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Act To Regulate The Credit Information Companies

Original Language Title: Ley para regular las Sociedades de Información Crediticia

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Law to regulate the Societies of Credit Information

LAW TO REGULATE CREDIT REPORTING SOCIETIES

Official Journal of the Federation on January 15, 2002

Latest Reform Published in the DOF January 10, 2014

On the sidelines a seal with the National Shield, which reads: United Mexican States.-Presidency of the Republic.

VICENTE FOX QUESADA, President of the United Mexican States, to its inhabitants known:

That the Honorable Congress of the Union, has served to address the following

DECREE

"THE GENERAL CONGRESS OF THE MEXICAN UNITED STATES, DECREES:

LAW TO REGULATE CREDIT REPORTING SOCIETIES

TITLE FIRST

ONLY CHAPTER

GENERAL PROVISIONS

Article 1o.- This law is intended to regulate the formation and operation of credit reporting companies. Its provisions are of public order and of general observance in the national territory.

Article 2o.- For the purposes of this law, it shall be understood in singular or plural by:

I. Primary Database, which is integrated with expired portfolio information that provide directly the Users to the Societies, in the form and terms in which it is received from those. For the purposes of this law, the companies shall consider as a maturities that defined as such in the provisions applicable to credit institutions issued by the Commission.

The Primary Database will also be integrated with the credit operations information fraudulent.

II. Customer, any physical or moral person who requests or on which it is requested information to a Society;

III.   Commission, the National Banking and Securities Commission;

IV. Commercial Company, moral person or public body other than Entities Financial institutions, which carry out credit operations related to the sale of their products or the provision of services, or others of a similar nature; the economic promotion trusts constituted by the States of the Republic and the District Federal, as well as the moral person and trust they acquire or manage credit portfolio. The above mentioned trusts will continue to be considered, however they are in the process of extinction;

V. Financial Entity, that authorized to operate on national territory and that laws recognize as such, including those referred to in Article 7o. of the Law for the Regular of Financial Pools; the development bank; the public bodies whose main activity is the granting of loans; as well as the economic promotion trusts constituted by the Federal Government; the credit unions; savings and loan companies, and savings and popular credit institutions, with the exception of the E.N.R. Sofomes. The persons mentioned shall continue to be considered as Financial Entities, however they may be in the process of dissolution, liquidation or extinction, as appropriate.

VI. Condusef, the National Commission for the Protection and Defense of Users of Financial Services;

VII. Profeco, the Federal Attorney's Office;

VIII. Reporting of Credit, information made documentary or electronically by a Company to be provided to the User who has requested it in terms of this law, which complies with the requirements of Article 36 Bis of this law, without making Mention of the name of the Financial Entities, Commercial Companies or Sofomes E. N. A., accretive;

IX.     Special Credit Reporting, information made documentary or electronically by a Company that contains the credit history of a Customer requesting it in terms of this law, which complies with the requirements of Article 36 of the this law, including the name of the Financial Entities, Commercial Companies or E.N.R. software, creditors;

X. Secretariat, Finance and Public Credit Secretariat;

XI. Financial Secret, referred to in Articles 117 of the Law of Institutions of Credit, 192 of the Securities Market Act, 55 of the Investment Companies Act and 34 of the People's Savings and Credit Act, as well as the analogs contained in the other applicable legal provisions;

XII. Society, the credit information society;

XIII. Sofom E.N.R., the unregulated multiple-object financial society;

XIV. UDIS, the investment units, and

XV. User, Financial Entities, Business Companies, and Sofomes E.N.R., which provide information or consult the Society.

Article 3o.- The Federal Executive, through the Secretariat, may interpret the provisions of this law for administrative purposes.

Article 4o.- As not provided for by this law, the Federal Administrative Procedure Law will be applied in an additional manner. This provision shall not apply to the Customer's claim procedure provided for in this Act.

TITLE SECOND

CHAPTER I

OF CREDIT REPORTING COMPANIES

Article 5o.- The provision of services consisting of the collection, handling and delivery or submission of information relating to the credit history of persons physical and moral, as well as credit operations and other similar types of credit operations maintained with Financial Entities, Commercial Companies or the E.N.R., may only be carried out by companies that obtain the authorization to refers to Article 6o. of this law.

A breach of the Financial Secret shall not be deemed to exist when Users provide information on credit or other operations of a similar nature to the Companies as well as when they share information contained in their databases or provide such information to the Commission. No violation of the Financial Secret shall be deemed to exist when the Company provides such information to its Users, in terms of Chapter III of this Title Second, or where it is requested by competent authority, within the framework of their attributions.

Article 6o.- To constitute and operate as a Credit Information Society it will require authorization from the Federal Government, which is the responsibility of the Secretariat, hearing the opinion of the Bank of Mexico and the Commission. By their nature, these authorisations shall be non-communicable.

Article 7o.- The request to constitute and operate as a Society shall contain the following:

I.      Relation of shareholders indicating the capital that each of them will subscribe and pay as well as, where appropriate, their vitarum curriculars;

II.    The relationship of the directors and principal officers of the Society, including those who occupy positions with the immediate hierarchy inferior to that of the CEO, as well as their vitarum curriculum;

III.   Project of social statutes;

IV.    Accredit that the resources to provide the capital referred to in Article 8 or are provided. of this law.

V.     General operating program, comprising at least:

1.     The description of computer systems and information collection and handling processes;

2.     The characteristics of the products and services that they will provide to Users and Customers;

3.     The service delivery policies that they intend to operate with;

4.     Security and control measures to prevent the misuse of information;

5.     The organization bases;

6.     The detailed three-year investment program, and

7.     The calendar for opening offices and places where they will be located.

VI.    The other related information and documentation that the Secretariat requests in writing for the purpose of evaluating the respective request.

Article 7o. Bis.- The Federal Government may have a parastate entity constituted as a credit information company, which is part of the financial system, without the authorization provided for in Article 6 of this Law being required. However, at all times, you must be subject to the provisions of this order and any other provisions applicable to the function you perform.

Article 8o.- Companies must have a minimum capital, fully subscribed and paid, which the Commission will determine by means of general character.

The shares representative of the social capital of the Societies shall be free to subscribe.

Foreign governments may not participate, directly or indirectly, in the social capital of the Societies, except in the following cases:

I. When they do so, on the grounds of temporary prudential measures such as as financial supports or bailouts.

Companies that are willing to do so in this fraction will have to hand over to the Commission, the information and documentation that accredit to satisfy the above mentioned, within the fifteen working days after that are found in that case. The Commission shall have a period of 90 working days, counted from the receipt of the information and documentation concerned, in order to resolve, subject to the agreement of its Governing Board, if the participation in question is located in the case of expected exception in this fraction.

II. When the corresponding participation implies that the control of the Company, in terms of the last paragraph of this article, and be carried out through official moral persons, such as funds, governmental promotion entities, among others, subject to discretionary authorization of the Commission, with agreement of its Board of Government, provided that these persons are accredited by these persons which:

a) Do not exercise authority functions, and

b) Your decision-making bodies operate independently of the foreign government that you are treat.

III. When the corresponding participation is indirect and does not imply that it is the control of the Company, in terms of the last paragraph of this article. The above, without prejudice to the notices or requests for authorization to be made in accordance with this Law.

No User may participate under any title in more than 18% of the share capital of a Company or directly or indirectly control it. It shall be included within that limit or control, individually or as a whole, to:

a) People who control the User;

b) People that are controlled by the User;

c) People who are controlled by the same people who control the User;

d) People who control the subjects mentioned in subparagraph (a) above, and

e) Other persons whose control, in the judgment of the Secretariat, represent conflict of interest.

For the purposes of this Article, one person shall be deemed to control another person, where by any means he has decision-making power in his or her shareholders ' assemblies, The possibility of appointing the majority of the members of its administrative body or, by any other means, has the power to take the fundamental decisions of the society.

Article 8o Bis. The Board of Directors of the Companies shall be composed of a minimum of five and a maximum of twenty owners, of whom At least twenty-five per cent must be independent. For each individual member, the alternate member may be appointed, on the understanding that the alternate members of the independent directors must have this same character.

By independent counsel, the person who is outside the administration of the respective company shall be understood and shall meet the requirements and conditions which the Commission shall, by means of general provisions, determine in which cases the cases under which a counsellor is deemed to be no longer independent shall be established for the purposes of this Article.

In no case can they be independent counselors:

I. Employees or directors of the Company or companies belonging to the same economic group as the Company is a party;

For the purposes of this Article a Company shall be deemed to be part of an economic group when one or more natural or moral persons of that economic group are owners, individually or jointly, of at least 15% of the shares representing the social capital of the Society concerned.

II. Shareholders who, without being employees or directors of the Company, have command power over the directors of the Company;

For the purposes of this Article it shall be considered as a power of command to the ability to influence in a decisive manner the agreements adopted in the assemblies of shareholders or sessions of the board of directors or in the management, conduct and execution of the business of a company or of the moral persons it controls.

III. Partners or employees of companies or associations providing advisory or consulting services to the Company or to companies belonging to the same group the economic area of which the party is a party, the revenue of which represents 10% or more of its revenue;

IV. Users, suppliers, partners, advisors, or employees of a company that is a User or a major provider of the Company.

It is considered that a User or a supplier is important when the services provided by the Company or the sales it makes to it represent more than ten percent of the total services or sales of the User or Provider, respectively.

V. Employees of a foundation, association or civil society that receive significant donations from the Society.

Important donations are considered to those representing more than fifteen percent of the total donations received by the foundation, association or civil society of in question;

VI. General managers or senior managers of a company on whose board of directors the CEO or a senior management officer participates the Society;

VII. Spouses or concubinals, as well as relatives by consanguinity, affinity or civil to the first degree in respect of any of the persons mentioned in Fractions III to VI above, or up to the third grade, in relation to those identified in fractions I, II and VIII of this Article, and

VIII. Those who during the immediate twelve months prior to the time they intend to make their appointment have held a management or administrative position (a) in the Company, (b) in a User of that Company, (c) in companies belonging to the same economic group of which the Company is a party, or (d) in the financial group to which that User belongs, if any.

