Standards for Strengthening Transparency of the National Banking and Insurance Commission 2022

PURPOSE These Standards have as their object to establish the general guidelines that must be observed by the Institutions Supervised by the National Commission of Banks and Insurance, in the adoption and implementation of best practices, standards and international principles in their internal policies, procedures, methodologies, risk management, financial inclusion, efficient and effective attention to claims, complaints or inquiries, related to transparency, promotion of financial culture, market conduct and attention to the financial user.

SCOPE The provisions contained in these Standards shall apply to Financial System Institutions, Representative Offices, Private Financial Development Organizations, Credit Card Issuing Companies, Insurance Institutions, Private Contribution Regime (RAP), Public Social Security Institutes, Private Pension Fund Administrators, Money Remittance Companies, Credit Bureaus, Currency Exchange Houses, Brokerage Houses, INDELs, and others that the Commission determines.

DEFINITIONS For the purposes of these Standards, the following terms are understood as: 1. Harassment or Intimidation in Collection: Conduct on the part of the creditor or Collection Agency contracted by it, that does not respect the criteria established in these Standards. 2. Commission or CNBS: The National Commission of Banks and Insurance. 3. Market Conduct: Corresponds to the standards that in matters of regulation and transparency must be adopted by Supervised Institutions, aimed at the protection of the rights of active and potential financial users, considering aspects such as fair treatment and transparency in the commercialization of products, services and benefits associated with these. It also refers to the best practices that must be applied from the organizational culture of the Supervised Institutions, encompassing every internal hierarchical level, investors of the Supervised Institution, supervising entity and the general public, in accordance with best practices and international standards. 4. Inquiry: Search for information to clarify any doubt that a financial user may have related to the characteristics and operation of the financial products or services provided by Supervised Institutions; which, if it results in a complaint or claim, must be addressed by the Supervised Institution in accordance with the procedure established in these Standards. 5. Calendar days: Days that comprise a year of 365 or 366 days, depending on the year in question, and that includes days corresponding to weekends, holidays and festive days. 6. Business days: Days comprised from Monday to Friday, without considering holidays or festive days. 7. Financial Education: Process by which financial users and investors in general improve their understanding of financial products and services, concepts and risks through objective information, instruction and advice, developing 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. 8. GPUF: Financial User Protection Management. 9. Claim Form: Physical or electronic form, where the financial user describes and presents their claim to the Supervised Institution, and in the event applicable, subsequently to the Commission. 10. Non-Banking Electronic Money Institution (INDEL): Legal person, national or foreign, authorized by the BCH to provide electronic money and offer electronic funds transfer services and payment operations for goods or services, through the use of electronic devices or computer systems in the form of electronic money through its CT. These institutions are distinct from those regulated by the Financial System Law or the Cooperatives Law of Honduras. 11. Supervised Institutions: Financial System Institutions, Representative Offices, Private Financial Development Organizations, Credit Card Issuing Companies, Insurance Institutions, Private Contribution Regime (RAP), Public and Private Pension Funds, Public Social Security Institutes, Private Pension Fund Administrators, Money Remittance Companies, Credit Bureaus, Currency Exchange Houses, Brokerage Houses, INDELs and others that the Commission determines. 12. Complaint Book: Instrument through which Supervised Institutions document the dissatisfaction of financial users and the general public, in relation to the quality of services 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 and electronically on its website or any other digital medium available to the Supervised Institution. The availability of this Book is mandatory and independent of the elements that comprise the Financial User Care System established in these Standards. 13. Complaint: Any manifestation different from a claim, formalized through the Complaint Book, physical or electronic, in which financial users indicate dissatisfaction in relation to the provision of one or several services, which must be resolved by the Supervised Institutions. 14. Claim: Any manifestation formalized through the claim form, made by a financial user through any physical or electronic means made available by the Supervised Institution, to report a specific situation that affects them and that corresponds to be resolved by that particular institution; and in the event applicable, subsequently to the Commission. 15. Financial service or product: Active, passive or service operation that is contracted by a financial user with a Supervised Institution. 16. Management Request: Any request submitted by a financial user to a supervised institution other than a claim or complaint that can be addressed through the different systems and channels used by each institution. 17. Financial user: Natural or legal person that acquires or uses a service or product provided by a Supervised Institution, such as Clients, Policyholders, Contributors, Affiliates and Beneficiaries.

