1 DECREE No. 221
THE LEGISLATURE OF THE REPUBLIC OF EL SALVADOR, CONSIDERING
I.- according to what set out in Articles 101 and 102 of the Constitution of the Republic, economic order must be based essentially on principles of social justice
, which are designed to ensure all inhabitants of the country an existence worthy of human beings and for the State to promote the various sectors of production and defend the interest of consumers,
well as ensuring economic freedom as it is not contrary to the social interest.
II.- in this regard, Article 21 of the American Convention on Human Rights
- Pact of San José de Costa Rica ratified by El Salvador in 1978, includes the right to private property and leaves sitting in its third paragraph that both usury and any other form of exploitation of man by man
shall be prohibited by law.
III.- that in our country there are people taking advantage of the need or inexperience of others, lend them money making give or promise to himself or others
, interests, guarantees or other financial benefits clearly disproportionate to its benefits, which translate into financial, economic and financial consequences that obviously damage the right | || property of those suffering from these abusive practices.
IV.- That has become common that people usually are devoted to
cash loans, with the aim of covering up usurious loans, using the sale of property held under repurchase agreements to avoid formalities and guarantees foreclosure, becoming more easily
property that people transgress in their favor in loan guarantees that are generally performed with usurious rates.
in exercise of its constitutional powers and initiative of MEPs: Antonio Echeverria Veliz, Blanca Coto Nohemí Estrada, Santiago Flores Alfaro, Hortensia Margarita Lopez Quintana, Misael Reyes Mejia Mejia and Inmar (Former Deputy from 2009-2012) legislative period; and with the support of the
MEPs: Alberto Armando Romero Rodriguez, Guillermo Gallegos Antonio Navarrete, Francisco Roberto Lorenzana Durán, Roberto d'Aubuisson Munguía Jose, Lorena Guadalupe Peña Mendoza, Carmen Elena Calderón Sol Escalon, Irma Lourdes Palacios Vasquez, Margarita Escobar, Jose Francisco
Zablah Safie, Douglas Leonardo Mejia Aviles, Alberto Luis Enrique Soto Valdes, Antonio Lara Benito Fernandez, Edwin Victor Alejandro Zamora David, Alejandrina Castro Silvia Figueroa, Abilio Menjívar Orestes Rodriguez, Adam Cortez, Ana Marina Alvarenga Barahona, Ana Marina Castro Orellana, Ana Vilma Albanez de Escobar, Ana Vilma de Cabrera Castro, Blanca Estela Reyes Barahona, Carlos Armando Reyes
Ramos, Carlos Cortez Hernández, Carmen Elena Figueroa Rodriguez, Cesar Humberto Garcia Aguilera, Claudia Luz Ramirez Garcia, Dario Alejandro Argueta Girls, David Rodriguez Rivera, Dina Yamileth Argueta
Avelar, Edilberto Hernandez Castillo, Eduardo Enrique Zepeda Barrientos Emma Julia Fabian Hernandez, Antonio Ernesto Angulo Milla, Yanet Hernandez Estela Rodriguez, Felix Agreda Chachagua, Guadalupe Antonio Vázquez Martínez, Antonio Olivo Guillermo Mendez, Francisco Guillermo Mata Bennett, Heidy Carolina
Look Saravia, Jose Mena Alvaro Cornejo, Jose Edgar Escolán Batarse Jose Wilfredo Guevara Diaz, Juan Manuel de Jesus Flores Cornejo, Karina Ivette Sosa Lara Lorenzo Rivas Echeverria, Lucía del Carmen Ayala de León, Manuel Mercedes Portillo Dominguez, Manuel Orlando Cabrera Candray,
Mariella Peña Pinto, Mario Marroquin Mejia, Marta Lorena Araujo, Nelson Quintanilla Jesus Gomez, Carolina Ramirez Norma, Norma Cristina Cornejo Amaya, Patricia Maria Salazar de Rosales, René Escalante Gustavo Zelaya, Richard Geston Claros Reyes, Rodolfo Antonio Martínez, Alma Rosa Cruz Sailor,
Samuel de Jesus Lopez Hernandez, Silvia Estela Ostorga Escobar, Sonia Margarita Rodríguez Siguenza, Susy Flores Lisseth Bonilla, Wilfredo Iraheta Sanabria and Edmundo Cabrera Yohalmo Chacon. DECREES
Art Object of the Act. 1. This Act aims to prohibit, prevent and punish usurious practices in order to protect the rights of ownership and possession of people and avoid
derived legal, economic and financial consequences of all usurious practices .
