General Resolution 1768-2012 - Standards for Financial User Services

These Standards have as their purpose to establish general guidelines for supervised institutions to implement in their organization, policies, procedures, and methodologies of financial transparency, promotion of financial culture, and efficient and effective attention to claims, complaints, or inquiries that financial users may submit.

The provisions contained in these Standards shall apply to Financial System Institutions, Representative Offices, Private Financial Development Organizations, Credit Card Issuing Societies, Insurance Institutions, Private Contribution System (RAP), Benefit Institutes, Public and Private Pension Funds, Private Pension Administrators, Money Remittance Societies, Credit Bureaus, Currency Exchange Houses, and Stock Brokerage Houses.

For the purposes of these Standards, the following shall be understood as: 1. Commission or CNBS: The National Commission of Banks and Insurance. 2. Inquiry: Any doubt that a financial user has related to the characteristics of financial products and/or services provided by supervised institutions, as well as their operation; which, upon resulting in a complaint or claim must be addressed by the supervised institution in accordance with the procedure established in these Standards. 3. Business Days: Calendar days that exclude weekends, holidays, and non-business days. 4. Calendar Days: Consecutive days, which include weekends, holidays, and non-business days. 5. Financial Education: Processes by which financial users and investors improve their understanding of financial products and/or services, concepts, and risks through objective information, instruction, and/or advice, develop the skills and confidence to become more aware of financial risks and opportunities to make informed decisions, to know where to go for help, and to take other effective actions to improve their financial well-being. 6. Complaint Form: A form where the financial user describes and submits their claim to the supervised institution or to the Commission. 7. Supervised Institutions: Financial System Institutions, Representative Offices, Private Financial Development Organizations, Credit Card Issuing Societies, Insurance Institutions, Private Contribution System (RAP), Benefit Institutes, Public and Private Pension Funds, Private Pension Administrators, Money Remittance Societies, Credit Bureaus, Currency Exchange Houses, and Stock Brokerage Houses. 8. Complaint Book: An instrument by means of which supervised institutions document the dissatisfactions of financial users and the general public in relation to the quality of services and/or products acquired, which must be made available to users and the general public in a visible place in each of its offices, branches, or agencies. The availability of this Book is mandatory and independent of the elements that compose the Financial User Attention System established in these Standards. 9. Claim: Without limiting character, any fact in which a financial user is affected is considered susceptible to claim, whether due to non-compliance with the terms of the contract entered into with a supervised institution, for charges in excess of what was agreed, or for unscheduled or unacceptable services; or when their rights have been violated. 10. Financial Service or Product: An active, passive, or service operation that is contracted by a financial user with a supervised institution. 11. Financial User: A natural or legal person that acquires or uses a service or product provided by a supervised institution.

