Law To Facilitate Financial Inclusion.


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I.-That the Constitution establishes that the State will promote economic and social development by increasing production, productivity and rational

utilization of resources.

II.-That is interest of the State to allow citizens to have access to services

financial The use of retail payment instruments to achieve their insertion into productive activities, thus contributing to the improvement of their quality of life and well-being.

III. of financial and payment services in the national territory, that allow to facilitate the insertion

to the economic activity to the traditionally excluded population.

IV.-That to provide financial services to the population that does not has, it is convenient to facilitate the development of financial products that are adapted to the

target population's income and transaction volume levels.

V.-It is necessary for state institutions to promote inclusion



in use of its Constitutional powers and at the initiative of the Deputies of the legislative period 2012-2015: Melvin David González Bonilla, Jesus Grande, Douglas Leonardo Mejia Avilés, Sigifredo Ochoa

Pérez and Edwin Victor Alejandro Zamora David; as well as, Deputy Silvia Alejandrina Castro Figueroa, and Deputies: Juan Carlos Mendoza Portillo, Santos Adelmo Rivas Rivas, Manuel Rigoberto Soto Lazo, Francisco Jose Zablah Safie; with the support of the Female Members: Lorena Guadalupe Peña Mendoza,

Santiago Flores Alfaro, Guillermo Francisco Mata Bennett, Jackeline Noemi Rivera Avalos, Damian Alegria, Ana Marina Alvarenga Barahona, Ana Lucia Baires, Roger Alberto Blandino Nerio, Yohalmo Edmundo Cabrera Chacon, Norma Cristina Cornejo Amaya, Rosa Alma Cruz Marinero, Raul Omar Cuellar, Nidia Diaz,

Carlos Alberto García, María Elizabeth Gómez Perla, Norma Fidelia Guevara de Ramírios, Estela Yaneth Hernández Rodríguez, Audelia Guadalupe López de Kleutgens, Hortensia Margarita López Quintana, Martir Arnoldo Marin Villanueva, Rodolfo Antonio Martínez, Rolando Mata Fuentes, Calixto Mejia Hernández, Misael

Mejia Mejia, Jose Santos Melara Yanes, Zoila Beatriz Quijada Solis, Nelson de Jesus Quintanilla Gomez, Sonia Margarita Rodriguez Siguenza, Jaime Orlando Sandoval, Karina Ivette Sosa and Jaime Gilberto Valdés Hernandez.

DECRETA the following:


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Object of Law

Art. 1.-This Law aims to promote financial inclusion, to encourage competition

in the financial system, as well as to reduce costs for users and clients of the aforementioned system, establishing minimum regulations for following:

a) Requirements of incorporation, authorization, operation, capital, guarantees and causals of revocation of the Electronic Money-Providing Societies;

b) Requirements to be met by banks, cooperative banks and savings and credit companies to provide electronic money and the legal consequences of


money, its generation, its use and the entities that could provide it;

d) The hiring of savings deposits and the opening of the respective account by means of simplified procedures hiring, to encourage banking in the

country among the lowest income or distant home people to the traditional financial service points of banks, cooperative banks and savings and credit societies;

e) The control of the amount of electronic money that the electronic platform manages; and,

f) Create the bases for public policy formulation to promote financial inclusion.



Electronic Money-Providing Companies

Art. 2.-The Electronic Money-providing Companies, hereinafter " Providing Companies,

are anonymous fixed capital companies; their purpose will be limited to providing electronic money; but they will also be able to manage or operate systems of mobile payments; that is to say, compensate and settle payments among the electronic money providers, with the authorization of the Central Reserve Bank of El

Salvador, hereinafter the Central Bank, and observing the requirements established by this one for effect.

They will be constituted with a minimum social capital of five hundred thousand dollars the United States of America, fully subscribed and paid in cash, which must be credited by the deposit of the

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corresponding sum in the Central Bank. The capital will be adjusted by the Superintendence of the Financial System, in advance Superintendence, every two years, taking into consideration the variation of the Index

of Consumer Prices, after the opinion of the Central Bank.