Concept Art. 2. For the purposes of this Act, the term usury lending, whatever their denomination, always involving: direct or indirect financing, or
Deferred payment for any destination, in which interest, commissions, fees, surcharges, guarantees or other than the maximum defined according to the calculation methodology established for each segment in accordance with this Act is agreed pecuniary benefits.
scope Art. 3. This Act shall apply to all creditors, whether natural or legal persons, institutions of the financial system, commercial houses, pawnshops, dealers in goods and services, pawn shops, and in general, any individual or entity lend money, whatever the
form used to record the operation, conceal or diminish it. Legal Presumption
Art. 4. For the purposes of this Act, is legally presumed an undercover loan, any sale of property or furniture in which a repurchase agreement is established when any of the following circumstances:
a) Where the buyer has not entered into possession of the property sold.
B) When the seller pays interest to the buyer for the price of the sale, regardless of the name given to this payment.
C) When the selling price stipulated in the contract is less than the market value of the property or the last transfer value.
Credit Segmentation Art. 5. segmentation of credits that allow differentiation
maximum rates of interest offered to the public, due to the existence of different market segments served and its various products, credit methodologies, amounts granted, is established administration and collection credits, all of which produce substantial variations in funding costs, credit risk and operating expenses
1) Consumer Credit for individuals:
a. In order discount: Is the declining credit granted to individuals to finance the purchase of consumer goods or payment for services, in which an order of deductions from wages of the debtor, differentiated
two ranges is agreed by the following amounts:
i. Up to 12 minimum wages urban trade sector.
Ii. More than 12 urban minimum wage trade sector.
B. Credit unordered discount: Is the declining credit granted to individuals to finance the purchase of consumer goods or payment for services, in which an order of deductions from wages of the debtor is not pacta, differentiated into two ranges
according to the following amounts:
i. Up to 12 minimum wages urban trade sector.
Ii. More than 12 urban minimum wage trade sector.
2) Credits granted to individuals through credit cards:
is granted to individuals to finance the purchase of goods or services
paying by credit card. They differ in the amount of the credit limit contracted in three ranges calculated based on the following amounts:
i. Up to 3 minimum wages urban trade sector.
Ii. More than 3 to 5 minimum wages and trade sector.
iii. More than 5 minimum wages trade sector.
3) Credit for housing:
a. Credit for acquisition and construction of housing for use Acquirer:
Is granted to individuals to finance the purchase of housing, land acquisition and housing construction.
When these credits are granted for the purchase of housing guarantee it will be constituted on the acquired property or other collateral.
I: three ranges calculated based on the following amounts will differ. Over 12 and up to 23 urban minimum wage trade sector.
Ii. Over 23 and up to 112 minimum wages urban trade sector.
Iii. More than 112 urban minimum wage trade sector.
B. Credit remodeling and repair of individual housing: is awarded to individuals for expansion, remodeling or home repair. four ranges calculated based on the following amounts will differ:
i. Up to 12 minimum wages urban trade sector.
Ii. Over 12 and up to 23 urban minimum wage trade sector.
Iii. Over 23 and up to 112 minimum wages urban trade sector.
Iv. More than 112 urban minimum wage trade sector.
4) Credit company:
It's all credit to finance a natural or legal person operating in the
Market producing and / or marketing goods or services, the amount awarded more than 41 and up to 75 urban minimum wage trade sector. This segment is applicable to diminishing credit and credit lines according to the contracted amount.
5) Microcredit Multidestino:
a. For subsistence microenterprises: Is credit to microenterprises in the amount of up to 12 minimum wages urban trade sector.
B. For simple accumulation microenterprise: Is micro-credit to the amount of more than 12 and up to 24 urban minimum wage trade sector.
c. For microenterprise extended cumulation: The micro credit to the amount of more than 24 urban minimum wages
trade sector and up to 41 urban minimum wage trade sector.