In addition to the rights conferred in the Constitution of the Republic and other laws, every person who uses the services or acquires products from a supervised institution has the right to: 1. Be provided with documentary or electronic information about the terms and conditions of the financial service and/or product that they intend to acquire, before, during, and after the execution of a contract or any other document where the provision of a service or product is formalized. This information must be truthful, complete, reliable, periodic, timely, and easy to understand, in a way that allows them to know their rights and duties, in order to make efficient decisions based on their particular needs. Likewise, they have the right to be advised about the consequences that may arise from total or partial non-compliance with what was agreed, whether due to reasons attributable to them as a financial user or to the supervised institution, and the legal remedies that the parties have to enforce their rights. 2. Receive diligent and respectful treatment from supervised institutions from the moment they request information and during the obtaining of required services or products. 3. Be served in the shortest time possible, regardless of the type of transaction or operation they must perform. To this effect, supervised institutions shall make efforts and allocate resources to optimize service times, both in customer service and in windows or counters. 4. Supervised institutions must have the means and procedures necessary to provide and disseminate information about products and services offered to the general public, through properly trained personnel. 5. Advertising disseminated by supervised institutions must be clear, truthful, and precise, covering the conditions of the advertised product or service, including but not limited to specifications relating to its scope and costs, and must not mislead, confuse, or deceive recipients. 6. General conditions included in the advertising of products and services offered by supervised institutions, as well as in informational documentation, have binding force for the execution of the contract. 7. Receive from supervised institutions the documents that certify the execution and complete content of the contracts executed, accompanied by the respective payment plan or any other document formalizing the provision of a service or product, at any time during its validity and free of charge. Similarly, they have the right to be informed about modifications that occur in the agreed contractual conditions and to be provided with copies of documents certifying such modifications. The delivery of information referred to in this section may be made in printed form or by electronic mail, as indicated in writing by the financial user. 8. Promptly obtain from supervised institutions the receipt corresponding to payment of the agreed service or product, which must detail the concepts to which the payments were applied. 9. Receive from supervised institutions information about the method of calculating the nominal and effective interest rate, commissions or other concepts of any agreed service or product, as well as the total annual cost (CAT) of credit. 10. Have access to clear and easily identifiable information about interest rates, commissions, or other concepts of all financial services or products offered through the website of supervised institutions and in comparative form on the CNBS website, which facilitates users' decision-making. 11. Contract services and products with full freedom, without any pressure from supervised institutions. 12. Receive justification from supervised institutions for refusing to provide requested services or products. Such justification may not be based on discriminatory treatment of financial users, understood as justifications related to sex, race, political or religious preferences, sexual preferences, or others. Except in those cases where the refusal is based on compliance with requirements established in applicable legal framework. Notwithstanding the above, supervised institutions reserve the right to refuse to serve a financial user due to their credit history, belonging to a market sector that the institution is not financing, or for failure to fully meet the requirements established in the credit or deposit policies of supervised institutions. 13. Clauses contained in adhesion contracts respect contractual reciprocity, in accordance with the rights of financial users. 14. Supervised institutions prepare adhesion contracts in accordance with the corresponding regulatory framework, and must refrain from incurring in conduct that could lead to contractual abuses that may affect the balance of the contract. 15. Be permitted to dispose of money deposited by them, such that no supervised institution shall deny access to deposited resources, except those deposits that are pledged due to credit operations with the supervised institution. In any case, the current balance of deposits shall not be less than the amount effectively deposited plus agreed interest, minus charges for services, commissions, or early termination penalties, duly established in the contracts, as well as any charges established by Law. To enforce charges for services and commissions for account inactivity or maintenance with balances less than required, supervised institutions must establish clear guidelines regarding the moment from which the institution will begin such charges, their application period, and the amounts thereof. In no case shall the application of these charges or commissions reduce to zero the capital deposited by the financial user. In order to promote financial inclusion and increase banking levels, supervised institutions may not apply charges or commissions on non-account deposits, children's savings accounts, and payroll savings accounts. Once the period established by each institution to enforce these charges or commissions has expired, the balances of these accounts shall be transferred to a special account, whose balance after twenty (20) years have elapsed must be transferred to the State, in accordance with what is provided in the Commercial Code and the Financial System Law. This period is counted from the date on which the account is transferred to this special account. Notwithstanding the foregoing, the financial user shall have the right to request reactivation or cancellation of the account from the supervised institution at any time, before the expiration of the aforementioned period. The above must be contained in the account opening contracts of supervised institutions. 