The council should meet as many times as necessary but at least quarterly. The President of the Council may, either directly or through the Secretary of the Council, convene a session of the Council. Members representing at least thirty per cent of the councillors or at least two independent councillors, or any of the Commissioners of the Society, may also be able to do so. In order to hold the meetings of the Management Board on the first call, at least fifty-one per cent of the members of the Board of Directors, of whom at least one of the members of the Board of Directors, should be independent. The president of the council shall have a vote of quality in the event of a tie.

Shareholders representing at least ten per cent of the ordinary paid capital of the Company shall be entitled to appoint a counsellor and their respective shareholders alternate. The appointment of minority members may be revoked only when the appointment of all other members is revoked.

Those members who have been appointed by shareholders who have the character of Users or who are User's officials must have a director level general of the User representing or of the first two levels of immediate command lower than this, or being shareholders or directors of the said User.

Councillors will be obliged to refrain expressly from participating in the deliberation and voting on any matter involving a conflict of interest to them. They shall also maintain absolute confidentiality in respect of all acts, events or events relating to the Society of which he is a counsellor, as well as any deliberation carried out in the council.

Article 8o. Bis 1.- The companies shall refrain, where appropriate, from registering in the register referred to in Articles 128 and 129 of the General Law of Companies of the European Communities on the transmissions of shares which are carried out in contravention of the provided for in Article 8. of this Act, and shall inform the Commission of such circumstances, within five working days of the date on which they are aware of this.

Where acquisitions and other legal acts through which the ownership of representative shares of the share capital is directly or indirectly obtained of a Society, be carried out in contravention of the provisions of the article 8o. of this Law, the property and corporate rights inherent in the corresponding shares of the Company will be suspended and therefore cannot be exercised until it is credited that the authorization or resolution has been obtained that corresponds.

Article 9o.- The appointment of the directors and the general manager of the companies must be given to persons of recognized technical quality, good repute and satisfactory credit history, as well as extensive financial or administrative knowledge and experience.

In no case can you occupy the charges referred to in the preceding paragraph:

I.      Persons convicted of a definitive sentence for intentional crimes, those who are disabled to exercise trade or to perform a job, post or commission in the public service, or in the Mexican financial system, during the time The duration of its disablement;

II.    The broken and broken ones that have not been rehabilitated, and

III.   Those who perform functions of regulation, inspection or surveillance with respect to the Societies.

May not be officials of the Companies who provide their services to any User, Financial Entity, Commercial Company or Sofom E.N.R.

The Company shall verify that persons designated as directors and general manager comply with the requirements prior to the commencement of their management. indicated in this article. The Commission may, by means of general provisions, establish the criteria by which the dossiers certifying compliance with the provisions of this Article shall be integrated.

Companies shall inform the Commission of appointments of directors and of the Director-General within five working days of their appointment, expressly stating that they comply with the applicable requirements.

The Commission may, by prior hearing of the interested party and the Society concerned, determine that the suspension of one or more of the members of the Board of Directors of the management and the Director-General of the Company, where they do not have sufficient technical quality, good repute and satisfactory credit history for the performance of their duties, or incur in a serious or repeated manner in respect of the (a) this law or the provisions of a general nature resulting from it.

In the cases of serious or repeated infringements referred to in the preceding paragraph, the Commission may also disable the persons mentioned for carrying out a employment, position or commission within the Mexican financial system, for a period of six months up to five years, without prejudice to the penalties that under this or other legal orders are applicable.

For the exercise of the powers conferred on it by this Article, the Commission must have a database on the history of the persons participating in the financial sector.

The resolutions referred to in this Article may be appealed to the Secretariat within 15 days of the date on which they were notified. The Secretariat itself may revoke, amend or confirm the decision under appeal, after hearing the parties.

Article 10.- It will require authorization from the Secretariat, who will hear the opinion of the Commission and the Bank of Mexico, so that any person or group of persons acquire, directly or indirectly, through one or more simultaneous or successive operations, the control of a Company.

For the purposes set out in this Article, a person or group of persons shall be deemed to acquire control of a Company when it is the owner of fifty years. and one per cent or more of the shares with the right to vote representative of the paid capital of the Company, be in control of the general assembly of shareholders, be able to appoint the majority of the members of the board of directors or by any other means control the Society concerned.

Article 11.- Any modification to the social statutes of the Societies shall be submitted to the prior approval of the Secretariat, for later registration in the Public Registry of Commerce.

The Companies will inform the Secretariat, the Commission, and the Bank of Mexico of the date on which they will start activities.

Article 12.- Companies shall hold their operations and activities subject to this law and to the general provisions issued by the Bank of Mexico.

Article 13.- Companies will only be able to carry out the activities necessary for the performance of their object, including the rating service credit or risk, verification or confirmation of identity or general data, as well as other similar and related activities authorised by the Secretariat, hearing the opinion of the Bank of Mexico and the Commission.

Companies, when offering credit or risk rating services as referred to in the preceding paragraph, shall consider all available information in their database without discriminating the information provided by any User.

Dealing with credit rating services, the Companies may carry out numerical valuations in respect of the Customers, in accordance with the general provisions to be issued by the Commission, subject to the agreement of its Governing Board.

In these provisions, the cases and terms in which the Financial Entities may access the above assessments will be established only to determine the Customer's eligibility in the offer of financial products, without the need to have the authorization referred to in Article 28 of this Law, provided that the personal data of the Law is protected at all times.

Companies must offer to the Customers who request it, in terms that the effect will agree with them, the service consistent in making their knowledge when Users consult their credit history, as well as when they submit information regarding the lack of timely payment of any enforceable obligation.

Article 14.- Companies must give notice to the Commission of the establishment, change of location or closure of any of its offices, at least with thirty calendar days of anticipation.

Article 15.- Companies may invest in securities representative of the social capital of companies that provide them with complementary or ancillary services in their the administration or the performance of its object, as well as real estate companies that own or manage goods destined for their offices.

Article 16.- Companies will require authorization from the Secretariat to merge or spin off, following the opinion of the Bank of Mexico and the Commission. When the dissolution and liquidation of the Company is agreed upon, they shall notify the Secretariat and the Bank of Mexico so that the Company will adjust to what it points out in relation to the management and control of its database.

Article 17.- The companies will be subject to the inspection and surveillance of the Commission, to which they will have to cover the quotas in the terms established by the Secretariat.

Companies must provide the Users, Customers and competent authorities with the information and documents that the Bank of Mexico and the Commission will determine through provisions of a general nature, in terms of the law applicable to them, in order to ensure that the Societies duly comply with their duties and obligations. Likewise, the companies must provide both the Bank of Mexico and the Commission, within the time limits and through the means that they establish by means of the respective provisions of general character that, to the effect they emit, the information that require for the exercise of the privileges that the law confers on each authority, as well as for the purpose of statistical or other disclosure to be determined by provisions of a general nature.

The Commission shall be empowered to request a quarterly report from the Companies on the state which keeps the process of clearing records in the terms of the Law. The information and databases provided by the Companies to the Bank of Mexico and the Commission may be retained by these authorities.

Article 17 Bis.- In order to preserve financial stability, avoid disruptions or disruptions to the functioning of the financial or financial system payment system, as well as to facilitate the proper performance of its tasks, the Secretariat, the Commission and the Bank of Mexico shall, at the request of the authority concerned, and in terms of the conventions referred to in the last paragraph of this Article, exchange of information with each other in their possession Obtained:

I. In the exercise of their faculties;

II. As a result of your performance in coordination with other entities, persons, or authorities or,

III. Directly from other authorities.

The right mentioned in the preceding paragraph shall not be subject to restrictions on the information reserved or confidential in terms of the applicable legal provisions. Anyone who receives the information referred to in this Article shall be responsible, in administrative and criminal terms, in terms of the applicable law, for the dissemination to third parties of confidential or reserved information.

For the purposes of this Article, the designated authorities shall conclude information exchange conventions specifying the following: information exchanged and determine the terms and conditions to which they are to be subject. In addition, such agreements must define the degree of confidentiality or the reservation of information, as well as the respective control bodies to which cases where the delivery of information is denied or its delivery is made out of the time limits set.

Article 17 Bis 1.- The Secretariat, the Commission and the Bank of Mexico, in the field of their competence, will be empowered to provide the authorities with financial outside any kind of information that they deem appropriate to meet the requirements that they make, such as documents, constances, records, statements and other evidence that such authorities have in their possession by have obtained it in exercise of their faculties.

For the purposes of the foregoing paragraph, the authorities shall have an agreement to exchange information with the financial authorities of the This is the case, in which the principle of reciprocity is envisaged.

The Commission shall be empowered to provide the external financial authorities with information protected by confidentiality provisions in their possession having obtained it in the exercise of its powers, acting in coordination with other entities, persons or authorities or directly from other authorities.

The Bank of Mexico shall be empowered to provide the financial authorities with the information protected by confidentiality provisions in its power to have obtained it directly in the exercise of its powers. Likewise, the Bank of Mexico will be empowered to provide the financial authorities with information protected or not by confidentiality provisions obtained from other authorities of the country, only in cases where it has expressly authorised in the convention for the exchange of information by virtue of which such information has been received.

In any event, the Commission and the Bank of Mexico may refrain from providing the information referred to in the previous two paragraphs, when the use of the intends to give to the same one for which it has been requested, contrary to public order, national security or the terms agreed upon in the respective information exchange agreement.

The Secretariat, the Commission and the Bank of Mexico shall establish coordination mechanisms for the purpose of the delivery of the information referred to in this Article the external financial authorities.

The delivery of information pursuant to this Article shall not imply any breach of the reservation, confidentiality, secrecy or otherwise similar to be observed in accordance with applicable legal provisions.