FOR THE PURPOSES OF THIS LAW IS CONSIDERED MICROCREDIT Multidestino, THAT
TO CREATE, A NATURAL OR LEGAL ENTITIES, THROUGH THE APPLICATION OF TECHNOLOGIES APPROPRIATE FOR THE GRANTING AND CREDIT ADMINISTRATION PROCESS, WHICH MUST CONTAIN AS MINIMUM: a) PROCEDURES AND FORMS fOR LIFTING
FINANCIAL INFORMATION THROUGH ITS PERSONNEL iN BUSINESS AND / OR ADDRESS OR THE APPLICANTS, ALLOWING THE ANALYSIS oF THE ABILITY tO PAY; AS WELL AS information that signs of MORALITY OF APPLICANTS OR; And b)
PROCEDURES AND POLICIES OF REVENUES IN BUSINESS LOAN AND / OR ADDRESS OF THE DEBTOR. (1)
A refinancings and loan restructurings, THEY APPLY TO EFFECTIVE LEGAL
RATE FOR THE MAXIMUM ALLOWED TO WHICH SEGMENT ORIGINAL CREDIT belonged. (1)
OPERATIONS OF SALE, under repurchase agreements, GRANTED TO JOINTLY OR SEPARATELY, OR ON BUILDINGS AND MOVABLE collateralized CREDITS AND OTHER OPERATIONS TO MATURITY PAYABLE, A MINOR TIMES A YEAR, PERFORMED BY pawnshops, pawnshops OR OTHERWISE, wILL NOT EXCEED THE RATE MAY BE EFFECTIVE LEGAL
MAXIMUM SEGMENT CONSUMER CREDIT FOR INDIVIDUALS WITHOUT ORDER DISCOUNT OF 12 URBAN MINIMUM WAGES TRADE AND SERVICES SECTOR. (1)
LEGAL PERSONS WILL BE required to have internal policies CONTAINING SPECIFIC GUIDELINES FOR SEGMENT its loan portfolio,
AS PROVIDED IN THIS LAW. (1) Maximum Rate Establishment
Art. 6. The Central Reserve Bank of El Salvador (BCR) is the entity responsible for setting maximum rates, from the simple average of the effective interest rate of the loans,
expressed in percentage terms. This percentage shall be established for each type of loan and amount referred to in Art. 5 of this Act.
FOR THESE EFFECTS, THE CENTRAL RESERVE BANK ACCOUNT WILL TAKE IN INTEREST RATES EFFECTIVE CREDIT OPERATIONS IN CONTRACTED THE MONTHS DECEMBER TO MAY AND JUNE TO NOVEMBER. INTEREST RATES ACTUALLY BE INFORMED BY THE FOLLOWING ENTITIES
FINANCIAL MARKET: banks, cooperative banks, societies and associations credit union, ASSOCIATIONS AND FOUNDATIONS NONPROFIT credit granting. FOR PURPOSES OF CALCULATING THE EFFECTIVE INTEREST RATE
SIMPLE AVERAGE FOR SEGMENT TARGETING MICROLOANS MICROENTERPRISE SET FORTH IN THIS LAW, YOU SHOULD CONSIDER FURTHER INFORMATION TO BE PROVIDED BY THE ASSOCIATIONS AND FOUNDATIONS NONPROFIT PROFITS, SAVINGS AND LOAN COMPANIES, SOCIETIES AND
ASSOCIATIONS AND UNIONS CREDIT, BANKS CREDIT AND BANKS OF WORKERS. (1)
NATURAL OR LEGAL PERSONS NOT INCLUDED IN THE PREVIOUS CLAUSE, SUCH AS HOUSES COMMERCIAL REAL TRADERS OR SERVICES AND IN GENERAL TO ANY SUBJECT
OR ENTITY FINANCING GRANTED LEND MONEY OR INCLUDING KNOWN AS CASAS PAWN, pawnshops OR SIMILAR TO BE COMPLETED BY THE CENTRAL RESERVE BANK LENDING YOUR INFORMATION TO HEED THIS IS TO ESTABLISH
INTEREST RATES OF EFFECTIVE REFERENCE TO SERVE TO DETERMINE THE mAXIMUM INTEREST RATES, having USE FOR SUCH CALCULATION OF INTEREST RATES, THE METHODOLOGY TO BE POINTING IN STANDARDS ISSUED BY THE CENTRAL RESERVE BANK. (1)
ENTITIES RESERVE shall be submitted to CENTRAL BANK RATES OF INTEREST AND ACTUAL AMOUNTS OF CREDIT, FOR THE MONTHS DECEMBER TO MAY AND JUNE
NOVEMBER, IN THE FIRST FIVE DAYS WORKING OF June and December, respectively. THE CENTRAL RESERVE BANK OF WHOM IT MAY CONCERN INFORMED OF THE VIOLATIONS IN THIS MATTER. (1)
The effective interest rate is averaged according to the effective interest rates of loans contracted by the segments indicated in Art. 5, for each product, by financial institutions during the immediately preceding semester.