16. Products or services may be contracted through electronic channels, with the same effect and consequences as contracts executed in ordinary form, adjusting to the instructions issued by supervised institutions. 17. At the moment of receiving the contract for the contracted service or product, supervised institutions shall not establish conditions or mechanisms more complex than those used for its contracting. 18. Receive the services or products expressly requested from supervised institutions. Operations whose agreement is the result of a unilateral decision of the supervised institution shall not produce economic or financial effects that go against users' interests. 19. Prepay the balance of active operations in full or in part, with the consequent application of interest corresponding to the prepayment date. In these cases, supervised institutions may apply a prepayment penalty only on those active operations where the outstanding capital balance at the time of full or partial prepayment is greater than one hundred thousand dollars ($100,000) or its equivalent in lempiras. Such penalty shall be calculated only on the amount paid in advance and must be agreed upon with the financial user, and must also be duly documented in the corresponding contracts, highlighting the value of this penalty on the cover thereof. 20. Prepay the balance of passive operations in full or in part, with the consequent application of corresponding interest. In these cases, supervised institutions may accept or reject early redemption, in order to comply with the limits established in liquidity standards issued by the Supervising Authority. Notwithstanding the above, supervised institutions have the power to establish an early termination penalty, which may only be charged on accrued interest; in case these are insufficient, the institution shall be authorized to apply the difference of the penalty to principal, provided such power is clearly established in the contracts. Such penalty must be agreed upon with the financial user and duly documented in the corresponding contracts, highlighting the value of this penalty on the cover thereof. 21. Contracts and their annexes be written with clarity, in legible characters, and made available for reading, easy understanding, and acceptance. 22. Supervised institutions shall not charge for extra-judicial collection expenses without having previously informed them of the mechanisms to be used and the concepts on which such charges will be applied, and without having performed concrete activity in the collection process. Such concepts must be contained in the supervised institution's contract and brought to the user's attention at the time of contracting. 23. Collection management of debts by supervised institutions be conducted in a respectful manner and during appropriate hours, avoiding conduct or actions that may affect the personal and family privacy of the debtor. Supervised institutions shall ensure compliance with this principle in the outsourcing of collection services. For such purposes, appropriate hours for conducting collection activities shall be considered Monday through Saturday from 8:00 a.m. to 8:00 p.m., and Sundays from 9:00 a.m. to 1:00 p.m. Supervised institutions are prohibited from conducting collection activities from the moment the financial user makes the respective payment. 24. The information provided to supervised institutions be used and managed exclusively in relation to the purposes for which it was provided. Except when such information must be provided in response to a judicial mandate or in compliance with a provision contained in applicable legal framework. 25. Present their claims, in the first instance, before the supervised institution. If not satisfied with the resolution by the institution, they may resort to the Commission or any other instance in accordance with applicable legislation. Claims presented before the supervised institution and the Commission must receive a timely response, in writing, and at no cost to the financial user. Likewise, they have the right to obtain reimbursement or return of amounts incorrectly charged by supervised institutions in active or passive operations. Such reimbursement or return must be made in the same manner in which the charges were made. 26. Be permitted to access information contained in records containing their personal data, as well as to know the reporting entity in the corresponding instance and claim the immediate rectification or, as appropriate, the cancellation of those records that are the result of omission, error, or require updating. 27. Receive the full amount, without discounts or deductions, and obtain compensation or indemnification from supervised institutions when the reason for the claim is an action that generated undue profit and affects the rest of users, without having to submit a claim. 28. Receive financial education from supervised institutions and from the CNBS that allows them to improve their understanding of financial services and products, as well as develop their skills to make informed decisions. This education must also cover potential users.

