letterheads, certificates or any other means of indicating that their business is providing electronic money
. Nor may make propaganda use of the term "Company Provider of Electronic Money".
Those companies will be required to have personnel, equipment, technology platform to manage electronic money, management control systems, security applications, business plan, manuals, procedures, policies, internal controls and business continuity plans
to ensure proper operation to provide the services regulated under this Act, all in accordance with the existing legal system, the Technical Standards issued by the Central Bank for this purpose, through its Standards Committee, and the provisions of the Financial Investigation Unit of the Attorney General
of the Republic, on the prevention of money laundering and terrorist financing and assets; therefore, the supplying companies will be considered as obligors under Article 2 of the Law Against Money Laundering and Asset.
Banks, cooperative banks, and savings and loan societies are authorized to provide electronic money, for which they must comply with the provisions of this Act applicable to them
. The Superintendency verify compliance with the provisions of this Act and technical regulations to be issued prior to the service.
Financial institutions, related in the preceding paragraph, shall keep accounting records of their operations as Electronic Money Providers in the specific accounts that are stated in the Technical Standards for such purposes are issued.

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Federations supervised by the Superintendency may only manage or operate mobile payment systems, prior authorization from the Central Bank.
When referring to Providers or Suppliers Electronic Money is made in this Act, it should be understood that providers are companies, banks, cooperative banks and societies
savings and credit.
Disabilities Requirements for directors, managers or shareholders of a Proveedora
Art Society. 3. They are unfit to be a director, manager or shareholder in more than twenty five percent
a Proveedora Company, who are in any of the following circumstances:
a) under twenty years old except in the case of a shareholder;
B) that as a debtor are qualified in the following categories of risk: difficult to recover or irrecoverable; also those debtors
Salvadoran financial system credits to which a reservation is required sanitation them fifty percent or more of the balance;
C) Those who have been convicted in final judgments or other resolutions
similar effect in the country or abroad, for having intentionally committed or participated in the commission of any offense;

D) Those who are in a state of bankruptcy, receivership or bankruptcy;
E) legally qualified as responsible for a culpable or fraudulent bankruptcy The;
F) Persons who are judicially has proven
participation in activities related to drug trafficking and related crimes, money laundering and asset and terrorist financing activities, both national jurisdiction or abroad; and
g) Those who have been sanctioned administratively or judicially, by their participation in serious to the laws and regulations of a financial nature in national jurisdiction
infringement or abroad, especially raising funds from the public without authorization.
Case of a shareholder that is a corporation, the above circumstances be considered
respect to shareholders who hold this twenty-five percent or more of the shares in the company.
Managers, directors and CEOs of Proveedora Society of Electronic Money must prove knowledge in financial and administrative matters, enabling them to develop their positions according to the nature of the operations of the entities.

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shareholders, managers, directors and CEOs, within the subscription of shares and assumption of office respectively thirty days
sworn statement must submit to the Superintendency, stating whether or not they within any of the circumstances to which this article refers; if there is or there occurs any of the grounds of disability, it shall be the responsibility of the principal or the relevant shareholder inform the Superintendency; however, it
correspond to that institution, on its own initiative or upon request, declaring disability.
Societies providers jointly liable for damages caused by them to third parties
acts or omissions of the directors, managers and employees thereof, in the exercise of their functions.
Obligations and Responsibilities of Directors
Art. 4. The directors, CEOs or general managers of supplier companies of electronic money must at all times ensure that public money is managed under the criteria of honesty, prudence and efficiency, as good merchants own business.
They will be responsible for the administration of these companies is carried out, complying at all times, the provisions of laws, regulations, instructions and internal rules, and must refrain from practices or enforce laws so intentionally distorting objectives of prudential regulation. They will also be responsible for the information provided to the Superintendent and the public
be truthful, transparent and reflect the true financial position of the supplier company.
The breach of this provision shall be punished by the Superintendency fine of fifty to five hundred monthly minimum wage urban trade and services sectors unless specific sanction that may exist in this and other laws, without prejudice to any criminal liability that | || incurred. This sanction will be imposed, applying the procedure established by the Law of Supervision and Regulation of Financial System. Electronic Money