THE CENTRAL RESERVE BANK RULES ISSUED TO DETERMINE THE METHODOLOGY, STRUCTURE
DATABASES, OPERATIONS AND INFORMATION TO APPEAR,
CONDITIONS FOR SENDING THE INFORMATION; AS WELL AS THE NECESSARY GUIDELINES FOR IMPLEMENTATION OF THIS LAW AND MECHANISMS BY WHICH INDIVIDUALS AND LEGAL REGULATED NOT BE REGISTERED IN THE CENTRAL RESERVE BANK FOR MAINSTREAM
EFFECTS OF YOUR INFORMATION ISSUED AS LENDING IN THIS LAW. It empowers the CENTRAL RESERVE BANK TO BE EXCLUDED OF CALCULATION, THE INFORMATION THAT FAILS WITH THE PROVISIONS OF THIS LAW RULES AND MANUALS
THIS ISSUE. (1)
To estimate the average interest rate on credit operations of those who are affected
the VAT tax, should use the information of interest without tax and then add the VAT rate to the estimated average. Maximum Rate
Art. 7. The legal maximum rate allowed is the equivalent to 1.6 times the average effective rate
simply established by the BCR according to Art. 6 of this Act. A maximum rate for each credit type and amount will be established to referred to in Art. 5 of this Act.
in any case, the effective rate of transactions subject to this Act, that are not included in some of the types of credit referred to in Art. 5 of this Act, it may not exceed the maximum highest rate published by the Central Bank for the period.
All credits from the effective date of this Act, either regulated or unregulated institutions such as pawnshops, pawn shops, pawnshops or traders
goods and services and any other creditor, they may not have a higher effective interest rate at the maximum segment current rate established by the BCR. Any more than the maximum legal rate set by the Central Bank for each segment, will be considered usurious rate of interest and subject to the corresponding legal sanctions
Art Maxims rates. 8. THE CENTRAL RESERVE BANK SHOULD DISCLOSE IN THE FIRST TEN DAYS OF THE MONTHS OF JUNE AND DECEMBER, LEGAL FEES maximum interest, specific to type
CREDIT AND AMOUNTS CONTRACTED, BASED SEGMENTATION ARTICLE 5 OF THIS LAW, tHROUGH AND tHROUGH YOUR PAGE ELECTRONIC PUBLICATION IN TWO national newspapers. (1)
EFFECTIVENESS OF INTEREST RATES OF LEGAL MAXIMUM (1)
Art. 9. LEGAL FEES maximum interest, once published, SHALL BE EFFECTIVE FROM JANUARY TO THIRTY ONE JUNE; AND ONE FROM JULY TO DECEMBER THIRTY-ONE. (1) Prohibition of anatocism
Art. 10. In transactions regulated by this Act or the anatocismo
charging interest on interest is prohibited and will be subject to appropriate legal sanctions.
Effects Receivable Hire or Exceeding the Maximum Rate Rate
Art. 11. If the creditor hire or charged rates above the current maximum rate according to Art. 7 effective interest debtor may request the creditor, or out of court, the debt review
purposes the same be recalculated and restructured, imputing to the cancellation of capital interest charged to the debtor in excess of the maximum rate from the effective date of the corresponding maximum rate.
Administrative Sanctions Art. 12. WHEN SEEKING entities supervised by the Financial System Superintendent, breaches will be sanctioned by THIS, ACCORDING TO THE LAW OF SUPERVISION AND REGULATION OF FINANCIAL SYSTEM WITH THE PROCEDURES TO INDICATE.