Financial users, within the scope of these Standards, shall have the following obligations: 1. Know the rights and obligations that arise from the contract executed with supervised institutions. 2. Comply with what was agreed in the manner, terms, and conditions established in the contract executed with the supervised institution; provided that what was agreed conforms to the transparency principles contained in these Standards and other provisions issued by the Commission to this effect. 3. Provide supervised institutions with complete, truthful, complete, and reliable information. 4. Provide respectful treatment to the personnel of supervised institutions. The filing of a claim before a supervised institution or the Commission does not exempt the claimant from complying with payment of their obligations, as well as current and default interest generated before or after the claim, nor any other charges expressly contracted with the supervised institution. Values subject to claim shall be temporarily reversed in order to clarify the respective investigation process. If these charges are found to be legally correct, they shall be applied again; otherwise, they shall be permanently eliminated from the outstanding balance.

Supervised institutions, within the framework of these Standards, shall have the right to present their defenses, justifying documentation, and evidence in the process arising from the claim filed before the Commission, within the forms and terms established.

Supervised institutions are obligated to respect the rights established in Article 4 of these Standards. Likewise, they must comply with the obligations indicated below, without such being limiting as to the terms of compliance so that the same may be limiting: 1. Deliver to the financial user a copy of all contractual documentation executed and detail therein the conditions, terms, rights, and obligations of the parties, with details of the different components that make up the cost of the operation expressed in annual terms. Likewise, they must have receipts to demonstrate receipt of the documentation by users. The burden of proof corresponds to the supervised institution. 2. Not make charges for concepts, services, or products that have not been expressly agreed upon by the parties. 3. Inform within no less than fifteen (15) calendar days from the payment date and by means of effective communication that can retain evidence, of any subsequent modification made to interest rates, commissions, and prices. When contractual modifications derive from aspects other than those mentioned, the aforementioned period must not be less than thirty (30) calendar days. 4. Deliver to the financial user the receipt corresponding to payment of the agreed service or product, with sufficient detail on how it was applied. In the event payment is made through alternative collection mechanisms where payment application is not detailed, the supervised institution must promptly provide financial users free of charge with additional information showing the application to principal, interest, and other concepts. These may be provided through account statements or other enabled communication channels (such as electronic mail, correspondence). 5. Give compliance to decisions or resolutions emanating from the Commission. 6. Develop and implement policies and procedures for compliance with diligent, professional, and timely treatment of the user. As well as implement systems for measuring service time at its main office and at each of its branches and agencies and the corresponding monitoring of user satisfaction. 7. Adopt measures that guarantee the security of transactions, fully identifying the identity of participating parties and the integrity of transmitted information. 8. Implement corrective actions derived from the resolution of a favorably resolved claim that implies compensation or indemnification to other users of the services or products that were affected, without need for intervention of the competent authority. In those cases where the impact of this measure affects the liquidity or solvency of the supervised institution, the CNBS, in response to a duly justified request, may authorize a period for the supervised institution to be able to honor payment of the compensations or indemnifications referred to in this section. 9. Develop and implement programs and campaigns of financial education about the different products and services they provide, which allow them to disseminate objectively the obligations and rights of financial users. The conditions and characteristics of the services and products they provide, as well as the different mechanisms and procedures for protecting the rights of these.

In order for the information provided by supervised institutions to financial users to be transparent, it must be: 1. Simple and easy to understand by financial users. 2. Covering all relevant concepts of the financial service or product, such as interest rate, premiums, commissions, expenses incurred, as well as contractual conditions, which imply the consequences of non-compliance, procedures for claims, complaints, and inquiries, among others. 3. Reliable and timely, in the sense that it reflects reliable data (without errors or omissions), is not subject to confusion, is updated, and is available at the appropriate time. 4. Comparable, in such a way as to promote competition among supervised institutions on the basis of providing the financial user with reference values so that they can confront different options and make decisions appropriate to contracting a financial service or product. 5. Easily accessible, available in different media such as brochures, boards (blackboards) located in visible places in the entities, advertising, and Internet pages of the supervised institution.

Supervised institutions must have areas responsible for handling claims or inquiries from financial users. Such area must be properly signposted and equipped to handle claims, complaints, and inquiries from financial users. Supervised institutions that have offices, branches, or agencies in the same city or locality shall have in each one of them a person in charge of processing the claim, complaint, or inquiry of the user. In those offices, branches, or agencies where the movement of financial users, transactions, and/or services are limited, the person in charge of claims, complaints, or inquiries may perform other activities inherent to the institution. Supervised institutions that are part of authorized financial groups and have different financial activities within the same facility may have a shared area for handling claims, complaints, or inquiries from financial users. By virtue of the foregoing, these institutions must accept and manage any claim, complaint, or inquiry from financial users, regardless of the institution being claimed against.

The Financial User Attention Officer shall be responsible for ensuring the implementation and compliance of all processes and procedures that support the Financial User Attention System of the supervised institution, described in Chapter VI of these Standards. Said Officer must coordinate with the General Management the mechanisms and actions that must be implemented for the proper functioning of the Financial User Attention System. In addition to the above, they are the direct link with the Commission.

For the performance of the position of Financial User Attention Officer, the following must be complied with at a minimum: 1. Have thorough knowledge of the scope of the Consumer Protection Law. 2. Have knowledge and experience in matters of financial user protection, financial transparency policies, and promotion of financial culture, financial user attention, and transparency standards. 3. Have knowledge and experience related to the products and/or services offered by the supervised institution. 4. Have experience in follow-up and control of operations and/or compliance with products and services provided by the supervised institution. 5. Others that this Commission establishes. Supervised institutions must communicate to the CNBS the name of the Financial User Attention Officer within five (5) business days after the date of their appointment. Within the same period, they must inform of their removal or replacement.