Art. 5. The term electronic money, the monetary value registered by an owner or customer, which is an obligation of payment due to the supplier, which is accepted by the other actors who have agreed to receive or provide this service, as a means of payment in an amount equal to
cash delivered and stored in an electronic medium. Holder may use it to make local transfers, payments and cash conversion at face value.
The electronic money represented by an amount equal to the funds they receive Providers, through their shops or service points, will be accepted as payment for reasons other than these people, according to contracts of adhesion that , with the client, which must contain
what is defined in the technical standards; They must also enter into contracts with owners of businesses with their service points and others involved in the process of providing electronic money, for each case, which shall be specified payment obligations that contracts that Provider.

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The maximum transaction amount may not exceed the value of a monthly minimum wage of urban trade and services sector and the maximum amount of accumulated transactions in a month and

The maximum balance credited to the electronic record for each natural person with each supplier shall not at any time exceed four monthly minimum wage urban trade and services sector; the Central Bank, through its Committee on Rules, taking into consideration the development
market and the variation of the Consumer Price Index, such established limits must update every two years, so as to maintain their real value.
Are not subject to this regulation, records payment instruments to purchase products or services only in trade that issued or issued under a commercial agreement with the issuer, either for use in a limited network of affiliated or for the acquisition of a
limited set of goods or services businesses.

Features Electronic Money Art. 6. The electronic money regulated under this Act has the following features:
a) is a monetary value represented in an electronic record, which increases or decreases to the holder in the same proportion that make use of it, either becoming cash, transferring or making payments;
B) The monetary value recorded electronically deposit does not constitute in any of its forms and has no guarantee of Deposit Guarantee Institute;
C) The value contained in the electronic record is convertible to cash;
D) It is accepted as payment, provided that the Supplier and the other players have the contracts previously concluded; and
e) The balances of electronic money on behalf of a holder, may be checked in the database of electronic records kept by the Supplier, which shall contain electronic money movements made by the owner. Providers must issue Electronic Money
, physically or electronically, at no cost, and at the request of the holder, a state of the movements of electronic records and the remaining balance in favor of the holder, for which the Supplier establish the procedure to facilitate it;
This state have the quality of documentary evidence of that balance and enforceable to demand the enforcement of the rights holder payment and compliance with the Supplier's obligations towards the holder concerned.
All operations of electronic money made by the client on the network to which it belongs, must be in real time. In addition, the information that the client requires
operations must be available at all times. Provider of electronic money is required to establish in advance the fees and surcharges of their operations, based on the parameters established in the Law on Consumer Protection and its Regulations, which shall be included in the membership contract concluded between the customer and the Supplier and make them public knowledge quarterly

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and each time they are modified in a national newspaper; They must also display them on billboards installed in their offices to the public. The model accession contract shall
be deposited in accordance with the procedure laid down in Article 22 of the Consumer Protection Act.
In the Supplier contracts concluded with customers, it must be defined that the customer is the holder of electronic money, and the procedure to be followed to Supplier in case of loss or theft of his means of access to electronic money or electronic device, or loss of registration
electronic money stating your balance, to recover the balance of electronic money in your favor.

Electronic Money Registration Art. 7. Electronic Money Providers generate electronic records
money to individuals, provided they meet the following:
a) Submit the original single identity document, and in the case of foreigners, || | foreign passport or temporary or permanent resident;
B) Complete a customer profile format, which should contain: cardholder name, identification number, address of residence, economic activity, monthly income
origin, name and address of residence of beneficiaries ; and
c) Not have another record current electronic money with the same provider
Electronic Money.
For purposes of managing the application for registration, entities regulated under this Act shall not be obliged to demand
customers the tax identification number, as required under Article 148 of the Tax Code. Each provider can only open a register of electronic money per customer.