Article 18.- Companies will be prohibited from:

I.      Request and grant information other than that authorized under this law and the other applicable provisions;

II.    Exploit on their own or from third parties, commercial or industrial establishments or rustic estates and, in general, invest in societies of any kind other than those mentioned in this law, and

III.   Perform activities not covered by this law and other applicable provisions.

Article 19.- The Secretariat, listening to the affected Society and hearing the opinion of the Bank of Mexico and the Commission, may revoke the authorization granted in the cases in which the Company:

I.      It is repeatedly denied to provide information and documents to the Bank of Mexico or any of the commissions in charge of the inspection and surveillance of the Entities requesting such information in the terms set forth by the Bank of Mexico. law;

II.    Commits serious or repeated violations of the Financial Secret;

III.   Do not start activities within six months of the date the authorization was granted;

IV.    Repeatedly breaches the provisions of Article 35 of this Law;

V.    Alter, modify or repeatedly remove any records from your database, except for the assumptions provided in this law;

VI.   omitan consistently to apply the fees determined by the Commission in terms of Articles 36 or 36 of this Law;

VII.             Omit repeatedly to transmit or update to other Societies the information provided for in this law, and

VIII. Violates in a serious or repeated manner this law or any other applicable provision.

Article 19 Bis. The Commission may, after the Company's right of hearing, suspend or partially limit the conduct of the activities necessary for the realization of their object, in terms of this law, when such activities are located in any of the following cases:

I. It is repeatedly violated with the provisions of this law or in the general provisions that emanate from it;

II. No prohibited operations are performed or are expressly permitted or authorized in terms of this law or the provisions of this law.

The order of suspension referred to in this article is without prejudice to any sanctions that may be applicable in terms of the provisions of this law and others. provisions.

CHAPTER II

OF THE DATABASE

Article 20.- The Company's database shall be integrated with the information on credit operations and other information of a similar nature provided by the Users. Users who submit such information to the Company must do so in a complete and truthful manner; they shall also be required to expressly state the date of origin of the credits they entered and the date of the first non-compliance. Companies must not register for any reason, credits whose date of origin is not specified by the Users, or when the latter has an age in a portfolio that is more than 72 months. The above, in accordance with the provisions of Articles 23 and 24 of this Law.

In case the information provided by the User is related to a moral person, the User must include the shareholders or holders of the parties social capital, as the case may be, that they own 10% or more of the share capital.

The Financial Entities shall provide, in accordance with the general provisions that the Bank of Mexico may issue, the information relating to the to their credit operations, at least, to a of the Societies organized under this Law.

When the customer performs an obligation, the User shall provide the Company with the corresponding payment information and the removal of the prevention or observation key. The User shall send such information within five working days after payment. In the case referred to in the fifth paragraph of Article 27a, the Users shall have up to ten working days to send the updated information to the Company.

In the case referred to in the preceding paragraph, the Companies shall have a period of up to three working days from the date on which they received the Users information, to update that information in your databases.

When clients are engaged in recovery programs of Financial Entities, Commercial Companies or Sofomes E.N.R. Users will report to the Credit Information societies such credits as settled, in case they have been finalized.

Article 20 Bis.- Users are prohibited from reporting to the Credit Information Societies information regarding credits not contracted by a Client.

For information regarding credits, loans or revolving funds associated with a card that has not been requested or contracted by a User, Credit Information Societies shall proceed to delete from the database within five working days following the request of the Customer concerned, the information that has been reported. For the purposes of this paragraph, it is understood as an unsolicited or contracted card, unless proof to the contrary, that which has not had provisions of the credit line and only present charges for commissions.

Article 21.- The Societies will establish prevention and observation keys, as well as the standardized operational manuals to be used by the different types of Users, to carry out the registration of information in their database, as well as for the issue, rectification and interpretation of the Credit Reports and Special Credit Reports that the Society issues.

The prevention and observation keys, as well as the operational manuals referred to in the preceding paragraph and their modifications, shall be approved by the Management of the Company. In addition, the key issues and their modifications should be approved by the Commission.

Article 22.- The Company must take the necessary security and control measures to prevent the improper handling of the information.

For the purposes of this law, any act or omission that causes damage to its patrimony, to the subject of which it is held, shall be understood to be for the purposes of this law. information, as well as any action that translates into a wealth benefit in favour of the civil servants and employees of the Company or the latter, provided that it does not derive from the realization of its object.

Article 23.- Companies are required to preserve the credit histories provided to them by the Users, corresponding to any physical or moral person, at least for a period of seventy-two months.

Companies may remove from the Customer's credit history that information that reflects compliance with any obligation, after seventy-two months such compliance has been incorporated into that history.

In case of information that reflects the uninterrupted non-compliance of any required obligation as well as the prevention keys that correspond to them, the Societies must remove them from the corresponding Customer's credit history, after seventy-two months of the first failure to comply with that history.

In the case of claims where there are both defaults and payments, the Companies shall remove the information from each period of default within the period referred to in the preceding paragraph, from the date on which the first non-performance of each period is incorporated in the credit history.

In the case of claims in which non-compliances are recorded and subsequently a partial payment of the insolute balance, the companies must remove the information on credit as well as the corresponding prevention keys, within the time limit set out in the third paragraph of this Article, from the date on which the first non-compliance is incorporated in the credit history.

In the event that the Customer enters into a finiquito agreement and pays as established in this agreement, the User must send the respective information to the Company in order to that the payment has been made, with the corresponding observation key. Companies shall remove the information relating to these credits, as well as the relevant observation keys, within the period specified in the third paragraph of this Article, from the date on which they are incorporated in the history credit the first default.

For the purposes of this Article, the period of non-compliance shall mean the period between the date on which it ceases to comply with one or more obligations. (a) to be required and the date on which the respective payment is made.

Companies will have to remove information regarding credits less than the equivalent of one thousand UDIS in terms established by the Bank of Mexico provisions of a general nature; in those provisions, a reference amount and time limit may also be determined to eliminate the registration of residual balances of minimum amounts, which may not exceed forty-eight months.

Companies are exempted from the obligation to remove information regarding the corresponding default on credit history, within the time limit specified in the the second paragraph of this article, when on the date on which it is to be eliminated, the non-compliance in the payable payment is being the subject of trial in court. The above, based on the information that the effect and under protest of the truth tell you provide the appropriate User, to the Society in question.

In the case referred to in the preceding paragraph, the Company shall remove from the credit history the information on the non-compliance in question, once Six months after the deadline indicated for the purpose in the second paragraph of this article has been met, unless the User again proves that the judgment is still pending, in which case the period of six months shall be extended for an equal period and so on until the corresponding removal proceeds.

Companies shall include in their operational manuals procedures enabling them to review the reasonable compliance with the provisions of Article 20 as well as the procedure for the elimination of the information sent to them by the Users in the terms of this article. The Commission shall authorise these manuals.

Companies shall establish criteria applicable to all of them for the operational implementation of this Article, with respect to the information they receive from Users. The Commission shall be empowered to resolve consultations with regard to the operational implementation of this Article.

Article 23 Bis.- Companies, without prejudice to the provisions of Article 23 of this Law, may, under their strictest responsibility, retain information Once the deadlines referred to in that article have expired, in order to ensure that the information they receive from their Users after such time-limits, is not related to that which should have been deleted. If they receive it, they must notify the Commission, if the User who delivers it is supervised by that unconcentrated organ.

The companies must also notify the Commission of the controls they have for the protection of this information.

Article 24.- The removal of the credit history provided for in the previous article will not be applicable in the following assumptions:

I. Dealing with one or more credits whose amount due upon failure to pay any amount owed to a creditor is equal to or greater than the equivalent to four hundred thousand UDIS, in accordance with the value of that unit applicable in the date or dates in which the respective payment defaults are presented, irrespective of the currency in which they are denominated.

II. In cases where there is a firm judgment in which a Customer is convicted of a related intentional property offence by the commission with some credit and that such circumstance has been made of the knowledge of the Society by some of its Users.

CHAPTER III

OF THE PROVISION OF THE CREDIT INFORMATION SERVICE

Article 25.- Only Financial Entities, Commercial Companies, and Sophos E.N.R. may be Users of the information provided by the Companies.

Article 26.- Companies must provide information to the Users, to the judicial authorities under providence given in judgment in which the Client is a party or defendant, as well as federal law enforcement authorities, through the Commission, for tax purposes, to combat money laundering or actions to prevent and punish terrorist financing.

Companies may deny the provision of their services to persons who do not provide them with information for the performance of their object. For such purposes, a person shall be deemed not to provide information, where he/she performs in a normal and professional manner credit or other operations of a similar nature and does not provide information on them.

Dealing with natural persons, in no case the information contained in the credit reports can be used by the Users, for work effects of the Client, except by judicial or legal order to protect him.

Article 27.- Companies, when providing information on credit operations and other analogous nature, shall keep secret of the the identity of the creditors, except in the case referred to in Article 39 of this Law, in which case they shall inform the Customers directly of the name of the creditors that correspond.

Article 27 Bis.- When Users sell or transfer credit portfolios to companies specializing in the acquisition of debt or other acquirers or In the case of transferee, and in terms of the common legislation, they notify the Customer of such sale or transfer, they must inform the companies with which they have concluded a contract for the provision of credit information services, within the 20 working days following that notification, and the following shall be mentioned: name, address, Federal Register of Contributors and any other data that allows the buyer or transferee to be fully identified, as well as the date on which the sale or sale was held.

In the case referred to in the preceding paragraph, the Companies shall include in the Special Credit Reports they issue, an annotation indicating the name of the a person to whom one of the credits whose information they incorporate has been sold or transferred. Such annotation shall not be in the form of notification of the User's transfer or sale to the Customer in accordance with the common law. In the Special Credit Reports, the Companies must incorporate a legend that mentions that the information about the domicile of the acquirers or transferee of the portfolio, can be obtained through the free telephone number to which refers to article 40, penultimate paragraph of this Law and on its electronic page on the worldwide network known as the Internet.