Functions of the Financial User Attention Officer are: 1. Ensure the implementation and compliance with current standards regarding financial user protection, financial transparency, corporate governance, financial user attention, and other related provisions established by the Commission. 2. Ensure that the supervised institution has properly signposted claim handling areas, equipped with informational material and connected to the respective communication systems to process inquiries, complaints, or requests from financial users. 3. Ensure that the supervised institution has Complaint Form forms from Supervised Institutions available, accessible to the general public in manual or electronic form. 4. Receive and process complaints and/or claims submitted by financial users. 5. Coordinate with other areas of the supervised institution the implementation of policies and procedures for the functioning of the Financial User Attention System and its proper compliance. 6. Propose measures that allow the supervised institution to improve the functioning of the Financial User Attention System and its minimum elements. 7. Verify that the personnel responsible for providing advice to financial users about operations and services offered by the supervised institution, as well as regarding matters contained in contracts perform this function with due diligence. 8. Serve as a link between the supervised institution and the Commission, whereby they must receive and respond to communications received from the Supervising Authority in the required time. 9. Report to the Commission an annual report, signed by the legal representative of the institution, regarding the functioning of the Financial User Attention System in accordance with what is established in these Standards. The report shall include, but shall not be limited to, compliance with the work plan, aggregated information of claims processed, average response times to resolutions, aggregated by the categories established in the typology contained in Annex 2 of these Standards, as well as training provided to its personnel. 10. Provide the Commission when requested all necessary information for the attention of claims submitted to the Commission. 11. Provide the Commission in the monthly claim management report, in the terms and periods established in Article 26 of these Standards. 12. Develop a system that allows adequate registration of claims, their management until resolution. 13. Periodically review information contained in the Complaint Book as a tool complementary to their work, in order to prepare reports where improvements regarding the quality of service provided by the supervised institution to financial users are proposed to the Board of Directors or Board of Administration. 14. Such other as may be necessary for the fulfillment of their functions. The Financial User Attention Officer must be identified as such so that they are easily recognizable by financial users and shall be available at all times for users during public service hours.

The Annual Report referred to in section 9) of the preceding Article must be presented to the CNBS no later than January 31 of each year, after approval by the Board of Directors or Board of Administration of the supervised institution. The Annual Report shall be accompanied by an Implementation Plan of the provisions adopted by the Board of Directors or Board of Administration.

In the reports submitted by the Internal Audit Unit of the supervised institution to the Commission, the evaluation of the functioning of the Financial User Attention System and compliance with these Standards must be included. Likewise, the annual plan of this Unit must include the performance of such activity.

Supervised institutions, as part of their public service, shall develop policies and programs to promote appropriate financial culture. Likewise, they shall keep available to financial users, both in their service and public service areas, in their advertising, and on their Web pages, information relating to the general conditions of contracts they execute with financial users, financial terminology of easy understanding, and recommendations for the proper administration and use of services and products they place on the market and the consequences of their mismanagement.

Inform About Instances for Filing Complaints and/or Claims The supervised institutions have the obligation to inform the general public, in their customer service areas, in their periodic communications, on their Web pages, in the account statements and/or contracts that they deliver to financial users, the processes and procedures for filing claims, the instances to which financial services and products users may resort to file complaints and/or claims, both within the supervised institution itself and with the Commission. CHAPTER V TRAINING

Adequately Trained Personnel The personnel responsible for attending to inquiries from financial users must be adequately trained in matters corresponding to the operations offered by supervised institutions, in the regulations referred to the protection of the financial user and financial transparency comprised in the current legal framework. The training provided to personnel must be properly documented in personnel files. CHAPTER VI FINANCIAL USER SERVICE SYSTEM

Financial User Service System The supervised institutions must have an adequate Financial User Service System that allows them to provide quality service in accordance with the general policies established. The Financial User Service System must be conceived by supervised institutions as an important component of their organizational culture; it must respond to the environment of their internal control system and be adapted to the nature and complexity of their business.

Minimum Elements of the Financial User Service System The Financial User Service System implemented by supervised institutions must comprise at a minimum the following elements: 1. Manual of the Financial User Service System, which must contain:

• a)

  the general policies of the supervised institution;

• b)

  the objective of the system;

• c)

  the description of the functioning of the system;

• d)

  the mechanisms, procedures and records that will be used to fulfill the objectives;

• e)

  the responsibilities of the areas involved and of the Financial User Service Officer;

• f)

  the communication and coordination channels between them; and,

• g)

  the personnel training policy on the Financial User Service System, among others. 2. Code of Good Practices for the service to financial users, which must comprise the policies designed by the supervised institution so that employees and officials responsible for serving users provide information and appropriate service in accordance with current regulations.