Providers can generate records of electronic money natural or legal persons involved in the process of providing electronic money, facilitating in the country, transfers, payments and conversion of electronic money to cash legal tender, as the case
; all they must comply with the regulation on the prevention of money laundering and assets, and financing of terrorism. These records will be used only to facilitate transactions to end customers.
Suppliers must comply with the limits of balance and transactions, for recording electronic money, set the Central Bank, through its Standards Committee. These limits
balance and transactions are only applicable for end customers.
Providers define, in its operating business model limits
balance and transactions with merchants, points of attention, collectors and others involved in the process of providing electronic money to facilitate local transfers, payments and cash conversion, as applicable; for which, it should be considered transaction volume, geographical or commercial area, the income segment of the town, among others. This model, and their respective

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amendments must be submitted to the Superintendent within fifteen working days after approval by its board.
Electronic Money Providers must have internal policies on risk management, codes of conduct and other requirements that are required for them to be members of
financial system; and in particular those referred to in subparagraphs c) and d) of Article 35 of the Law on Supervision and Regulation of the Financial System, the Superintendency may require explanations and extensions when deemed appropriate.
Electronic Money Providers may use financial correspondents for opening electronic cash registers. The Central Bank will establish regulations to define the mechanisms and procedures
opening electronic cash registers; Also, technological security measures and data encryption requirements for conducting transactions from mobile devices and electronic devices in general. Beneficiaries

Art. 8. The holder of a record of electronic money may designate beneficiaries of monetary value recorded in the same, to effect his death will be delivered to them the recorded value, providing this information to contact them.
The holder will indicate the extent to which the balance of the record of electronic money should be distributed among beneficiaries and, if it fails to do so will mean that the distribution will equal parts.
The rights under this Act, corresponding to the beneficiary or beneficiaries of a register of electronic money shall be subject to the provisions of Article 1334 of the Civil Code.

Data Protection Art. 9. The customer information and operations carried out in accordance with this Act is confidential and shall be disclosed only to the holder, the Central Bank, the Superintendency, the Directorate General of Internal Revenue when they need it for the exercise of their functions,
either in a process control or supervision and respective authorities to clarify crimes.
Support and Control of Electronic Money
Art. 10. The amount of electronic money is intended to provide, it must be supported with
unpaid deposit at the Central Bank, one hundred percent, previously made by the Supplier as collateral to respond solely for breach of obligations payment contract with the holders of the instruments to record electronic money. This deposit will be
inembargable for breach of other obligations of the Supplier own electronic money.
When you reduce the payment obligations of Provider holders with records of electronic money, it may request that the amount of the guarantee is equivalent to setting the new amount

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its obligations to them, in accordance with the Technical Standards for that purpose issued by the Central Bank, through its Standards Committee.
If revocation of authorization to provide the service provider of electronic money, the Central Bank shall notify the holders to maintain balance in its register of electronic money,
in order to perform the warranty claim.

Such notice shall be published at least twice in a national newspaper,
in which the name of the Supplier to comply with its obligations and the time within which claims can be made to the Central Bank must be indicated.
For purposes of determining the amount corresponding to each holder, the Central Bank will use the vendor record certified by the Internal Auditor.
In case of death of any of the holders, those sums of money must be delivered to beneficiaries appear contracts or entered in the appropriate forms. S i not any beneficiary designation or having died thereof
amounts of money will be given to the heirs of the owners.
After three years from the date on which it has notified holders of the distribution process tank, so that they proceed to claim the amounts of money
that corresponded to them, and these, beneficiaries or heirs fail to do so, his right to claim shall be prescribed and barred to the State the sums of unclaimed money, for which the Central Bank, without further ado, it shall transfer them immediately to the Directorate General
Treasury, Ministry of Finance, within the first three months after the end of that period, must inform the Superintendency within three business days.
The Central Bank is responsible for controlling the amount of electronic money flowing through the electronic platform used by vendors. The various transactions will be effective or settled in real time, for which the Central Bank, through its Board,
issue rules to regulate it.

Prescription Art. 11. Funds records stored in electronic money having a period of inactivity
five years, they are presumed to be prescribed and pass to the State, all without prejudice to the requirements of the Special Law on Forfeiture and Administration Goods Illicit Origin or destination. Providers who received these funds, must pay in cash
legal tender value of electronic money records which have prescribed during the immediately preceding year, the Directorate General of Treasury, Ministry of Finance, within the first three months of each calendar year.
In order to avoid prescribing, in the first three months of inactivity each Provider Electronic Money must communicate, via text message, to holders of record of electronic money, who have completed a year of staying inactive. Providers may additionally

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use other means to avoid prescribing, which should make known to the Superintendency, for purposes of verification.