The updating of the information sent to the Companies in respect of the credits sold or transferred shall be effected by the same number assigned to the credit object of the sale or transfer.

Where the credit portfolio has been sold or transferred to another User, the buyer or transferee shall have the obligation to update the relevant records with the Company to credit sold or transferred.

In the event that a User sells or cedes any credit to persons other than Users, the seller or transferor shall continue to send the information relating to such credit. The seller or transferor must agree with the buyer or transferee that, with the necessary opportunity, he informs the movements of the credit in order to ensure that the User concerned complies with the obligation laid down in Article 20, penultimate paragraph of the present law.

When the sale or transfer has been made to persons other than Users or those who have ceased to exist legally and the seller or transferor has ceased to be a User, Companies must include in the Credit Reports and Special Credit Reports that they issue, an annotation that manifests the impossibility of updating the respective records for the reason mentioned. In this case, the respective credit information must be removed from your credit history within a maximum of forty-eight months.

The obligation to take care of the claims that the Customers present to the Companies, in terms of the provisions of Article 42, will be the responsibility of the person to whom Update the credit information sold or transferred.

Article 28.- Companies may only provide information to a User, when the User has the express permission of the User, by means of his signature autograph, in which it consists in a fehaciente manner that has full knowledge of the nature and scope of the information that the Society will provide to the User that so requests, of the use that the User will make of such information and the fact that You will be able to make periodic inquiries of your credit history during the time to maintain legal relationship with the Customer.

Companies may provide information to Users who acquire or manage credit portfolios, using the authorization that the Customer has given in accordance with this Article to the User who originally granted the respective credit.

The third paragraph is repealed.

Also, the Bank of Mexico may authorize the Companies to accept the terms and conditions under which they may agree with the Users to replace the autograph of the Client, with one of the forms of manifestation of the will mentioned in article 1803 of the Federal Civil Code.

The express authorization referred to in this article will be necessary in the case of:

I.      Physical people, and

II.    Moral persons with total credits of less than four hundred thousand UDIS, in accordance with the value of that unit published by the Bank of Mexico to the date on which the request for information is submitted. Users who carry out consultations relating to moral persons with total credits exceeding four hundred thousand UDIS shall not require the express authorisation referred to in this Article.

The obligation to obtain the authorizations referred to in this article will not apply to the information requested by the Bank of Mexico, the Commission, the authorities The Court of Justice of the European Union, acting in accordance with the judgment in which the Client is a party or a defendant and by the federal authorities, when they request it through the Commission, for tax purposes, for the purpose of combating money laundering or to prevent and punish terrorist financing.

The validity of the authorization provided for in the first paragraph of this Article shall be one year from the date of its granting, or up to two additional years for that year if You expressly authorize it. In any case, the validity will remain as long as there is legal relationship between the User and the Customer.

Special Credit Reports that are delivered to Customers in terms of this law shall contain the identity of the Users who have consulted their information in the previous twenty-four months.

When the text containing your authorization forms part of the documentation that you must sign to manage a service to any User, that text must be included in a special section within the cited documentation and the client's signature on the text of its authorization must be an additional signature to the one normally required by the User for the processing of the service requested.

It will be understood that they violate the provisions concerning the Financial Secret both the Company, and its employees or officials who participate in some consultation knowing that the authorisation referred to in this Article has not been sought in the terms of Articles 29 and 30 below.

Users, as well as their employees or officials involved, will be deemed to have violated the Financial Secret provisions when they perform queries or release information in violation of the provisions of the articles mentioned in the preceding paragraph.

Companies, their employees and officials shall be prohibited from providing information regarding personal data of Customers for the marketing of products or services to be offered by the Users or any third party, except for the carrying out of queries relating to the credit history. Anyone who provides information in violation of this paragraph will incur the crime of disclosure of secrets referred to in Article 210 of the Federal Criminal Code.

Article 29.- Users who are Commercial Companies may consult the Companies through previously authorized officials or employees who manifest, in protest of truth, that the authorization referred to in the first paragraph of article 28 of this law is counted. Such Users shall send the originals of such authorisations to the Company concerned within a period which may not exceed thirty days after the date of the consultation.

The Commercial Company that has conducted a consultation without the authorization referred to in the previous paragraph will incur in violation of the Financial Secret. In this case, the Company concerned shall notify the Profecor of such fact within thirty working days of the month in which it must have received the corresponding authorisations.

Once the Profeco receives the reported notification, it may file a complaint against the person responsible for the violation of the Financial Secret.

Users who are Commercial Companies shall be required to keep absolute confidentiality regarding the content of the Credit Reports provided to them by the Companies.

Companies must verify that the Users who are Commercial Companies have the authorizations referred to in the first paragraph of Article 28. The Companies shall be entitled to take legal action against Commercial Companies and/or officials or employees of these Companies, for violation of the Financial Secret, when such verifications result in the absence of the authorizations. mentioned.

Companies shall maintain in their archives the authorisations in printed, electronic or optical means, for a period of at least sixty months counted from the date the corresponding query was made.

Article 30.- Users who are Financial Entities or Sofomes E.N.R. may consult the Societies through officials or employees previously authorized to the companies that manifest under protest to speak truth, that they have the authorization referred to in the first paragraph of article 28 of this law.

These Users must keep in their files the authorization of the Customer, in the form and terms that the Commission or the Condusef indicates, as appropriate, by a period of at least twelve months from the date on which the consultation on the credit performance of a Customer has been carried out in a Company. Likewise, such Users shall be responsible for the violation of the provisions relating to the Financial Secret in the terms of Article 38 of this Law, when they do not have the authorization referred to in due time.

The Commission or the Condusef may apply to the Financial Entities or Sofomes E.N.R., respectively, to show them the authorizations of the Customers in respect of the which have requested information from the companies and, if they do not have it, to impose on the Financial Entity or the Sofom E.N.R. concerned, the penalties which correspond, without prejudice to the fact that the companies may also verify the existence of such authorisations and the communication to the Commission or the Condusef of defaults to be detected.

Dealing with Users who are Financial Entities or Sofomes E.N.R., the Companies will only be responsible for violating the Financial Secret when they do not obtain the manifestation in protest of telling the truth referred to in the first paragraph of this article.

Article 31.- The Commission may authorize that the shipments to the Companies of the authorizations referred to in Article 28 of this Law be made through electronic means or digitized means, in which case the Users shall keep in their files the authorization of the Customer for the period of time that the credit is maintained in force that in his case is granted or for a period of at least twelve months counted from the date on which the consultation was conducted on the credit behavior of a Customer to a Company. Companies shall be obliged to verify, at the request of the Commission, the existence of such authorisation.

Article 32.- Companies may agree to the provision of their services through the use of equipment, electronic, optical or any other technology, automated data processing systems and telecommunications networks, whether private or public, by establishing in the respective contracts the basis for determining the following:

I.      The services whose benefit is agreed;

II.    The means of identification of Users and Customers, and

III.   The means by which the creation, transmission, modification or extinction of rights and obligations inherent in the services concerned shall be recorded.

The use of means of identification to be established in accordance with the provisions of this article, in place of the autograph signature, will produce the same effects as the laws give the relevant documents and, where appropriate, they will have the same evidentiary value.

Article 33.- The Company must have systems and processes in place to verify the identity of the User or Customer through the authentication process that is determine, which must be approved in advance by the Company's own board of directors, in order to safeguard the confidentiality of the information in the terms of the applicable legal provisions.

Article 34.- Credit Reports and Special Credit Reports will have no probative value in judgment, and must contain a legend that indicate.

Article 35.- Companies may not establish policies or operating criteria that restrict, impede or impose excessive requirements to provide or receive information, except as provided for in the second paragraph of Article 26 of this Law.

Companies may not prevent their Users from providing or requesting information from other Societies. Companies will also not be able to set quantitative limits on the number of queries Users can perform.

Article 36. Companies that for the first time provide their Primary Database to other Societies shall transmit them in full, at the latest within the month following the month in which they are requested to do so.

In order to keep the information up to date, in addition to the above paragraph, the Companies shall provide the information captured each month in their Primary database of all those Societies that have requested it. The above information shall be provided within 15 calendar days following the month in which the information was captured.

Companies must agree within a period of no more than thirty days from the requirement that the Commission makes, the standards, conditions, procedures, as well as the amounts to be paid to each other for the exchange of information referred to in this Article. The respective agreements shall be submitted to the Commission for authorisation, as well as their amendments.

If the Companies do not reach the agreement provided for in the preceding paragraph, they shall be subject to the general provisions of the Commission, for which, it shall have a period of 30 days. Companies shall be subject to those provisions within a period of no more than 15 days, in which they may determine the rates, inter alia.

Each Company, in providing information to other Societies, shall avoid distortions in the information transmitted in respect of which it was originally received from Users. Also, the companies must remove from their database the information of those records that they receive in repeated form for any cause, in order not to duplicate information within the Credit Reports or the Reports of Credit Specials to issue.

Article 36 Bis. Companies issuing Credit Reports and Special Credit Reports, in addition to the information contained in their databases, must include, the one contained in the databases of the other Societies. In any case, the credit reports referred to in this Article shall include, in respect of each transaction, at least the following information:

I. The credit history;

II. Opening dates;

III. The dates of the last payment and closing, if any;

IV. The credit limit;

V. Where applicable, the total balance of the operation contracted and amount to be paid, and

VI. The applicable observation and prevention keys.

The Commission may, by means of general provisions, save or add to the requirements, as well as specify the content of the concepts cited in the fractions above.

Users will be able to choose to consult the reports of the different Societies separately. In case of opting for this form of consultation, the Users must notify the Company, who must provide a Credit Report containing only the information of the latter. In the event that this mode is requested, the Users will be required to ask the other Companies for their corresponding individual report.

For the purposes of this Article, Societies shall be obliged to share information between them.

Companies shall disclose the existence of the credit reports referred to in this article.