The Superintendence will authorize the constitution and the beginning of operations according to the requirements

and procedures to be established in the Technical Standards that for this effect the Central Bank will dictate, through its Committee of Standards. The providing companies will be considered members of the financial system, will be supervised by the Superintendence and will contribute to the financing of the budget

of the Superintendence and Committee of Appeals, up to a zero point Seventy-five percent of their annual income.

Providing companies will be able to adopt and register any trade name, provided it does not belong to another entity and does not lend itself to confusion. The name "Society of Electronic Money" shall be exclusive and of compulsory use to the institutions authorized to function as such

in accordance with this Law. No entity that has not been authorized by the Superintendence may use that denomination or a referral thereof.

In the event that the Providing Companies have majority shareholders to foreign-based companies, may use in addition to their name, commercial names used in their country of origin, which may be in the respective language, provided that they do not contravene the provisions on the subject in force in El Salvador.

No natural or legal person who is not legally authorized may make use of notices, posters, receipts, letterheads, titles or any other means that indicate your business is to provide money

electronic. Nor can you make propaganda using the expression "Society of Electronic Money."

The companies concerned will be required to have staff, equipment, technology platform to manage the electronic money, administrative control systems, security applications, business plan, manuals, procedures, policies, internal controls and business continuity plans

that guarantee the proper functioning to offer the services regulated in this Law, all according to the current legal system, to the Technical Standards that the Bank Central to that effect, through its Committee on Standards, and to the provisions of the of the Financial Investigation Unit

of the Office of the Prosecutor General of the Republic, in the field of prevention of money laundering and of assets and financing of terrorism; therefore, the providing companies will be considered as subjects Under Article 2 of the Anti-Money and Asset Laundering Act.

Banks, cooperative banks, and savings and credit companies are empowered to provide electronic money, for which they will have to comply with the the provisions of this Law that are

applicable. The Superintendence will verify compliance with the provisions of this Law and the technical regulations that are issued prior to the provision of the service.

The financial institutions, related to the previous paragraph, must carry out accounting records of the operations they perform as Electronic Money Providers, in the specific accounts that are detailed in the Technical Standards that are issued for such purposes.

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Federations supervised by the Superintendence will only be able to administer or operate mobile payment systems, prior to the authorization of the Central Bank.

When this Law refers to Electronic Money Providers or Suppliers, it should be understood that it is the Providing Companies, the banks, the cooperative banks, and the savings and credit


Requirements and Skills for Directors, Managers or Shareholders of a Providing Society

Art. 3.-They are indefable to be a director, manager or shareholder in more than twenty-five percent

of a Providing Society, who are in any of the following circumstances:

a) The under-twenty-five-year-olds, except in the case of the shareholder;

b) Those who in their debtor status are qualified in the following risk categories: Hard recovery or irrecoverable; likewise, those system debtors

Salvadoran financial for loans to which a consolidation reserve of 50% or more has been required of the balance;

c) Those who have been convicted in executed statements or in other resolutions of

similar effect, at home or abroad, for having committed or participated in the commission of any crime;

(d) Those who are in a state of bankruptcy, suspension of payment or creditor tender;

e) Those qualified judicially as responsible for a wrongful or wrongful bankruptcy;

f) Persons who have been tested judicially engaging in activities

related to drug trafficking and related crimes, with the laundering of money and assets, and of terrorist financing activities, both in domestic or foreign jurisdiction; and,

g) Those who have been punished, administratively or judicially, for their participation in serious infringement Laws and rules of a financial nature in the national jurisdiction

or abroad, in particular the collection of public funds without authorization.

Dealing with a shareholder who is a legal person, the former circumstances will be considered

with respect to the shareholders of the holder of the 25% or more of the shares in the company.

The managers, directors and executive directors of a Society of Electronic Money, must credit knowledge in financial and administrative matters, which allow you to develop your charges according to the nature of the entities ' operations.

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Shareholders, managers, directors and chief executives, within thirty days following the subscription of shares and the assumption of their positions, respectively, they must submit a statement

affidavit to the Superintendence, stating whether or not they are within any of the circumstances referred to in this Article; where one of the causes of inability exists or occurs, it shall be the responsibility of the director or shareholder concerned to inform the Superintendence; however,

it will be up to that institution, ex officio or at the request of the party, to declare the inability.

shall be jointly and severally liable for any damages that may be caused to third

actions or omissions of the directors, administrators and employees of the directors, in the performance of their duties.