Responsibility of the Board of Directors or Administrative Board and General Management The Board of Directors or Administrative Board is responsible for establishing the general policies and procedures that allow the development of an adequate Financial User Service System. Likewise, it shall be responsible for the functioning of said System, for compliance with the policies, procedures and provisions contained in these Standards. General Management shall be responsible for implementing the measures necessary for the functioning of the Financial User Service System to be in accordance with the general policies established by the Board of Directors or Administrative Board, according to the terms indicated in these Standards. Likewise, General Management shall be responsible for allocating the human, technical and logistical resources that allow the Financial User Service Officer to fulfill its functions in accordance with what is established in these Standards. The coordination of this task shall be carried out by the Financial User Service Officer and by the internal instances designated by General Management. CHAPTER VII COMPLAINTS FROM FINANCIAL USERS TO THE SUPERVISED INSTITUTION

Complaint Forms of Supervised Institutions Supervised institutions must implement Complaint Forms in their complaint procedures and shall maintain in their complaint service areas the following legend: "This financial institution has Complaint Forms of Supervised Institutions available to the financial user who requests them." The Complaint Form of Supervised Institutions consists of an original and two copies, where the complaints that financial users file against them shall be documented and evidenced. The Commission shall provide the model of the Complaint Form, which must not be modified in content or form, and shall not contain corporate logos or any other text identifying the supervised institution. The Complaint Form is an integral part of these Standards (Annex No. 1). The supervised institution may make the Complaint Form available to financial users through electronic means, provided that the technological mechanisms are developed so that this form complies with the formalities established in these Standards, or regarding the identification and validation of the complaining financial user, the format, content, logos, express approval of the financial user and the respective receipt acknowledgment to him/her.

Term for Filing the Complaint Financial users must file their complaints with supervised institutions in accordance with the terms established in the special regulations that for each case regulate the financial services and/or products that they have subscribed to or acquired.

Procedure for Handling Complaints to the Supervised Institution Supervised institutions, in order to address a complaint from a financial user, must: 1. Provide the Complaint Form (which consists of an original and two copies) for the financial user to complete. The supervised institution shall keep the original to conduct the pertinent internal analysis and maintain control of time periods and files and shall deliver to the financial user the two copies with its receipt acknowledgment for the corresponding purposes. In cases where financial users present any physical disability and/or are unable to write, and if they so require, the supervised institution shall prepare the Complaint Form. The financial user service officer must verify that the Complaint Form is correctly completed by the financial user, specifically shall not allow blank fields or items, especially those related to information regarding fixed telephone numbers, mobile phones and email addresses. The supervised institution must maintain a file and record of each complaint presented and the issuance of the corresponding response, for a period of no less than five (5) years, counted from the day following the notification of the response issued by the supervised institution to the financial user. 2. Analyze and resolve complaints within a maximum period of ten (10) business days counted from the date of receipt of the complaint, and must communicate the response in writing to the financial user within that period. This period may be extended for up to ten (10) additional business days, and the supervised institution must inform the financial user in writing of the reasons for the extension of the period. In the case of complaints related to products offered in accordance with international licenses or when complaints are such that their solution or analysis depends on institutions abroad, the maximum period for resolution shall be thirty (30) business days. 3. Provide the financial user with a written response, which must be:

• a)

  Timely: Supervised institutions shall receive, analyze and resolve complaints presented by financial users within the time periods established in these standards;

• b)

  Complete: Considering all aspects observed in the complaint, setting forth the technical and legal aspects that the institution considers supports its position, which are truthful and verifiable, including supporting documentation that, in the judgment of the institution, is necessary; and,

• c)

  Understandable: In a manner that the user understands the response provided by resorting, in cases where necessary, to examples, calculations, graphics and other elements that contribute to better understanding of the reasons why the controversy may have arisen and the way to reach a solution. In said response shall be included the following text: "In the event that this response is not satisfactory to you, you may go to the National Commission of Banks and Insurance to file your complaint with this supervisory body, without prejudice to other actions to which you are entitled."