Companies providing information to another Company in terms of this Article shall not be responsible for fulfilling the obligations laid down in Articles 29 and 30 of this law.

Companies that are required by another Company to be informed in accordance with the preceding paragraphs shall be required to provide it no later than the following day of the the date on which they were requested.

The fees that the Companies will have to offer to their Users for the Credit Reports referred to in this article, will be authorized by the Commission. At the authorized rate, the Companies, jointly, will be able to apply discounts based on: a) the amount of queries made by the User in question regarding this type of Credit Reports, and b) any other factor that incites in the determination of the price.

The income that the Societies obtain from the sale of these credit reports, will be distributed among them in the way that they agree, after authorization of this tariff by the Commission.

If the Company has not determined the rate applicable to the credit reports referred to in this Article, the Commission may require them to its price within a period not longer than 15 days. Failure to do so shall be the same as the Commission's own rate giving publicity to the relevant decision.

It will be up to the Director General of the Society to ensure the implementation of internal control procedures and measures to ensure that the sending of information to other Societies is carried out in a timely, complete and undistorted manner in respect of which it was originally received from the Users.

Article 37.- Companies must submit to the Commission manuals laying down minimum safety measures, including the transport of the information, as well as physical security, logistics and communications. Such manuals shall, where appropriate, contain the necessary measures for the security of external data processing.

Users will be able to verify, with the consent of the Societies, that the necessary security measures are in place to safeguard the information that the Users provide.

CHAPTER IV

OF THE PROTECTION OF THE CLIENT ' S INTERESTS

Article 38.- With the exception of the information that the Societies provide in the terms of this law and the general provisions arising therefrom, The legal provisions relating to the Financial Secret shall apply to companies, their officials and their employees, even if the aforementioned officials or employees cease to provide their services to such companies.

Users of the services provided by the Companies and any other person other than the Customer who has access to their Credit Reports or Reports of Special Credit, as well as the officials, employees and service providers of such Users and persons, must keep confidentiality about the information contained in these reports and not use it in a different way to the authorized.

Article 39.- Customers who manage any service to any User may request from this User the data obtained from the Company, in order to clarify any situation regarding the information contained in the Credit Report.

Users who deny the granting of any credit or service preponderantly for the purposes of the information contained in the corresponding Credit Report, be required to communicate to the Customers such a situation, as well as to provide them with the data of the Company that issued the reported Credit Report.

Article 40.- Customers will have the right to ask the Company for their Special Credit Report, through the specialized units of the Company, the Financial Entities or the Sofomes E.N.R. or, in the case of Commercial Companies, through whom they designate as responsible for those effects. Such specialized units and those responsible shall be obliged to process the requests submitted by the Customers, as well as to inform them of the telephone number referred to in the penultimate paragraph of this article.

The Company shall make the Special Credit Report requested in a clear, complete and accessible manner, in such a way as to explain itself or with the assistance of a Annex, and send or make it available to you within five working days of the date on which the Company received the corresponding request.

The Special Credit Report should allow the Customer to know clearly and accurately the condition in which his credit history is found.

For the purposes of the delivery of the Special Credit Report, the Companies shall, at the discretion of the Client: I. Put it at your disposal in the specialized unit of the Society; II. Send it to the e-mail address you have indicated in the corresponding request; III. Send it in closed with acknowledgement of receipt to the address you have indicated in the corresponding request.

Companies will be obliged to: a) Send or make available to the Customers, together with each Special Credit Report, a summary of their rights and the procedures to access and, where appropriate, rectify the errors of the information contained in that document; To keep the content of the above summary available to the general public, and (c) to make available to the general public in an easy and accessible manner the meaning of the keys used in the Special Credit Reports and to maintain updated at all times such information.

Companies must have a free telephone number and an Internet page with availability of permanent consultation to attend to requests for reports of Special Credit, as well as to receive the claims that the Customers submit to these reports in terms of Article 42. Also, through such telephone number, the Companies must address the doubts of the Customers in relation to these requests and with the rights conferred on them by this Law and the general provisions referred to in the article 12.

La Condusef on its website known as the Internet, must include information about the societies with their name, data that identify it and its link to the allusion network. For their part, the Societies will be obliged to have in place visible within their respective page on that network, the link to the page of the Condusef.

Users must inform Customers via e-mail or telephone, in case they have them, about any information they report to a A society that has the characteristics to be integrated into the Primary Database.

Users are required to register a Customer's email in case it is provided to you.

Article 41.- Customers will have the right to ask the Companies for free shipping of their Special Credit Report each time twelve months elapse. The above, provided that they request that the respective shipment be carried out by e-mail or that they come to collect it to the specialized unit of the Society.

In case Customers who are natural persons request that their Special Credit Report be sent to them by the means indicated by the number III of the fourth paragraph of Article 40 of this Law, or in the case of an additional application of the Special Credit Report, the Company shall comply with the general provisions referred to in Article 12 of this Law.

Article 42.- When Customers are not in compliance with the information contained in their Special Credit Report or Credit Report, they may submit a claim. Companies shall not be required to deal with claims on the information contained in the records which have been the subject of a prior complaint, in respect of which the procedure provided for in this Article has been followed, and in Articles 43 and 45.

Such a claim must be filed with the Company's specialized unit in writing, mail, Internet, telephone or e-mail. the records contained in the Credit Report or Special Credit Report on the record of the contested information and, if applicable, by attaching copies of the documentation in which they are found to be non-compliant. If you do not have the appropriate documentation, the Customers must explain this situation in the written or electronic form they use to present their claim. Claims to be made by telephone must be recorded by the Company.

The terms on which the Company will have to address the claim referred to in the preceding paragraph, shall be determined by the Bank of Mexico, by means of the general character referred to in Article 12 of this Law.

Regardless of the means used to make the claims, the Company must inform the Customer of the control number assigned to the claim by the the end of the latter being able to follow up.

In the Credit Report and Special Credit Report, it should be noted that the Customers have the right to file claims with the Companies. in terms of this article, as well as request clarification directly from the Users in terms of the law that regulates them.

When a Company receives a claim from a Customer, in respect of a record that comes from the information provided by another Company through a Reporting of Special Credit, the Company that has received such a claim must, within a maximum period of five working days, counted from the receipt of the respective claim, send it to the Society that has reported the registration claimed, which, on the basis of the receipt, is responsible for processing it in the terms of Articles 42 to 49 of this Law. Once the claim referred to in this paragraph has been sent, the Company that would have received it from you will be released from any liability in respect of the processing of the same.

For the purposes of the first paragraph of Article 47 of this Law, the Company required to carry out the shipments referred to in that provision shall be that which has sent the contested registration to another Company for the purpose of making the latter of the respective Special Credit Report.

Article 43.- The Company shall deliver to the Financial Entities or Sofomes E.N.R. through its specialized units or, in the case of Commercial, through those who designate as responsible for those effects, the claim filed by the Customer, within a period of five working days from the date on which the Company has received it. The Users concerned must respond in writing to the complaint filed by the Customer within the time limit provided for in Article 44 of this Law.

Once the Company notifies the respective User in writing, it must include in the register in question the "contested registration" shall be removed until the completion of the procedure contained in Articles 44, 45 and 46 of this Chapter.

Article 44.- If the Financial Entities or Sofomes E.N.R. through its specialized units or, in the case of Commercial Companies, of whom they appoint as responsible for those effects, do not send to the Company their response to the claim submitted by the Customer within a period of fifteen calendar days from which they have received the notification of the claim, the Company you must modify or remove from your database the information contained in the the registration in question, as requested by the Customer, as well as the legend "registered record".

Article 45.- If the User accepts all or part of the claim in the complaint filed by the Customer, the User must immediately make the changes You will be required to do so in your database and notify the Company that you have sent the complaint to you, referring to the correction made to your database.

In case the User accepts part of the complaint or indicates the origin of the claim, he/she must express in his/her answer the elements that I consider in respect of the complaint and shall attach a copy of the evidence supporting its reply. The Company shall send to the Customer such response and copy of the above evidence within five working days of receipt of the User's response. You may express in a text of no more than two hundred words the arguments for which the information provided by the User is incorrect and ask the Company to include such text in its future Reports of Credit.

In the event that the errors in the complaint filed by the Customer are attributable to the Company, the Company must immediately correct them.

Article 46.- Users must not send back to the Societies the information previously contained in the database of these that have been modified or removed in accordance with the provisions of Articles 44 and 45 of this Law.

Companies will have no liability whatsoever for the modifications, inclusions or eliminations of information or records they make as part of the the complaint procedure provided for in this Chapter. In the absence of such a procedure, the Companies will be limited to giving to the Users and Customers the documentation that each corresponds in terms of the previous articles, and will not have their charge to resolve, to settle or to act like friendly component of the differences that arise between each other.

Article 47.- In cases where as a result of a claim a modification is made to the Customer information contained in the database Company, the company must send a new Special Credit Report to the Customer through the means agreed with him, within five working days after the one in which the complaint has been resolved. In addition, within a period that may not exceed five working days from the date of termination of such claim, the Company shall send an updated Credit Report to Users who have received information about the Customer. in the last six months and to the other Societies. The cost of the previous Reports and their submission will be covered by the User or the Company, depending on who is responsible for the error in the information contained in the aforementioned database.

Claims that a Customer submits on the same date shall be considered for the purposes referred to in this Article as a single claim.

Article 48.- Companies will be able to establish in service delivery contracts that they conclude with the Users, who both undertake to settle the conflicts with the Customers due to the inconformity of the information contained in the records appearing in the database, through the arbitration process before the Condusef or to the Profeco, as the case may be, provided that the Customer requests to subscribe the model of the arbitration engagement in friendly composition to be annexed to such contracts, which shall provide for maximum time limits.

The Financial Entities or Sofomes E.N.R. through its specialized units or, in the case of Commercial Companies, of those who designate as responsible for those effects, shall have five working days, counted from the date of the respective award, in order to inform the Societies of that award. The Companies shall have five working days, counted from the date on which they received the User's information, to update the corresponding records.