Obligations and Responsibilities of the Directors

Art. 4.-The directors, executive directors or general managers of the Electronic Money Companies, must at all times ensure that the public's money is managed under criteria of honesty, prudence and efficiency, as good merchants in their own business. It will be

responsible for the management of these companies to be carried out, complying at all times, with the provisions of the applicable laws, regulations, instructions and internal rules, and must refrain from carrying out practices or applying legal rules in such a way as to intentionally distort the objectives of prudential regulation. They will also be responsible for the information provided to the

Superintendence and the public to be truthful, and to reflect with transparency the true financial situation of the Providing Society.

Failure to comply with this (a) to be sanctioned by the Superintendence with a fine of fifty to five hundred monthly minimum urban wages in the trade and services sector, unless specific sanction exists in this and other laws, without prejudice to Criminal liabilities in which

incurs. Such a sanction will be imposed, applying the procedure established by the Law on Supervision and Regulation of the Financial System.

Electronic Money

Art. 5.-Electronic money means the monetary value recorded in favour of a holder or client, which constitutes a payment obligation payable to his 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

equivalent to the cash delivered, and is stored in an electronic medium. Your holder may use it to make local transfers, payments and conversion to cash at face value.

The electronic money represented at an amount equal to the funds received by the Providers, through their points of attention or trades, shall be accepted as a means of payment by persons other than those, in accordance with the contracts of accession to be concluded with the customer, which

shall contain what is defined in the technical standards; they will have to enter into contracts with shop holders, with their points of attention and with others intervene in the process of providing the electronic money, for each case, in which the payment obligations that the Supplier contracts must be specified.

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The maximum amount per transaction cannot exceed the value of a monthly minimum urban wage of the trade and services sector, and the maximum amount of transactions accumulated in one month, as well as

the maximum balance credited in the electronic register, for each natural person and with each supplier, shall not exceed at any time the four monthly minimum urban wages in the trade and services sector; the Central Bank, Through its Standards Committee, taking into account the development

of the market and the variation of the Consumer Price Index, it will need to update those limits every two years, so that it maintains its real value.

the purpose of this regulation, the records in payment instruments for the purchase of goods or services, only in the trading that issues it or the issued, pursuant to a commercial agreement with the issuer, whether for use in a limited network of affiliated businesses or for the acquisition of a

limited set of goods or services.

Electronic Money Features

Art. 6.-The electronic money regulated in this Law has the following characteristics:

a) It is a monetary value represented in an electronic register, which increases or decreases for its holder in the same proportion as it makes use of it, is converted into cash, transferring or making payments;

b) The monetary value recorded electronically does not constitute a deposit in any of its modalities and does not have the guarantee of the Deposit Insurance Institute;

c) The value that consists of the electronic record is convertible into cash;

d) accepted as a means of payment, provided that the Supplier and other actors have previously concluded the relevant contracts; and,

e) The electronic money balances in the name of a holder may be checked in the database electronic records to be kept by the Supplier, which shall contain the electronic money movements made by the Supplier. The

Electronic Money Providers

issue, in a physical or electronic form, at no cost, and at the request of the holder, a state of the movements of the electronic records and the balance that results in favor of the holder, for which the Supplier will establish the procedure to facilitate it;

that state will have the quality of the document evidential of the aforementioned balance and will have executive force to claim the fulfillment of the rights of payment of the holder and the fulfillment of Supplier's obligations to the holder concerned.

All operations of electronic money, which the client performs on the network to which it belongs, must be in real time. In addition, the information the client requires from its operations must

be available at all times. The Electronic Money Provider is obliged to establish in advance the commissions and surcharges of its operations, based on the parameters established under the Consumer Protection Law and its Regulations, which must be

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and each time they are modified, in a national circulation newspaper; likewise, display them on billboards installed in their public service offices. The contract of accession model must

be deposited in accordance with the procedure laid down in Article 22 of the Consumer Protection Act.