PRINCIPLES OF MARKET CONDUCT Supervised Institutions in the preparation of their internal policies, procedures and methodologies, related to transparency, promotion of financial culture, market conduct and attention to the financial user, for all legal purposes, must mandatorily observe the following principles of market conduct:

• a)

  Fair Treatment of Financial Users: Supervised Institutions must consider the interests of financial users in the conduct of their business, always ensuring that they receive a product or service appropriate to their needs, and are provided at all stages of their relationship with them, with correct and transparent attention and advice, with clear, complete and truthful information, as well as appropriate attention to the claims, complaints and inquiries of financial users.

• b)

  Proper Business Management: International best practices and market conduct that Supervised Institutions apply, related to the offer of their products and services, which must include fair competition in the design and commercialization of the same, as well as compliance with the conditions agreed, in accordance with what is established in the different laws and standards that regulate them.

• c)

  Transparency of Information: Supervised Institutions must use mechanisms to improve financial users' access to information, promoting effective disclosure of the same; in that sense, they must be truthful and diligent with the information they provide regarding the products and services offered, so that financial users understand their characteristics, benefits, risks and general applicable conditions, and can make informed consumption decisions.

• d)

  Attention to Claims, Complaints and Inquiries: Implies the swift, timely, understandable, complete and truthful attention and processing of claims, complaints and inquiries through the system used by each institution, until verification of compliance with the resolution of claims, and integration of new practices for attention to complaints and inquiries, to improve institutional behavior.

• e)

  Adequate management of conflicts of interest: Implies that the Senior Management Body, officials and employees of supervised institutions that have access to privileged information within the scope of that institution's business, must refrain from conducting any operation that gives rise to conflicts of interest.

• f)

  Protection of personal information of financial users: Supervised institutions must ensure the protection of personal data of potential and current financial users in order to regulate its legitimate, controlled and informed treatment. Any operation carried out manually or automatically that is applied by the supervised institution to personal data of the user must have the consent and approval of the latter prior to showing, sharing, disclosing, or transmitting such information to any public or private entity.

MANAGEMENT OF MARKET CONDUCT Adequate management of market conduct must be inherent to the behavior of Supervised Institutions, being responsible for following the guidelines established in the current regulatory framework in their business practices and procedures related to financial users. For such purpose, Supervised Institutions must develop the following:

• a)

  Policies approved by Senior Management, incorporating market conduct in their organizational culture, as well as in the management of their Corporate Governance;

• b)

  General procedures for the design, validation, commercialization, termination and monitoring of products and services, in accordance with the principles of market conduct;

• c)

  Manual for Market Conduct Management;

• d)

  Financial User Care System;

• e)

  Code of Good Practices in Market Conduct;

• f)

  Quarterly Report of Services (See Annex 6); and,

• g)

  Annual Training Plan for employees of the Supervised Institution. Supervised Institutions must submit by January 15 of each year, to the Financial User Protection Management, the documents indicated in the preceding sections, to demonstrate compliance with the preparation of such documents. The Commission, through the Financial User Protection Management, shall conduct the monitoring and verification of compliance with the aspects of Market Conduct established in these Standards.

MANUAL FOR MARKET CONDUCT MANAGEMENT Supervised Institutions shall prepare a manual for market conduct management, which at minimum must contain the following:

• 1)

  Objective of the manual for Market Conduct Management;

• 2)

  Scope of application;

• 3)

  Participation of the Financial User Service Officer;

• 4)

  Market conduct principles that the Supervised Institution shall observe;

• 5)

  Procedures for the conceptualization and design of financial products and services;

• 6)

  Aspects to consider in the disclosure of information within the framework of market conduct principles, which must be clear, complete, transparent, with meaningful content, coherent, consistent and comparable over time;

• 7)

  Efforts focused on promoting financial inclusion, and special attention to vulnerable groups (women, children, youth, elderly, persons with disabilities, emigrants and ethnic groups), and interest groups (entrepreneurs, unemployed, among others);

• 8)

  Expected behavior of personnel and service providers to the Supervised Institution related to user service or information;

• 9)

  Development of an evaluation to measure institutional involvement and commitment with the application of market conduct within the Supervised Institution (See Annex 7);

• 10)

  Lessons learned in annual management to incorporate and update the market conduct manual of the Supervised Institution; and, 11. Other aspects that the Supervised Institution deems appropriate to include to ensure timely market conduct.