Obligations of Suppliers Art. 12. Electronic Money Providers must comply with the provisions of the existing law they are applicable, with adherence to sound practices that promote the safety of such operations and services, which seek proper care of customers, and || | especially:
a) The provisions of this Act;
B) Technical standards issued by the Central Bank, through its Standards Committee;
C) The regulations concerning the prevention of money laundering and terrorist financing and assets;
D) The provisions of the Tax Code, especially with regard to payments in affiliated businesses;
E) The provisions of the Consumer Protection Act and its Regulations;
F) Keeping the register of holders of electronic money, which will be the basis to answer for their violations and enforce the guarantee if any;
G) Duly comply with its payment obligations to customers;
H) Confirm created after the registration of electronic money, the authenticity of the documents which protects the ownership of that registration;
I) Block the service, freezing the registration of electronic money and inform the Attorney General's Office, where records using electronic money that are open with false documents;
J) Check that customers comply at all times with the transaction limits established in the Technical Rules define the Central Bank; and
k) Electronic Money Providers shall provide, without restriction, information about their customers electronic money and the transactions made,

Them requires the Financial Investigation Unit of the Attorney General of the Republic; for this purpose, shall be required to file and keep documentation of operations for a period of fifteen years, counted from the date of completion of each transaction
.

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Technical Standards Issue Art. 13.- The Central Bank, through its Standards Committee, in a period not exceeding one hundred and eighty days from the effective date of this Act, issue the technical standards necessary to facilitate application.
Manager Mobile Payment System
Art. 14.- Companies Electronic Money Providers may request the Central Bank to authorize them to be stewards of mobile payment systems, provided they meet what the Central Bank
available, in accordance with its Organic Law regarding the payment systems.
Administrators mobile payments will be authorized to operate
systems or technology platforms that allow payments or money transfers, mainly electronic money between products from different financial institutions and regardless of the mobile operator to count the customer. TITLE III CHAPTER


UNICO PROHIBITIONS, SANCTIONS, grounds for revocation, dissolution and liquidation
Prohibitions Supplier Electronic Money
Art. 15. It is forbidden to Suppliers:
a) Perform money brokering activities with the resources they receive from their customers, which will be used solely and exclusively for what they have been
authorized;
B) Make higher or additional to those published collections;
C) Tying or link the service, the purchase of a product or different from the activity of the service provider;
D) Failure to comply with consumer protection policies;
E) share or sell all or part of information holders records electronic money, and their operations;
F) To pay wages without the authorization of the registrant of electronic money;

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g) Hire and financial correspondents, to natural or legal persons who do not meet the requirements of the rule, for this purpose, issued by the Central Bank, by means
Standards Committee;
H) Keep active service to provide electronic money, when the money
electronic record is opened with false documents; and,
i) The prohibitions specified in subparagraphs b), c) and d) shall be punished as
established in the Law on Consumer Protection and its Regulations.
The technical standards issued by the Central Bank through
Standards Committee must also contain the definition of the different entities involved in the process, as are the owners of businesses and entities that distribute electronic money.

Sanctions Art. 16. The breaches or violations of this Law by the subjects
regulated by it, will be punished by the Superintendency, in accordance with the Law of Supervision and Regulation of Financial System; however, any breach or violation of the Consumer Protection Act and its regulations related to this Law shall be punished by the Consumer Advocate.
Restriction Generation Electronic Money Records
Art. 17. If a supplier of electronic money recurrently
show difficulties to meet the requirements that are demanded in this law, especially in relation to risk management, can significantly affect customer service, continuity or confidence in the service, due warranty on electronic money circulating and confidentiality of information
, the Superintendency based on technical reports and without prejudice to specific penalties as may be appropriate, you may require the supplier in question the restriction on generating new records of electronic money.
The measure taken by the Superintendent pursuant to this article shall enter into force on the day of the notification to the respective entity shall be maintained as long as the situation which led to their adoption
and the measure will be communicated to the Central Bank .