In the contracts that the Supplier celebrates with the customers, it must remain defined that the customer is the holder of the electronic money, and the procedure that must follow before the Supplier in the event of loss, theft or loss of its means of access to the electronic money or electronic device, or the loss

of its Electronic money record in which the balance is recorded, to recover the balance of electronic money to your

Electronic Money Registration

Art. 7.-Electronic Money Providers will generate electronic money records for

natural persons, provided they comply with the following:

a) Submit in original the unique identity document, and in the case of foreigners,

temporary or permanent resident foreign passport or carnet;

b) Complete a customer profile format, which shall contain: name of the holder, number of identity card, address of residence, economic activity, origin

of monthly income, name and address of residence of the beneficiaries; and,

c) Do not have another electronic money record with the same

Electronic Money Provider

For the purposes of managing the application for registration, the entities regulated in this Law shall not be

required to require their clients the tax identification number required by Article 148 of the Tax Code. Each Provider can only open one electronic money record per customer.

Providers will be able to generate electronic money records to natural or legal persons involved in the process of providing the electronic money, to facilitate in the national territory, transfers, payments and the conversion of electronic money to cash from legal tender, according to

be the case; all will have to 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.

Providers must meet the balance and transaction limits that the Bank defines for the electronic money record Central, through its Standards Committee. These balance limits

and transactions will be applicable only for end customers.

The Providers will define, in their business model, the balance and

transactions with the trades, their points of attention, collectors and others involved in the process of providing the electronic money to facilitate local transfers, payments and conversion to cash, as the case may be; for which, the volume of transaction, geographical or commercial area, the revenue segment of the locality, among others. The referred model and its respective

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modifications shall be submitted to the Superintendence within 15 working days, after approval by its management body.

Electronic Money Providers must have internal policies in the field of risk management, codes of conduct and other requirements that are required for them to be members of the

financial system; and in particular, those referred to in (c) and (d) of Article 35 of the Law on Supervision and Regulation of the Financial System, with the Superintendency being able to require explanations and extensions when it considers it relevant.

Electronic Money Providers may make use of financial correspondents for the opening of electronic money records. The Central Bank will establish regulations to define

the mechanisms and procedures for opening electronic money records; also, technological security measures and data encryption requirements, for the performing transactions from mobile devices and electronic devices in general.


Art. 8.-The holder of an electronic money register may designate beneficiaries of the monetary value recorded in the register, to the effect that upon his death the registered value is delivered to them, thereby providing contact information the same.

The holder will point out the proportion in which the balance of the electronic money register must be distributed among its beneficiaries and, if it does not, the distribution will be understood to be equal parts.

rights which, according to this Law, correspond to the beneficiary or beneficiaries of a registration electronic money, will be subject to the provisions of article 1334 of the Civil Code.

Data Protection

Art. 9.-The information of the clients and their operations, carried out in accordance with this Law, is confidential and shall be made known only to the holder, the Central Bank, the Superintendence, the Directorate General of Internal Revenue You need them for the exercise of their functions,

either in a monitoring or oversight process, and the respective authorities for the clarification of crimes.

Electronic Money Support and Control

Art. 10.-The amount of electronic money that is intended to be provided, must be supported by

an unpaid deposit in the Central Bank, of one hundred percent, previously constituted by the Supplier as a guarantee to answer only for the non-compliance with the payment obligations to be incurred by the holders of the instruments that register electronic money. Such a deposit will be

inembargable for non-compliance with other obligations of the Electronic Money Provider.

When the Supplier's payment obligations are reduced with the holders of electronic money records, You will be able to request that the amount of the guarantee be adjusted to the equivalent of the new amount

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of its obligations to these, in accordance with the Technical Standards that for such an effect dictate the Central Bank, through its Standards Committee.

In the event of a recall of authorization to provide the service of Provider of electronic money, the Central Bank shall notify the holders that they maintain balance in their registration of money electronic,

for the purpose of performing the warranty claim.

notification must be published at least twice in a national circulation newspaper,

in which the name of the Supplier who failed to fulfil his obligations and the time within which the claims can be made to the Bank must be indicated Central.

For the purposes of determining the amount corresponding to each holder, the Central Bank shall use the registration of the Provider certified by its Internal Auditor.