Customers will be able to file claims with the Profeco against the Commercial Business Users, which will be dealt with in accordance with the procedures provided for in the Federal Consumer Protection Act. They may also file complaints with the Condusef against the Users Financial Entities or Sofomes E.N.R., which will be dealt with in accordance with the procedures provided for in the Law of Protection and Defense of the User of Services Financial.

Article 49.- Once the Company has updated the information contained in its database, it must make available to the Commission a list of the records that for any cause would have been removed, included or modified as a result of the claim submitted by the Customer.

Article 50.- The Company shall, on a quarterly basis, make available to the Condusef or the Profecor, as appropriate, the number of claims in respect of the information contained in its database, relating such information to the Users or Society concerned, and the models of arbitration agreements which, if any, are committed to be adopted together with the Users, in accordance with Article 47 of the This Law. The above shall be disclosed to the public by the relevant authority.

CHAPTER V

OF THE SANTIONS

Section I

General Provisions

Article 51.- Companies will respond to the damages they cause to Customers by providing information when there is serious fault, dolo or bad faith in handling the database.

Users who provide information to the Societies will also be liable for any damages they cause in providing such information, where there is serious fault, or bad faith.

Article 52.- Those Users who obtain information from a Company without the authorization referred to in Article 28 of this Law or that of any other form of violation of the Financial Secret, as well as persons who violate the duty of confidentiality referred to in Article 38 of this Law, make use of the respective information in a manner other than that of the authorized by the Customer, will be obliged to repair any damage caused. This is without prejudice to other sanctions, including criminal sanctions, that come from the disclosure of the secret that is established.

Regarding Commercial Companies and Sofomes E.N.R., which do not obtain the authorization referred to in Articles 28, 29 and 30 of this Law, the Profeco or the Condusef, as appropriate, prior to the right of hearing and considering for this purpose the gravity and recidivism of the case, may order all the Societies to refrain from providing services to the offender on a temporary basis.

Article 53.- For the imposition of the sanctions, the Commission, the Bank of Mexico, the Profeco and the Condusef, will be the following:

I. The alleged offender will be granted a hearing right, who within five years working days, counted from the working day following that in which the relevant notification takes effect, shall state in writing what is appropriate and provide the evidence to which it deems appropriate. The notification shall have effect on the working day following the day on which it is practised.

II. In the event that the alleged offender does not make use of the right of hearing, within the period granted, or, having exercised it, does not succeed in fading the charges discharged against it, the corresponding penalty shall be imposed.

III. In the imposition of the sanctions, the seriousness of the offence will be taken into account. the personal background and the economic condition of the offender.

For personal history, the following definitions shall apply:

a) The quality of the primary offender. It shall also be considered as mitigating, where the alleged infringer accredits to the authority in question the damage caused, and the fact that he provides information which he assists in the exercise of the powers of the authorities, in order to disallow liability. The appropriate authority may also consider as mitigating or excluding the imposition of sanctions, the existence of fortuitous or force majeure events.

b) The recidivism, as well as the commission of an infringement on an ongoing basis six months. It shall be deemed to be a repeat incident, to which the offence has been committed and has been sanctioned, another of the same type or nature, within the immediate year following the date on which the relevant decision is established. Any of these circumstances shall be taken as an aggravating factor and the penalty may be up to the equivalent of twice the amount provided for.

To determine the economic condition will be attended:

a) In the case of Companies or Users, the accounting capital they have at the time of impose the penalty, and

b) In the case of officials or employees of the Companies or the Users, the perceptions that for any concept they have received for the provision of their services to them in the year before the time of committing the offence.

For the purposes of points (a) and (b) above, the Companies or Users which They shall be obliged to give that information to the Commission, the Bank of Mexico, the Profeco or the Condusef, as appropriate, where they so require.

To calculate the amount of the fines referred to in this law, the general minimum wage corresponding to the Federal District, in force in the the day on which the offence was committed or, where appropriate, when the offence was terminated.

Article 54.- The faculty of the Bank of Mexico, the Profeco, the Condusef and the Commission to impose the administrative sanctions provided for in the This Law shall expire within a period of five years from the date of the infringement. The reference period shall be interrupted at the beginning of the relative administrative procedure.

The administrative procedure in question shall be understood to have initiated, where the Bank of Mexico, the Commission, the Profeco or the Condusef, as appropriate, notify the alleged infringer of the irregularities reported against them.

Article 55.- The administrative penalties referred to in this Law shall not affect the criminal procedure which, if any, corresponds to.

Article 56.- The fines that the Bank of Mexico, the Commission, the Profeco or the Condusef impose, shall be paid within 15 working days of the one in which the notification of the respective trade takes effect. Where the fines are not paid on the date set, the amount of the fines shall be updated from the month in which the payment was made and until the payment is made, in the terms established by the Tax Code of the Federation for such cases.

In the event that the fine in question is paid within 15 working days, it will be reduced by 20% of its amount, without the need for the the authority that imposed the new resolution, as long as it does not interfere with any means of defense.

To protect the exercise of the right of access to governmental public information, the Bank of Mexico, the Commission, the Profeco or the Condusef, adjusting to the guidelines approved by its Governing Board or equivalent body, shall make known to the general public, through its Internet portal, the penalties that the effect imposes for violations of this Law, or the provisions that emanate of this, for which they must point out:

I. The name, name, or social reason for the offender;

II. The legal precept infringed, the type of sanction imposed, amount or time limit, according to corresponds, the offending conduct, and

III. The state that saves the resolution, indicating whether it is firm or, if is liable to be contested and in the latter case if any means of defence and its type have been brought, where such circumstances are known to have been duly notified by competent authority.

In any event, if the sanction imposed is left without effects by any competent authority, then such a circumstance should be published.

The above information will not be considered as reserved or confidential.

For the execution of the fines imposed by the Bank of Mexico in terms of this law, the provisions of Articles 66 and 67 of the Law of the Bank of Mexico will be observed.

The fines imposed by the Commission on credit institutions will be made effective by carrying their amount in the account that the Bank of Mexico takes to these institutions. It will be up to the Secretariat to make fines for people other than credit institutions effective.

The Bank of Mexico will carry out the respective charges on the date the Commission requests it for fines against which it is no longer a means of defense one. For such purposes, the credit institution concerned shall give written notice to the Commission at the same time as the exercise of any means of defence before the competent authority.

Article 56 Bis.- The Commission or the Condusef, as the case may be, may, in addition to the imposition of the appropriate sanction, admonish the infringer, or only to be admonished, in the light of their personal history, the seriousness of the conduct, that there is no evidence to show that the interests of third parties or the financial system itself are affected, and that the latter has been damaged has been repaired, as well as the existence of attenuating in terms of this Law.

In any event, the Commission or the Condusef may refrain from sanctioning the Companies and Financial Entities, provided that the cause of such abstention is justified. in accordance with the guidelines to be issued by the Governing Board of the Commission in respect of such acts, acts or omissions which are not serious, there is no recidivism, no evidence to prove that the interests of third parties or of the financial system itself are affected and not constitute a crime.

In the imposition of the penalty referred to in Article 61 (XI), the Commission may consider as a mitigating liability, or may abstain from sanction the failure to comply with the obligation to continue to send the information relating to the credits which have been transferred or sold in question, as provided for in Article 27 Bis, fifth and last paragraphs, provided that the User demonstrates, satisfaction of the Commission, that the non-compliance is a direct consequence of the fact that However, you have made the necessary actions to obtain the appropriate information, the transferee or buyer of the portfolio has not been provided.

Serious infringements of the violation as provided for in Articles 60, fractions VIII and XXII, 61, fractions IV, VIII, IX, X and XVII, and 62, fractions I, II shall be considered as serious infringements. and III of this Law. In any case, it will be considered as serious when the Commission is provided with false information or that it willfully mislead, by concealment or omission.

Article 56 Bis 1.- The Companies, Financial Entities and Sofomes E.N.R., through its Director General and, with the opinion of the person or area in charge of the surveillance functions, may subject to the authorization of the Commission, the Bank of Mexico or the Condusef, as appropriate, a self-correction program when the Company, Financial Entity or Sofom E.N.R., in question, in the performance of their activities, or the person or area carrying out the surveillance functions as a result of the functions conferred upon them, they detect irregularities or non-compliance with the provisions of this Law and other applicable provisions.

shall not be subject to a self-correction programme in the terms of this Article:

I. Irregularities or non-compliance detected by the Commission, the Bank of Mexico or the Condusef in exercise of its powers, prior to the presentation by the interested party of the respective self-correction program.

It will be understood that the irregularity was previously detected by the authorities indicated, where the Company, Financial Entity or Sofom E.N.R. has been notified, as the case may be, the irregularity or, where it has been detected in the course of the inspection visit, or, subsequently corrected Requirement in the course of the visit;

II. When the violation of the rule concerned corresponds to the commission of any offense, or

III. When dealing with any of the violations considered as serious in terms of this Act.

Article 56 Bis 2.- The self-correction programmes referred to in Article 56 Bis 1 of this Law shall be subject to the general provisions which issue each of the authorities referred to in that Article, according to their jurisdiction. In addition, they must be signed by the person or area who exercises the functions of supervision of the Society, Financial Entity or Sofom E.N.R., in question, and will be presented to the board of directors in the immediate session after the application for authorisation submitted to the Commission. It shall also contain any irregularities or non-compliance with the provisions which have been considered to be contrary to the effect; the circumstances which gave rise to the irregularity or non-compliance with which it was committed; actions taken or intended to be taken by the Company, Financial Entity or Sofom E.N.R., to correct the irregularity or non-compliance that prompted the program.

If the Company, Financial Entity or Sofom E.N.R., requires a deadline to remedy the irregularity or default, the self-correction program must include a detailed calendar of activities to be performed for that purpose.