CODE OF GOOD MARKET CONDUCT PRACTICES The CNBS establishes guidelines for the preparation of the Code of Good Market Conduct Practices (See Annex 8) that must be complied with by personnel of the supervised institution, mainly those who interact with financial users, with the objective that all personnel internalize adequate Market Conduct Management that is reflected in the actions of the entire institution and in business practices related to users, considering the Market Conduct Principles to promote quality service. Supervised Institutions must create procedures for monitoring said Code and sanctions for those employees who violate it, in order to apply necessary corrections and avoid affecting work team performance and institutional reputation. Compliance with this Code implies the commitment of all personnel of the Supervised Institution to adapt their conduct to the provisions included in it and fully comply with the provisions it contains for the benefit of financial users.

RIGHTS OF FINANCIAL USERS 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, physical or electronic information about the terms and conditions of the service or financial product they intend to acquire, before, during and after the execution of a contract or any other document that formalizes the provision of a service or product. This information must be truthful, complete, reliable, periodic, timely and easy to understand, so that it 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 on the consequences arising from total or partial non-compliance with what was agreed, whether due to reasons attributable to the financial user or to the Supervised Institution, and the legal actions 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 provision of required products or services. 3. Be served promptly, regardless of the type of transaction or operation they must perform. For this purpose, Supervised Institutions shall make maximum efforts and resources to optimize service times, both in customer service and at windows or cashier stations. 4. That Supervised Institutions have the necessary means and procedures to provide and disseminate information about the products and services offered to the general public, through properly trained personnel. 5. That advertising disseminated by Supervised Institutions be clear, truthful and precise; that it contemplate the conditions of the advertised product or service, including, but not limited to, specifications relating to its scope and its costs; and that it does not induce deception, error or confusion to users. 6. That the general conditions included in the advertising of products and services offered by Supervised Institutions, as well as in the informational documentation, be consistent with the conditions agreed upon in the respective contracts. 7. Receive from Supervised Institutions the documents that evidence the execution and complete content of the contracts signed, accompanied by the respective payment plan, or any other document that formalizes 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 occurring in the contractual conditions agreed upon and to be provided with copies of documents evidencing such modifications. The delivery of the information referred to in this paragraph may be carried out in printed or electronic form, as indicated by the financial user. 8. Obtain promptly from Supervised Institutions the corresponding printed or electronic receipt for the payment of the contracted service or product, which must detail the concepts to which the payments have been applied. 9. Receive from Supervised Institutions information on the method of calculating the nominal and effective interest rate, commissions or other concepts of any contracted service or product, as well as the total annual cost (CAT) of the 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 web page of Supervised Institutions and comparatively on the CNBS web page, which facilitates financial users in making decisions. 11. Contract services and products with full freedom, without any pressure from Supervised Institutions. 12. Receive explanation and justification from Supervised Institutions regarding the denial in the provision of requested services or products. Such justification may not be based on discriminatory treatment of financial users, understood as those justifications related to sex, age, race, political, religious or sexual preferences, among others, except in those cases where the denial is based on compliance with requirements established in the legal framework applicable to it. The foregoing is without prejudice to the right that Supervised Institutions reserve not to serve a financial user for reasons of their credit standing, belonging to a market sector that the institution is not financing, or for not meeting in full the requirements established in the credit or deposit policies that Supervised Institutions possess. 13. That the clauses contained in adhesion contracts respect contractual reciprocity, in accordance with the rights of financial users. 14. That Supervised Institutions prepare adhesion contracts in accordance with the corresponding regulatory framework, and must refrain from incurring in conduct that entails contractual abuses that may affect contract balance. 15. That they be permitted to dispose of deposited money, so no Supervised Institution shall deny access to resources deposited by the financial user, except those deposits that are pledged due to credit operations with the Supervised Institution. The current balance of the deposits may not be less than the amount actually deposited plus agreed interest, minus service charges, commissions or penalties, duly established in the contracts, as well as any charge established by Law. To make any collection effective for service charges or commissions, Supervised Institutions must establish clear guidelines related, at minimum, with the moment from which the Supervised Institution will begin such charges, their period of application and their amount. Under no circumstances 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 the collection of these charges or commissions on non-account deposits, children's savings accounts and savings accounts for payroll payment purposes. 