In the event of the death of any of the holders, the amounts of money must be given to the beneficiaries who appear in the corresponding contracts or forms. S i there is no designation of beneficiaries or having passed away these, the amounts

of money shall be delivered to the heirs of the holders.

Translate three years, from the date on which it has been notified to the holders on the process of distribution of the deposit, in order for these to proceed to claim the amounts of money

that corresponds to them, and these, their beneficiaries or heirs do not do so, their right of claim will be prescribed and will prescribe in favor of the State the sums of money not claimed, for which the Central Bank, without greater The Ministry of Finance will have to transfer them immediately

the Treasury

of the Ministry of Finance, within the first three months after the deadline, and must inform the Superintendence within the of the following three business days.

The Central Bank will be responsible for controlling the amount of electronic money that circulates through the electronic platform used by the Providers. The different transactions will be effective or liquidated in real time, for which the Central Bank, through its Board of Directors,

will issue the rules to regulate it.


Art. 11.-Funds stored in electronic money records that have a period of

inactivity of five years, will be prescribed and passed in favor of the State, all without prejudice to the requirements of the Special Law on Extinction Domain and the Administration of the Goods of Origin or Illicit Destination. The Providers who received these funds, must find in cash

of legal tender the value of the electronic money records that they have prescribed during the previous year, to the General Directorate of the Treasury of the Ministry of Finance, within the first three months of each calendar year.

In order to avoid the prescription, in the first three months of inactivity each Electronic Money Provider must communicate, via text message, to the holders of electronic money records, who have completed a year of inactive stay. Providers may additionally

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use other means to avoid prescribing, which must make knowledge of the Superintendence, for purposes of its verification.

Obligations of the Providers

Art. 12.-The Electronic Money Providers must comply with the provisions of the current legal order applicable to them, in accordance with the sound practices that promote the security of these operations and services, which seek the appropriate customer care, and

especially with:

a) The provisions of this Act;

b) The technical standards issued by the Central Bank, through its Standards Committee;

c) Regulations on prevention Money laundering and money laundering and terrorist financing;

d) The provisions of the Code Tax, especially in respect of payments in affiliated businesses;

e) The provisions of the Consumer Protection Act and its Regulations;

f) Keep up to date the registration of electronic money holders, which will serve as a basis for responding to their defaults and make the guarantee effective if applicable;

g) Timely comply with their payment obligations to customers;

h) Confirm after the money registration is created electronic, the authenticity of the documents that cover the ownership of the said registration;

i) Block the service, freeze the electronic money register and inform the Attorney General's Office, in case of use of electronic money records, that they are open with false documents;

j) Control that the clients comply at all times with the transaction limits set out in the Technical Standards defined by the Central Bank; and,

k) Electronic Money Providers shall provide, without any restriction, information on their electronic money clients and the transactions they make,

requires the Unit of Financial Investigation of the Office of the Prosecutor General of the Republic; for this purpose, they will have the obligation to file and keep the documentation of the operations for a period of fifteen years, counted from the date of completion

each operation.

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Technical Standards Issue

Art. 13.-The Central Bank, through its Committee of Standards, within a period of not more than one hundred and eighty days after the validity of this Law, shall issue the Technical Standards necessary to facilitate its implementation.

System Administrator for Payments Mobile

Art. 14.-Electronic Money-Providing Companies may request the Central Bank to authorize them to be administrators of mobile payment systems, provided they comply with what the Bank

Central has, in accordance with its Law Organic as regards payment systems.

Mobile payment managers will be authorized to operate systems or platforms

technology that allows payments or money transfers, mainly electronic money, between products of different financial institutions and independently of the operator mobile telephony with which the client counts.




Bans for Electronic Money Providers

Art. 15. Suppliers are prohibited:

a) Conduct money intermediation activities with the resources they receive from their clients, which will be used, solely and exclusively, for what they have been


b) Make higher or additional charges to the published;

c) Conditioning or linking service delivery, acquisition of a product or service other than the Provider's own activity;

d) Incompliance with the policies of consumer protection;

e) Share or market full or partial information the holders of electronic money records, as well as their operations;

f) Pay salaries without the authorisation of the holder of the electronic money register;

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g) Hire as financial correspondents, natural or legal persons who do not meet the requirements set out in the rule that, for that purpose, issue the Central Bank, by

means of the Standards Committee;

h) Keep the service of providing electronic money active, when the electronic money register

open with false documents; and,

i) The prohibitions indicated in the (b), (c) and (d) shall be sanctioned as

established in the Consumer Protection Act and its Regulations.