If the Commission, the Bank of Mexico or the Condusef, as the case may be, does not order the Company, Financial Entity or Sofom E.N.R., in question, to be amended or corrections to the self-correction programme within 20 working days following its submission, the programme shall be authorised in all its terms.

When the Commission, the Bank of Mexico or the Condusef orders the Company, Financial Entity or Sofom E.N.R., modifications or corrections for the purpose of the the programme shall comply with the provisions of this Article and other applicable provisions shall have a period of five working days from the respective notification to remedy such deficiencies. That period may be extended for a single occasion for up to five additional working days, subject to the authorisation of the Commission, the Bank of Mexico or the Condusef, as appropriate.

If the deficiencies referred to in the preceding paragraph are not remedied, the self-correction programme shall be for failure to be submitted and, consequently, the Irregularities or non-compliances committed may not be the subject of another self-correction programme.

Article 56 Bis 3.- For the duration of the self-correction programs authorized by the authorities in terms of Articles 56 Bis 1 and 56 Bis 2 The Commission shall, in accordance with Article 1 (1) of Regulation (EEC) No No 1, of the European Communities and of the Council of the European Communities, of the European Communities, of the European Communities, of the European Communities, of the European Communities, of the European Communities, of the European Communities, of In addition, the time limit for imposing the penalties shall be interrupted for such a period, resuming until it is determined that the irregularities or non-compliance of the self-correction programme have not been remedied.

The person or area responsible for exercising the surveillance functions shall be required to follow up the implementation of the authorised self-correction programme. inform the Board of Directors and the Director-General as well as the authorities of their progress, as determined by each of them in the form and terms they lay down in the general provisions referred to in Article 56 Bis 2 of this Law. The above, regardless of the power of the Commission, the Bank of Mexico and the Condusef, to supervise at any time and, within the scope of its competence, the degree of progress and compliance with the self-correction program.

If the Commission, the Bank of Mexico and the Condusef, in the exercise of their supervisory functions or of the inspection and surveillance tasks, as they are concerned, determine that The irregularities or non-compliances that are the subject of the self-correction program will not be remedied within the prescribed period, will impose the corresponding penalty, increasing the amount of the program up to forty percent; terms of the applicable tax provisions.

Article 57.- Against Commission resolutions imposing penalties and fines provided for in Articles 66 and 67 of this Law, the action of revision in the terms provided for by the Federal Administrative Procedure Act.

Against the sanctions imposed by the Profeco and the Condusef will proceed with the administrative appeal contemplated in the Federal Law of Consumer Protection and the review provided for in the Protection and Defense Act to the Financial Services User, respectively.

Section II

Sanctions that the Commission may impose

Article 58.- The Commission may disable to perform a job, position or commission within the Mexican financial system, for a period of six months to ten years. years, to those officials or employees of the Companies or Financial Entities who, in any way, commit any violation of the provisions relating to the Financial Secret. Such persons shall also be obliged to make good any damage caused. The above, without prejudice to the penalties for Users to become creditors under this Law or other legal orders.

Article 59.- The Company that does not have the minimum capital paid in terms of the article 8o. of this Law, shall be sanctioned by the Commission with a fine equivalent to the quantity obtained from multiplying by 1.5, the yield that the missing of that capital has generated from having been invested during the period in which the same presented, at the leading rate to be paid by the Federation's Treasury Certificates.

Article 60.- The Commission will sanction a fine of 300 to 5,000 times the daily minimum daily wage in the Federal District, when:

I.        The Company omit to integrate the files or not to report to the Commission on the appointments, in the terms set out in Article 9o., fourth and fifth paragraphs of this Law as well as to be in breach of the provisions to which the mentioned fourth paragraph.

II.      The Company does not present the public instrument amending the social statutes before the Public Registry of Commerce or does not inform the Secretariat or the Commission of the registration data in accordance with the provisions of the Article 11;

III. The Society does not give notice to the Commission, the establishment, change of location or the closure of any of its offices, in accordance with the terms laid down in Article 14;

IV.      The Company shall submit to the Secretariat or to the Commission, the information or documentation that it requests or determines, in terms of Article 17, second paragraph, or fails to comply with the provisions emanating from it.

V.       The Company, in terms of Article 21, does not have the prevention or observation keys; or the operational manuals; or, such keys or manuals or modifications have not been approved by its management board or the referred to in point (a) of Article 4 (2) of Regulation (EU) No No

;

VI.     The Financial Institution shall refrain from using the prevention, observation, or operational manuals referred to in Article 21;

VII.     When the Company incorporates in the Primary Data Base the maturities information provided by the users without adjusting to the terms of section I of Article 2o. of this Act;

VIII. The Company, its employees or officials, provide the Users with information that includes the identity of the creditors, in contravention of the provisions of Article 27;

IX.     The Financial Institution does not retain the authorization of the Customer, in the form and terms provided for in Article 30;

X. The Company does not have the systems and processes provided for in Article 33, or they have been approved by their board of directors;

XI.     The Financial Institution omit to provide the Customer with the data obtained from the Company or the information referred to in Article 39;

XII. The Society omits to provide the Customer with the Special Credit Report, in the form and terms set out in Article 40;

XIII. The Company refrains from making available to the general public the meaning of the keys used in the Special Credit Reports or does not update such information in accordance with Article 40, fifth paragraph, point (c);

XIV. The Company does not deliver the Customer's claim in the form and terms established in Article 43, first paragraph, or omit to include in the corresponding register the legend provided for in the second paragraph of the same

;

XV. The Financial Entity omits to immediately make modifications to its base data relating to the full or partial acceptance of the complaint filed by the Customer or not to notify the Company that has sent the claim and to stop referring the correction to its database, as establishes Article 45, first paragraph;

XVI.   The Company does not refer to Customer's response to the evidence supporting such response within the time limit set forth in the second paragraph of Article 45;

XVII.   When the Financial Entity sends information without the documentary support referred to in the first paragraph of Article 20 of this Law;

XVIII.         The Oomite Company will deliver to Customer or Users the Credit Reports within the time limit provided for in Article 47;

XIX.   The financial institution omits to inform the Company, within the prescribed period, of the award issued by the Condusef, in terms of the provisions of Article 48, second paragraph;

XX. The Company does not provide the Commission with the list referred to in the article 49;

XXI.   The Society omits to provide the Condusef or the Profeco the report or the models of conventions referred to in the article 50;

XXII. The Financial Entity provides erroneous information to the companies, in cases in that there is a serious fault, dolo or bad faith that is imputable to you.

XXIII.         The Company does not retain the authorization of the Customer, in the form and terms corresponding to Article 29, last paragraph;

XXIV. Oomite Company to deliver to Customer the control number referred to in Article 42, penultimate paragraph;

XXV.   The Financial Institution does not make known to the Company the agreements concluded with the Customer referred to in Article 69.

XXVI. The Company does not offer its services in terms of the second paragraph of Article 13;

XXVII. The Company does not offer the Customers, the services provided for in Article 13, third paragraph;

XXVIII. The Financial Entity does not deliver all of its information about operations credit in terms of Article 20, first paragraph, and

XXIX. The Society does not have a free telephone number through which the services provided for in Article 40, penultimate paragraph;

Article 61.- The Commission will sanction a fine of 300 to 10,000 times the daily minimum daily wage in the Federal District, when:

I. The Society omits to give notice to the Secretariat, to the Commission or to the Bank of Mexico, the date of commencement of their activities, in accordance with the provisions of Article 11, second subparagraph;

II. The Society modifies its social statutes without having the authorization to refers to Article 11, first paragraph;

III. The Society has policies or criteria that restrict, hinder or impose excessive requirements for providing or receiving information, in the terms of Article 35;

IV.   The Society omits to incorporate, modify or remove the information from its database, in the cases provided for in Article 44;

V.    It is repealed.

VI. The Society omits to establish in the contracts it celebrates with the Users, the the obligation referred to in the first paragraph of Article 48.

VII.             The Oomite Society shall notify the appropriate authority of the failure to send the authorization referred to in Article 29, first and second paragraphs;

VIII.           The Company does not refrain from providing the service to the Commercial Companies and Sofomes E. N. R that have incurred in violation of the Financial Secret, when they have been instructed by any authority in terms of the last paragraph of Article 52.

IX.   The Financial Institution does not update to the Company the information regarding the payment made by the Customer, within the period specified in the fourth paragraph of Article 20;

X.    The Company does not update the payment information made by the Customer, once the User is informed, within the time limit set out in Article 20, last paragraph;

XI.   The Financial Institution does not report on the sale or sale of the portfolio to the Companies within the time limit set out in Article 27 Bis, first paragraph;

XII.             The Financial Institution that acquires the portfolio, in the case set out in the fourth paragraph of Article 27 Bis, does not update the information to the Company from the acquired credits, or does not use, in the submissions of information, the same number as the Company before the transfer or does not deal with the Customer's claims in terms of the third and last paragraphs of that article;

XIII.           The Financial Institution that sells or transfers the credit portfolio does not update the information on the credit transferred or does not deal with the Customer's claims in the cases provided for in Article 27 Bis, fifth and last paragraphs;

XIV. The Company does not include in the Credit Reports or Special Credit Reports the the name of the acquirer or transferee, the legend relating to the domicile of the acquirers or transferee or the annotation on the impossibility of updating the records, as set out in Article 27 Bis, second and penultimate paragraphs;

XV. The Financial Institution refrains from providing the Customer with the Special Credit Report, in the form and terms set out in the first paragraph of Article 40;

XVI.     The Financial Institution sends back to the Company the information, previously contained in the database, which has been modified or deleted, as referred to in Article 46;

XVII. The Society that does not remove from the database the information to which the Article 23 within the time limits and conditions set out in that Article, and

XVIII. The Financial Entity uses information provided by the Company with the purpose of being used for labor purposes, without any judicial resolution that would warrant it.