16. That products or services may be contracted through electronic channels, with equal effect and consequences as contracts executed in ordinary form, complying with the instructions issued by supervised institutions. 17. That, at the moment of rescinding the contract for the contracted service or product, Supervised Institutions do 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 resulting from a unilateral decision of the Supervised Institution shall not produce economic or financial effects that go against the interests of financial users. 19. Fully cancel in advance the balance of active operations, with the consequent application of interest corresponding to the cancellation date. In these cases, Supervised Institutions may accept or reject early redemption, in order to comply with the limits established in the liquidity standards issued by the Supervisory Authority. The foregoing, without prejudice to the faculty of the Supervised Institution to establish a penalty for early cancellation, which may only be charged on accrued interest. Said penalty must be agreed with the financial user and be duly documented in the corresponding contracts, highlighting the value of this penalty on the cover of these. 20. Make partial payments to active operations, with the freedom to choose between a readjustment of installments in the residual term or a reduction of the credit maturity period, and in any case it shall be the obligation of the Supervised Institution to provide the user with the new corresponding payment plan. 21. That contracts and their annexes be written with clarity, in legible characters and made available to the financial user, both physically and electronically for reading, and must be easy to understand for acceptance. 22. That Supervised Institutions do not make charges for extrajudicial collection expenses, without having been previously informed of the mechanisms to be used and the concepts on which they will be charged, and without having performed concrete activity in the collection management. Such concepts must be contained in the Supervised Institution's contract and brought to the user's knowledge at the time of contracting. 23. That collection efforts by Supervised Institutions be conducted respectfully either in person or through telephone or digital means and at appropriate hours, avoiding those conducts or actions that may affect the personal and family privacy of the financial user. Supervised Institutions shall ensure compliance with this principle in the outsourcing of collection services. For these purposes, appropriate hours for conducting collection efforts shall be considered from Monday to Saturday from 8:00 a.m. to 8:00 p.m. and on Sundays from 9:00 a.m. to 1:00 p.m. Collection efforts may not be conducted during national holidays. A successful collection effort shall be understood as when the supervised institution manages to contact the financial user and they commit to making the payment on a specified date, in which case they may not contact them again until the date agreed with the financial user has passed without the respective payment being made. Charges may only be applied for those extrajudicial and judicial collection efforts that have actually been carried out by the Supervised Institution or outsourced by it, which must be accredited. Supervised Institutions are prohibited from conducting collection efforts from the moment the financial user makes the respective payment effective. 24. That 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 order or in compliance with a provision contained in the applicable legal framework. 25. Present their complaints, first, before the Supervised Institution. If not satisfied with what is resolved by the institution, they may resort to the Commission or any other instance in accordance with applicable legislation. Complaints submitted 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 unduly charged by supervised institutions in active or passive operations. Such reimbursement or return must be made in the same form in which the unduly charged amounts were made. Likewise, financial users have the right to have supervised institutions promptly resolve queries and complaints about the products and services received. 26. That they 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 correction or, if applicable, the cancellation of those records that are the result of omission, error or require updating. 27. Receive the same treatment as those who submitted their complaint and obtained compensation or indemnification from Supervised Institutions, when the reason for the complaint is an action that generated undue gain and that it affects the rest of the users, without having to submit a complaint. 28. Receive financial education from Supervised Institutions and the CNBS, which allows them to improve their understanding of financial services and products, as well as develop their skills to make informed decisions. Such education must also cover potential users. 29. Receive information and financial education regarding digital security systems and measures and any other type that Supervised Institutions are going to implement, which seek to reduce or prevent financial users from being victims of fraud, cloning or other irregular transactions, or to prevent misuse of information about financial users possessed by financial institutions, with which charges or debits are applied to financial products granted, to the detriment of financial user resources. 30. Obtain information free of charge about the movements or transactions carried out periodically in the use of their financial products and/or services by electronic means. 31. That the endorser, joint endorser, joint guarantor, pledged guarantor or mortgagee, or co-debtor, be informed by the Supervised Institution immediately and by appropriate means, once the principal debtor fails to pay an installment for the first time, and subsequently, about delays in the other debtor payments, and must have a record of the collection efforts carried out. 32. Receive information and advice in physical or digital form, which must be: complete, truthful and reliable, related to the different financial products and services offered by Supervised Institutions, so that they have sufficient elements that allow them to make informed decisions.