The technical standards issued by the Central Bank through the Rules Committee shall contain

definition of the different entities involved in the process, such as the business owners and the entities that will distribute the electronic money.


Art. 16.-The breaches or breaches of this Law by the regulated subjects

shall be sanctioned by the Superintendence, in accordance with the Law of Supervision and Regulation of the Financial System; however, all Failure to comply with or breach of the Consumer Protection Act and its regulation, related to this law, will be sanctioned by the Consumer Ombudsman.

Restriction in the Generation of Electronic Money Records

Art. 17.-In case an electronic money provider shows recurrently difficulties

in order to meet the requirements that are required in this Law, especially in relation to the management of the risks, being able to affect significantly the attention to the customers, the continuity or trust in the service, the due guarantee on the circulating electronic money and the confidentiality of the

information, the Superintendence based on technical reports and without prejudice to specific penalties to be imposed, may require the supplier concerned, the restriction on the generation of new electronic money records.

The measure taken by the Superintendence, in accordance with this article, shall enter into force on the day of the notification to the respective entity, shall be maintained while Persist the situation that

prompted its adoption and this measure will be communicated to the Central Bank.

Revocation Causals

Art. 18.-The Superintendence will revoke the authorization to operate that it has conferred on a Provider Company in the following cases:

a) At the request of the Supplier Company, as long as there are no obligations derived from electronic money records in favour of their holders;

b) In cases of dissolution of companies as provided for in the Commercial Code or other laws that so provide;

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c) Having losses equal to or greater than a quarter of the minimum share capital, if the shareholders will not make additional contributions to keep them at the minimum

required within thirty days.

d) When, based on technical reports, the Superintendence determines that the Company

performed money intermediation activities; and,

e) Reiterated Failure to comply with the provisions of this Law.

Once the recall is notified to operate, the Company will be extinguished the ability to provide the service to provide electronic money, and must modify its name, removing the

phrase "Electronic Money-Providing Society" and modifying its social pact or disband.

When the Electronic Money Provider has been revoked for authorization to

provide electronic money, The Central Bank will revoke the authorization to be an administrator of mobile payment systems.

Dissolution and Liquidation of Providing Societies

Art. 19.-The dissolution and liquidation of the Companies that according to this Law are constituted as Companies of Electronic Money and administrators and operators of payment systems

mobile, will be realized according to the established in the Commercial Code and the Financial System Supervision and Regulation Act, as member entities of the Financial System.




Deposits in Savings Accounts with Simplified Requirements

Art. 20.-Banks, cooperative banks and savings and credit companies, will be able to receive deposits by opening savings accounts with simplified requirements, for which they will be governed

by the legal provisions relating to the deposits in savings accounts, taking into account the following requirements:

a) Only natural persons may be holders of such account, and there may be no more than one holder per account;

b) For exclusive use by electronic means;

c) Deposits in savings accounts, with simplified requirements, will be subject to limits

of balance and transactions to be determined by the Central Bank through its Standards Committee. The maximum amount of transactions accumulated in one month shall not exceed the four monthly minimum urban wages of the trade and services sector, and the maximum limit per transaction may not exceed the equivalent of a salary

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monthly minimum urban area of commerce and services. In addition, it will adjust these limits every two years, taking into account the market development and variation

of the Consumer Price Index;

d) You must present the original of the single identity document and in the case of

foreign, temporary or permanent resident foreign passport or carnet;

e) Completing a client profile format, which shall contain: Name of the holder,

identity document number, address of residence, economic activity, origin of monthly income, name and address of residence of the beneficiaries;

Under this Law and only for the purposes of the hiring of this type of deposits, the entities indicated in this Article shall not be required to require their clients to the tax identification number required in Article 148 of the Code


f) The holder may have only one savings account with these characteristics in each

financial institution; and,

g) The deposit balances in these accounts that have remained inactive for five years, will prescribe in favour of the State. Banks, cooperative banks, and societies

of savings and credit should use the means they deem appropriate to avoid the prescription, which must be made of the knowledge and consideration of the Superintendence.