Grounds for revocation Art. 18.- The Superintendency revoke the authorization to operate any given him a Proveedora Company in the following cases:
a) At the request of the supplier company, as long as no proper records obligations for electronic money holders;

B) In cases of dissolution of companies under the Commercial Code or other laws that so provide;

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c) have equal or higher than the quarter of the minimum capital losses if shareholders do not perform them extra to keep the minimum required
within thirty days contributions.
D) If, based on technical reports, the Superintendency determined that the Company has made
Proveedora money brokering activities; and
e) repeated breaches of the provisions of this Act.
After notification of the revocation to operate, be extinguished Proveedora Society for the power to provide the service to provide electronic money, and will change its name,
eliminating the phrase "Proveedora Society of Electronic Money" and modify its articles of incorporation or dissolved.
When the Electronic Money Proveedora Society has been revoked
authorization to provide electronic money, the Central Bank will revoke authorization manager for mobile payment systems.
Dissolution and Liquidation of Companies
Providers Art. 19.- The dissolution and liquidation of the companies that according to this Act are constituted as companies Electronic Money Providers and administrators and operators
mobile payment systems, shall be in accordance with the provisions of the Commercial Code and the Law on Supervision and Regulation of the Financial System, being members of the Financial System entities. TITLE IV


ONLY CHAPTER OF DEPOSITS IN WITH REQUIREMENTS SAVINGS ACCOUNTS SIMPLIFIED
Deposits Savings Accounts with simplified requirements
Art. 20. The banks, cooperative banks and savings and credit, may receive deposits by opening savings accounts with simplified requirements for which will be governed by the laws
on deposits in savings accounts taking into consideration the following criteria:
a) Only natural persons may be holders of that account, and there can be more than one holder per account;
B) For use by electronic means;
C) Deposits in savings accounts, with simplified requirements, subject to limits
balance and transactions will be determined by the Central Bank through its Standards Committee. The maximum amount of accumulated transactions in a month, must not exceed four monthly minimum wage urban trade and services sector and the maximum per transaction limit may not exceed the equivalent of a salary


14 monthly minimum urban trade and services sector. In addition, it adjusts the limits referred every two years, taking into account market development and variation
Price Index Consumer;
D) shall present the original single identity document and in the case of
foreign passport or foreign temporary or permanent resident;
E) Complete a customer profile format, which should contain: Name of the holder
identification number, address of residence, economic activity, source of monthly income, name and address of residence of beneficiaries ;
Under this Act and only for the purpose of hiring this kind of deposits, the entities referred to in this Article shall not be obliged to require their clients tax identification number required under Article 148 of the Code || | Tax;
F) The holder may only have a savings account with these features in each
financial institution; and
g) The balances of deposits in these accounts that have been inactive for five years, forfeited to the state. Banks, cooperative banks and societies
credit union shall use the means they deem appropriate to prevent prescription, which must make knowledge and consideration of the Superintendency.
Entities empowered by this provision shall formulate rules governing all matters relating to the characteristics, terms and conditions may become
such deposits, which must be approved by the Board of the Central Bank, regarding transfer or marketability and run.
Savings accounts with simplified requirements may be open to new customers through financial correspondents; and in the case of former clients they may also be opened by digital means, by the means provided financial institution. The Central Bank, through the

Directing Council, established regulations to define the mechanisms and procedures for opening savings accounts with simplified requirements.
Financial institutions must establish in advance fees and surcharges, if any, which shall be recorded in the membership contract previously deposited in accordance with the procedure laid down in Article 22 of the Consumer Protection Act.