OTHERS TO COMPLY WITH THIS OBLIGATION LAW SUBJECTS, will be sanctioned by the Consumer Protection Agency, THROUGH THE PROCEDURE UNDER LAW CONSUMER PROTECTION, considered in this case that the lack
REGISTRATION OF THE CENTRAL BANK BOOK AND USURA are very serious infringements. To authorize the CENTRAL RESERVE BANK TO INFORM THE CONSUMER ADVOCACY when he becomes aware WITH ANY OF THESE VIOLATIONS, TO EFFECT TO INITIATE THE ADMINISTRATIVE PROCEDURE RESPECTIVE PENALTIES. CONSUMER ADVOCACY
WILL VERIFY THE OFFICE OF COMPLIANCE WITH LAW AND REGULATIONS, BY CREDITOR Unsupervised, MAY REQUIRE THE SUPPORT OF OTHER ENTITIES AS
SUPERINTENDENT OF OBLIGATIONS OR COMMERCIAL Salvadoran Cooperative Development Institute. (1)
The Consumer Advocate and Financial System Superintendent may order the infringer who, within 10 working days, correct and pay the debtor recovery of undue interest. If the offender fails to do so, it will incur a fine is five times the amount of initial credit
ADDITION, THE SUPERVISION OF THE FINANCIAL SYSTEM AND ADVOCACY OF CONSUMER
, MONITORED TO CREDITORS sanctioned OR NOT MONITORED, BY LES CONCERN WITH FINE TO FIFTY URBAN TRADE SECTOR WAGES MINIMUM AND SERVICES WHEN DO NOT FORWARD THE INFORMATION ABOUT LENDING OR
be inaccurate ACCORDANCE WITH TECHNICAL STANDARDS AND MANUALS ISSUED BY THE CENTRAL RESERVE BANK. (1)
Special Enforcement Act Art. 13. This Act is of special character, therefore prevails over any other general that runs counter.
Technical Standards Art. 14. The Central Reserve Bank no later than ninety days after the effective date of this Act shall issue the technical standards necessary to facilitate application. Effective
Art. 15. This Act shall come into force thirty days after its publication in the Official Journal
GIVEN IN THE BLUE ROOM OF THE LEGISLATIVE PALACE: San Salvador, six days
December of the year two thousand and twelve.
OTHON Sigfrido Reyes Morales,
ALBERTO ROMERO ARMANDO RODRIGUEZ, GUILLERMO ANTONIO NAVARRETE GALLEGOS,
FIRST VICE. SECOND VICE PRESIDENT.
MERINO JOSE FRANCISCO LOPEZ, FRANCISCO ROBERTO DURAN LORENZANA,
THIRD VICE. FOURTH VICE.
JOSE ROBERTO MUNGUÍA d'Aubuisson, FIFTH VICE.
PEÑA LORENA GUADALUPE MENDOZA, CARMEN ELENA CALDERON SOL Escalon,
First Secretary. Second Secretary.
SALGADO SANDRA MARLENE GARCIA, JOSE RAFAEL MACHUCA Zelaya
Third Secretary. Fourth secretary.
IRMA VASQUEZ PALACIOS LOURDES, MARGARITA ESCOBAR,
QUINTA SECRETARY. SIXTH Secretariat. JOSE FRANCISCO
ZABLAH SAFIE, Reynaldo Antonio López Cardoza
SEVENTH SECRETARY. EIGHTH SECRETARY.
NOTE: In compliance with the provisions of Article 97, paragraph 3 of the Rules of Procedure of this organ of the State, it is noted that this decree was returned with remarks by the President of the Republic, on 07 January. 2013, resolving this Legislature partially accept
observations, Plenary Session held on January 17, 2013.
Jose Rafael Machuca Zelaya, Fourth Secretary.
Casa Presidencial: San Salvador, this twenty-third day of January in the year two thousand and thirteen.
PUBLISH, Carlos Mauricio Funes Cartagena
President of the Republic.
Jose Armando Flores German
Tomo OJ No. 16 No. 398 Date: 24 January 2013 JCH
14/02/2013 geg REFORM:
(1) DL No. 350, 21 APRIL 2016, OJ No. 102, T. 411, 2 JUNE 2016
SV 06/16/27 LEGISLATIVE INDEX