The entities authorized by this provision must draw up rules that regulate everything concerning the characteristics, modalities and conditions in which this type of

deposits may be constituted, which must be approved. by the Board of Directors of the Central Bank, as regards the transfer or

Savings accounts with simplified requirements may be opened for new customers through financial correspondents; and in the case of old customers they can also be opened by digital means, by the means available to the financial institution. The Central Bank, through the

Board of Directors, will establish regulations to define the mechanisms and procedures for opening savings accounts with simplified requirements.

Financial institutions should establish with the fees and surcharges, if any, which shall be included in the pre-deposited contract of accession, in accordance with the procedure laid down in Article 22 of the Consumer Protection Act.

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Consumer Protection Policies

Art. 21.-In order to protect the consumer from these services, and to facilitate a prompt

solution to possible conflicts without the need for the intervention of another institution, the entities regulated in this Law, will develop policies that must contain the general principles to guarantee the client the protection of their rights and the procedures to be followed for the solution of conflicts, which

must be issued, obligatory and not burdensome for the aforementioned client.

The above policies and procedures must be deposited in the Consumer

Consumer within a period not exceeding thirty days following the start of operations. The Ombudsman's Office may be entitled to receive the said policies in deposit, as well as to make representations to them within a period of not more than sixty working days, these policies will be of

mandatory compliance by part of the entities regulated in this Law.

Failure to comply with this obligation to deposit the policy of consumer protection and non-compliance with any provision established within the policy duly deposited,

will constitute a very serious infringement, in accordance with Article forty and four of the Law

The regulated procedure in the policy without any solution being reached will be within the provisions of the Consumer Protection Law, especially as regards the Alternative Means of Solution of the Consumer. Conflicts established in that Law.

In any case, banks, cooperative banks and savings and credit companies will be accountable to their clients in the provision of their services and in the performance of their operations,

whether they act directly or through financial correspondents.

Access in Conditions of Equity

Art. 22. Telecommunications services that are used for the provision of services

financial, must be provided on an equal basis of technical, economic, administrative or legal conditions to all entities providing these services financial. The conduct of conduct in contravention of the provisions of this paragraph will constitute a restrictive commercial practice by

the telecommunications service providers, and will be sanctioned by the Superintendence of El Salvador Competition.


Art. 23.-Electronic Money Providers must comply with the interoperability condition established by the Central Bank through its Board of Directors, and comply with the

of the

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rules that you issue for that purpose. The Central Bank will review during the first two years of the Law, if there are conditions for implementing interoperability and will define the timeframe that will be granted

to the providers for implementation.

Plan of Adequation

Art. 24.-The Central Bank and the Superintendency may incorporate into the scope of this Law, entities that perform activities similar to those of electronic money provided for in this Law.

The entities that are in force for this Law are provided with any of the services regulated in the same for the Electronic Money Providers, or any other similar, will have a

period of sixty days, after the issuance of the corresponding regulations, to present To the Superintendence an adaptation plan, which must be implemented in the next six months. The Superintendence will incorporate under its supervision the validity of this Law, to the entities mentioned.

Fulfilling the adequacy, immediately due the deadline for the implementation of the plan mentioned above, the respective entity will have ask the Superintendence for authorization to operate as

provider; otherwise, you will not be able to continue to perform these services.

Updating the Transaction Limits in the First Two Years

Art. 25. During the first two years of entry into force of this Law, the Central Bank will review the limits defined in Articles 5 and 20 of the Law, according to the development of the industry.


Art. 26.-This Law will enter into force eight days after its publication in the Official Journal.

GIVEN IN THE BLUE HALL OF THE LEGISLATIVE PALACE: San Salvador, at the thirteen days of August of the year two thousand fifteen.





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CASA PRESIDENTIAL: San Salvador, two days in the month of September of the year two thousand fifteen.


Salvador Sánchez Cerén,

President of the Republic.

Juan Ramón Carlos Enrique Cáceres Chávez, Minister of Finance.

D. O. N ° 160

Took N ° 408 Date: September 3, 2015

SV/adar 28-09-2015

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