Procedure for Handling Complaints before the CNBS In cases where the response provided by the supervised institution is not satisfactory to the financial user, the latter may file their complaint with the CNBS, and must present the copies of the Complaint Form that they filed with the supervised institution, accompanied by the corresponding response and any other documentation that supports or evidences their complaint. On the day the CNBS legally admits the complaint, it shall send an electronic notice to the financial user service officer of the complained-of supervised institution, so that they may proceed to collect sufficient and pertinent information to expedite the submission of the responses that will be requested. The notification of the complaint to the supervised institution may be carried out in the following ways: a) In Person: The financial user service officer of the complained-of institution shall be requested to arrange an appointment to proceed to notify said complaint directly to its Legal Representative. If five (5) business days elapse and the appointment has not been respectfully granted, notification shall be made through the notice board of the Department of Financial User Protection (DPUF). b) Electronic: The CNBS shall notify the legal representative of the supervised institution of the legal admission of the complaint via email sent through the Financial Interconnection System. If five (5) business days elapse after the notification email has been sent and the self-signed receipt acknowledgment from the legal representative has not been received, the same shall be notified through the notice board of the Department of Financial User Protection (DPUF). Once the complaint has been notified under these procedures, the supervised institution must submit to the DPUF, within a period not exceeding ten (10) business days, the corresponding responses. During the process of analysis and evaluation of the responses, the Commission may request additional information from the financial user service officer of the complained-of institution, in order to complete the technical opinion. This request must be addressed within a maximum period of three (3) business days. In the absence thereof, the technical opinion shall be prepared with the documentation existing in the file. The CNBS shall resolve, by Resolution, the complaints filed by financial users within forty (40) business days counted from the date on which the CNBS considers the information to be complete. The party that considers itself affected by the Resolution issued by the CNBS shall have a maximum period of ten (10) business days, counted from the next business day following the date of notification of the Resolution, to file the Motion for Reconsideration that it deems appropriate. Once resolved by the CNBS, the administrative remedy shall be exhausted, without prejudice to the right to resort to the respective judicial instance. If the complained-of institution presents the information requested in the responses or in the additional requests, up to the moment it files the motion for reconsideration, the occurrence of such compliance shall result in the imposition of a fine in accordance with what is established in the Regulations on Sanctions, which shall be calculated from the next business day following the expiration of the period for its submission.

Special Procedure for Handling Complaints Institutions that intermediate resources from second-tier banks must establish adequate mechanisms that allow proper diligence of complaints presented by financial users, when the subject matter of the complaint is the responsibility of the intermediary institution. However, when the responsibility is that of second-tier institutions, the complaint must be filed with the Commission. In the case of insurance institutions, complaints, claims or inquiries not related to indemnifications or reimbursements shall be presented to the Financial User Service Officer. Financial users may file their complaint directly with the Commission when requests or complaints were not resolved by insurance institutions to their satisfaction, and must attach the written response issued by them. Likewise, complaints arising from actions between an insured and an insurance intermediary, when this complaint is not linked to the obligations of the insurance companies with the insured, must be filed with the Commission. CHAPTER VIII MONTHLY SUBMISSION OF INFORMATION

Information on Complaints Supervised institutions within the first ten (10) business days of each month shall deliver to the Commission the information relating to complaints presented by financial users plus those resolved by the supervised institution during the immediately preceding month. The information shall be submitted in accordance with the instructions provided in the Complaint Report Module (Annex No. 3), using the Typology and Subtypology of Annex No. 2 which is an integral part of these Standards. CHAPTER IX FINAL AND TRANSITORY PROVISIONS

Decalogues Supervised institutions must publicize in the areas serving financial users, the summary of the rights and duties of the latter, as well as the summary of their institutional obligations, contained in Annexes Nos. 4 and 5 that are an integral part of these Standards.

Infractions Infractions of the provisions contained in these Standards shall be sanctioned in accordance with what is established in the Financial System Law, Law of Insurance and Reinsurance Institutions, in the Commission's Regulation on Sanctions and other applicable legal provisions.

Unforeseen Cases The Commission shall resolve by resolution, on cases not provided for in these Standards. 2. Communicate this Resolution to the Institutions of the Financial System, Representative Offices, Private Organizations of Financial Development, Credit Card Issuing Companies, Insurance Institutions, Private Contribution Scheme (RAP), Welfare Institutes, Public and Private Pension Funds, Private Pension Administrators, Money Remittance Companies, Credit Bureaus, Exchange Houses and Stock Brokerage Houses. 3. This Resolution shall enter into force from its publication in the Official Gazette La Gaceta, meanwhile the Resolution GE No.1631/12-09-2011 remains in force.