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TITLE V CHAPTER ONE FINAL PROVISIONS, TRANSITIONAL AND EFFECTIVE
Consumer Protection Policies
Art. 21. In order to protect consumers of these services, and to facilitate an early solution to potential conflicts
without the intervention of another institution, entities regulated under this Act, develop policies that should contain the general principles customer to ensure the protection of their rights and procedures for conflict resolution,
which should be expeditious, mandatory and not burdensome for the referred customer.
Policies and procedures above shall be deposited with the Consumer Ombudsman
within a period not exceeding the beginning of operations following thirty days. Is empowered to the Consumer Advocate for policies relating deposited and to make observations on them within a period not exceeding sixty working days
such policies will be mandatory for the entities regulated by this Law .
failure to comply with this obligation to deposit policy and consumer protection breach of any provision established within the duly deposited policy
constitute a very serious infringement, in accordance with Article forty-four of the Consumer Protection Act.
Out the procedure laid down in politics without any it reached a solution, subject to the provisions of the Law on Consumer Protection, especially regarding the Alternate Means of Dispute Resolution set out in the Act. || | in any case, banks, cooperative banks and savings and credit societies, will be accountable to their customers in the provision of services and the conduct of its operations,
either acting directly or through correspondents financial. Access
Conditions
Art Fair. 22. telecommunications services used to provide
financial services should be provided on an equal technical, economic, administrative and legal to all entities that provide these financial services. The conduct was counter to the provisions of this subsection shall constitute a restrictive trade practice by
providers of telecommunications services, and will be sanctioned by the Superintendency of Competition in El Salvador. Interoperability

Art. 23. Electronic Money Providers must meet the condition of interoperability set by the Central Bank through its Board of Directors, and meet

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standards it issues for this purpose. The Central Bank will review during the first two years of implementation of the Act, if there are conditions to implement interoperability and define the term
be granted to suppliers for implementation. Adequacy Plan

Art. 24.- The Central Bank and the Superintendency may include in the scope of this Act, to entities engaged in similar to electronic money activities under this Act.
Entities to the effective date of this Act are providing any of the services covered by the same Supplier Electronic Money, or similar, will have a
within sixty days after the issuance of the relevant regulations, to present to the Superintendency a fitness plan, which must implement it in the next six months. The Superintendency incorporate under its supervision to the effective date of this Act, the entities in question. Accomplished
adequacy, immediately after the deadline for the implementation of the aforementioned plan, the respective entity shall request the Superintendent's authority to operate as
supplier; otherwise, you can not continue to make those services.
Updating Transaction Limits in the first two years
Art. 25. During the first two years of enactment of this Act, the Central Bank will review the limits set out in Articles 5 and 20 letter c) of the same, according to industry development. Effective


Art. 26. This Act shall come into force eight days after its publication in the Official Journal.
GIVEN IN THE BLUE ROOM OF THE LEGISLATIVE PALACE: San Salvador, on the thirteenth day of August of the year two thousand and fifteen.
LORENA GUADALUPE MENDOZA PEÑA, PRESIDENT.
GUILLERMO ANTONIO NAVARRETE GALLEGOS Ana Vilma Albanez de Escobar, FIRST VICE. SECOND VICE PRESIDENT.
ORANTES SERAFIN JOSE RODRIGUEZ, NORMAN NOEL GONZALEZ Quijano, THIRD VICE. FOURTH VICE.
SANTIAGO FLORES ALFARO, FIFTH VICE.

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GUILLERMO FRANCISCO MATA BENNETT, DAVID ERNESTO MOLINA REYES, First Secretary. Second Secretary.
MARIO ALBERTO GUERRERO TENORIO, REYNALDO ANTONIO LOPEZ Cardoza Third Secretary. Fourth secretary.
JACKELINE AVALOS NOEMI RIVERA, JORGE ALBERTO ESCOBAR BERNAL, QUINTA Secretariat. SIXTH SECRETARY.
ABILIO Orestes MENJIVAR RODRIGUEZ, JOSE FRANCISCO LOPEZ MERINO, seventh Secretary. EIGHTH SECRETARY.
PRESIDENTIAL HOUSE: San Salvador, after two days of September of the year two thousand and fifteen.
PUBLISHED,
Salvador Sanchez Ceren,
President of the Republic.
Juan Ramon Caceres Carlos Enrique Chavez, Minister of Finance. OJ No. 160

Volume No. 408 Date: September 3, 2015 SV
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Adar 09/28/2015 LEGISLATIVE INDEX