Article 62.- The Commission will sanction a fine of 2,000 to 20,000 times the current daily minimum wage in the Federal District, when:

I.          The Company carries out activities other than those laid down in Article 13, first paragraph or prohibited under Article 18;

II. The Financial Company or Entity makes use or misuse of the information in terms of Article 22;

II Bis. The Company makes misuse of the information referred to in Article 23 Bis of this Law or, omit to give the notice pointed out in that precept.

II Ter. Users subject to their supervision, send to the Societies information that should be disposed of in accordance with Article 23 Bis of this Act.

III.       The Company, the Financial Entity, or its officials, employees or service providers incur in violation of the Financial Secret or the crime of disclosure of secrets in any manner provided for in Articles 28, antepenlast, penultimate and last paragraphs, 30, second and last paragraphs, and 38;

IV.        The Company does not have the manuals referred to in Article 37;

V.         omitan to share your information to other Societies in terms of the provisions of Articles 36 and 36 of this Act, or to provide late, incomplete or distorted information;

VI.        omit to comply with the general provisions of the Commission, in terms of Article 36 and 36 of this Law, and

VII. Apply the fee to be determined by the Commission in terms of the Articles 36 and 36 of this Law, as well as those that do not comply with the provisions referred to in Article 36 Bis.

If any of the violations contained in Articles 60, 61, and 62 of this Law generate property damage or a benefit, the penalty may be imposed. it is appropriate to add to it up to one and a half times the equivalent of such damage or to the benefit obtained by the infringer, whichever is greater. Profit or loss avoided for itself or for a third party shall be understood for profit.

Article 63.- The fines referred to in Articles 59, 60 and 61 may be imposed on both the Companies and the Financial Entities and the administrators, officials, employees or proxies of such Companies and Financial Entities, who are responsible for the infringement.

Article 64.- The commissions responsible for the inspection and surveillance of the Financial Entities or the Sofomes E.N.R. may sanction them, as appropriate, with a fine of 300 to 1,000 times the daily minimum daily wage in the Federal District when:

I.     Request information without the authorisation provided for in Article 28, without prejudice to any other sanctions to be made even of a criminal nature, in accordance with this Law or other legal systems;

II.   Do not respond in time and form to Customer claims, in accordance with Articles 43 and 44;

III. Do not make the necessary modifications to the database referred to in Article 45, and

IV.   omit to include in your response to a Customer's claim the elements that you consider to be in respect of the claim or to attach a copy of the evidence that has supported such a response, in accordance with Article 45.

Article 65.- The penalties provided for in this Section, when they correspond to the Commission, shall be imposed by the Governing Board, which may delegate that power to the Commission. by reason of the nature of the infringement or the amount of the fine, the President or other public servants of the Commission itself.

Section III

Sanctions that the Bank of Mexico may impose

Article 66.- The Bank of Mexico will sanction a fine of 1,000 to 15,000 times the daily minimum daily wage in the Federal District, to the when:

I. align your operations and activities with the general provisions referred to in Article 12

II. Omitan subject to what the Bank of Mexico points to them in relation to the management and control of its database, when its dissolution and settlement is agreed, in accordance with the Article 16;

III. Refuse to provide the Bank of Mexico with information and documents, as well as the statistical information referred to in Article 17, or, in contravention of the general provisions issued by the Bank itself;

IV.   omitan to remove from its database the credit information that the Bank of Mexico establishes through general provisions issued on the basis of Article 23, eighth paragraph;

V. Refuse to observe the terms and conditions regarding the way they can to agree with Users to replace the autograph signature in the Customer's authorizations, in accordance with Article 28;

VI.   It is repealed.

VII.             It is repealed.

VIII.           It is repealed.

IX.   Refuse to take care of claims as provided for in Article 42 or in terms of the Bank of Mexico by means of general provisions.

Article 67.- The Bank of Mexico will penalize a fine of 1,000 to 15,000 times the daily minimum daily wage in the Federal District, to the Financials when:

I. Omitan to provide the Societies with information regarding their operations credit, in accordance with the general provisions issued by the Bank itself in accordance with Article 20, or outside the time limits specified by the Bank;

II. Refuse to observe the program that the Bank of Mexico determines through provisions of a general nature, in which the gradual mechanism for reducing the deadline for responding to claims made by the Customers to the Companies is to be reduced, and

III. Infrinján the other general provisions issued by the Bank of Mexico, in terms of this Law.

Section IV

Sanctions that may be imposed by the Profeco and the Condusef

Article 68.- The Profeco will sanction the Commercial Companies and the Condusef to the Sofomes, E.N.R. with a fine of 100 to 1,000 times the daily minimum wage in force in the Federal District, respectively, when:

I.     Refuse to use the prevention, observation or operational manuals as referred to in Article 21;

II.   Omita to send to the Company the originals of the authorizations of the Customers within the period specified in the article 29, first paragraph;

III. omit to provide Customer with the data obtained from the Company, or the information referred to in Article 39;

IV.   Refuse to immediately make any changes to your database regarding the full or partial acceptance of the claim in the complaint filed by you or do not notify the Company that has sent the claim and no longer refer to the correction made in its database, as set out in the first paragraph of Article 45, or, omit to attach a copy of the evidence supporting its reply as set out in the second paragraph of that paragraph. Article;

V.    Do not inform, within the prescribed period, the Society of the award issued by the Profeco or the Condusef, in terms of the provisions of Article 48, second paragraph;

VI. Provide erroneous information, when there is severe fault, dolo, or bad faith is imputable.

VII.             omit to make the Company's knowledge of the agreements concluded with the Customer referred to in Article 69.

VIII.           refrain from reporting on the sale or transfer of the portfolio to the Companies within the time limit set out in Article 27 Bis, first paragraph;

IX.   omitan to update the information to the Company of the credits acquired through the purchase or acting with the character of the transferee, or, to refrain from using, in the shipments of information, the same number that had of such credits the Company prior to the transfer or refrain from addressing the Customer's claims in terms of Article 27 Bis, third, fourth and last paragraphs;

X.     Refrain from updating the information on the credit transferred or not addressing the Customer's claims in the case of sale or sale of the portfolio provided for in Article 27 Bis, fifth and last paragraphs;

XI.   Refuse to provide the Customer with the Special Credit Report, in the form and terms set out in the first paragraph of Article 40;

XII.             Send the information, previously contained in the database, to the Company, which has been modified or deleted, as referred to in Article 46;

XIII.           omit to deliver the information on credit operations in terms of the first paragraph of Article 20;

XIV. Incompliance with the general provisions issued by the Bank of Mexico in terms of Article 12 and Article 20, third paragraph;

XV. Refuse to update to the Company, within the period indicated, the payment made by Customer, as set out in Article 20, fourth paragraph;

XVI. refrain from informing the Society of the fulfilment of the obligation made by Customer, in the terms of the fourth paragraph of Article 20 of this Law;

XVII. Send information without the documentary support referred to in the first paragraph of Article 20 of this Law, and

XVIII. Information provided by the Company is used for the purpose of use for work purposes, without any legal or legal order to protect it.

The last paragraph is repealed.

Article 68 Bis.- The fines referred to in the previous article may be imposed on both Commercial and Sofomes, E.N.R., and their administrators, officials, employees or proxies who are responsible for the infringement.

CHAPTER VI

QUITAS AND RESTRUCTURES

Article 69.- If a Customer holds an agreement with the creditor under which the initial obligation is reduced, modified or altered, the User to send to the Company the respective information, must make of its knowledge such situation, in order to make an annotation, in the database and consequently in the Reports of Credit and Reports of Special Credit that it emits. This annotation shall use the applicable prevention or observation key, in order to adequately reflect the conditions, terms and reasons for the restructure, for which aspects such as, if applicable, such as was carried out as a result of changing the situation of the accredited, by market conditions, or if such credit was subject to a judicial process, among others.

The Commission when exercising the power to approve the prevention and observation keys referred to in Article 21 shall verify that there are a number of keys to adequately reflect the conditions of a restructure or a finite.

If a Customer obtains a favorable court judgment in respect of a credit, the prevention or observation key in respect of this credit shall reflect that credit. circumstance, and remove any reference to a default.

Article 70.- In case the restructuring is due to an offer by the User, this situation must be reflected in the Credit Report that is issue.

TRANSIENT ITEMS

FIRST.- This decree shall enter into force on the thirty calendar days following its publication in the Official Journal of the Federation, except for the provisions of the in the following Second and Third Transitional Items.

SECOND.- The Companies and the Financial Entities will have a period of six months to adjust their systems and structures to the provisions of this decree.

THIRD.- The period of 30 calendar days referred to in Article 44 of this Law shall enter into force no later than 31 December 2004. In no case may it exceed 60 days from the entry into force of this law. The Bank of Mexico, by means of general provisions, will issue a program in which the gradual mechanism will be known to reduce the deadline for the users ' response, so that they will make adjustments to their systems and will be met. with the above mentioned legal precept.

FOURTH.- Users who at the date of entry into force of this decree maintain legal relations with their Customers, may continue to carry out consultations periodic to the Companies on the credit behavior of such Customers, until such legal relationships end up for any cause.

QUINTO.- Articles 33, 33-A and 33-B of the Law for Regular Financial Pools are repealed, the General Rules to which the companies will be subject of credit information referred to in Article 33 of the Law for Regular Financial Pools, as well as other provisions that are contrary to the provisions of this Law.

Mexico, D.F., at December 27, 2001.-Sen. Diego Fernandez de Cevallos Ramos, President.-Dip. Beatriz Elena Paredes Rangel, President.-Sen. Yolanda E. González Hernández, Secretary. -Dip. Rodolfo Dorador Perez Gavilan, Secretary.-Rubicas".

In compliance with the provisions of Article 89 of the Political Constitution of the United Mexican States, and for their due publication and observance, I ask for this Decree in the Federal Executive Branch, in Mexico City, Federal District, on the fourteen days of January of two thousand two.- Vicente Fox Quesada.-Heading.-The Secretary of the Interior, Santiago Creel Miranda.-Heading.