OBLIGATIONS OF FINANCIAL USERS Financial users, within the scope of these Standards, have the following obligations: 1. Know the rights and obligations arising 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 is in accordance with the transparency principles contained in these Standards, laws in force in the country, as well as any other provision that the Commission may issue for this purpose. 3. Provide Supervised Institutions with complete, truthful, complete and reliable information. 4. Provide respectful treatment to the personnel of Supervised Institutions. 5. Make prudent use of personal information (users, passwords, codes, etc.) that allows access to contracted financial products and services, taking into account the recommendations made by supervised institutions and the CNBS. The filing of a complaint before the Supervised Institution or before the Commission does not exempt the complainant from complying with the payment of their obligations, as well as current and default interest generated before or after the complaint, nor any other charge that they have expressly contracted with the Supervised Institution. Notwithstanding the foregoing, the values subject to complaint shall be temporarily reversed by the Supervised Institution in order to conduct the respective investigation process. If these charges are found to be legally correct, the Supervised Institution shall proceed to apply them again, otherwise, it shall eliminate them definitively from the outstanding balance.

RIGHTS OF SUPERVISED INSTITUTIONS Supervised Institutions, within the framework of these Standards, shall have the right to present supporting documentation and evidence in the process arising from the complaint filed against them before the Commission, within the established forms and terms; as well as to file the corresponding remedies in the process that warrants it.

OBLIGATIONS OF SUPERVISED INSTITUTIONS Supervised Institutions are obligated to respect the rights established in Article 8 of these Rules. Likewise, they must comply with the obligations indicated below, without the same being limiting: 1. Deliver to the financial user a copy, physical or electronic, of the signed contractual documentation detailing therein the conditions, deadlines, rights and obligations of the parties, as well as the different components that make up the cost of the operation expressed in annual terms. In the same manner, they must have the necessary support demonstrating receipt of the documentation by the users. 2. In complaints filed by financial users, the burden of proof corresponds to the Supervised Institution. 3. Not to charge for concepts, services or products that have not been expressly agreed upon by the parties. 4. Inform within a period not exceeding fifteen (15) calendar days, prior to the payment date, and through an effective means of communication from which evidence can be retained, of any subsequent modification made to the interest rate, commissions and prices. When contractual modifications derive from aspects different from those mentioned above, the referred period must not exceed thirty (30) calendar days. 5. Deliver to the financial user the receipt corresponding to the 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 the payment allocation is not detailed, the Supervised Institution must promptly provide financial users at no cost with additional information showing the allocation to principal, interest and other concepts. These may be provided through account statements or other enabled communication channels (such as email, correspondence). Once the credit relationship is concluded, Supervised Institutions must deliver free of charge, within five (5) business days after its cancellation, a settlement receipt for the respective credit, even when the financial user maintains other pending payment obligations with the same Supervised Financial Institution. 6. Comply with decisions or resolutions emanating from the Commission. 7. Develop and implement policies and procedures for compliance with diligent, professional and timely treatment of the user. As well as implement systems to measure service time in both its main office and in each of its branches and agencies and corresponding monitoring of user satisfaction. To this effect, the Supervised Institution cannot delay the process of submitting the Complaint Form in any of its offices under arguments such that, previously, internal administrative procedures must be carried out that delay the right to file a complaint with the Supervised Institution. 8. Financial Institutions must adopt appropriate measures to mitigate operational risks that may cause harm to financial users. To this effect, they must implement and update their digital security systems and measures of any other kind that seek to reduce or prevent the occurrence of fraud, cloning or other irregular transactions, or to prevent misuse of information about financial users that they possess in their systems, thus avoiding the occurrence of charges or debits to credit cards, debit cards or financing cards and any other product or service that financial users possess. 9. Implement corrective actions derived from the resolution of a favorably resolved complaint that implies compensation to the rest of the users of the services or products that were affected, without the need for intervention by 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 properly justified request may authorize a period for the Supervised Institution to be able to honor the payment of the compensations referred to in this number; in this case, the Supervised Institution, within the period authorized by the Commission, must make the corresponding correction and inform both the financial user and the Commission about the application of the compensation and the reasons for the correction made. 10. Develop and implement financial education programs and campaigns on the different products and services they offer, which allow objective dissemination of the obligations and rights of financial users, the conditions and characteristics of services and products, as well as the different mechanisms and procedures for the protection of their rights. 11. Provide the financial user with efficient and timely treatment in the delivery of credit balances; as well as deliver to them the documentation related to the contracted products or services. 12. At the time of transferring or selling credit portfolios, Supervised Institutions are obligated to communicate this to the affected clients, mainly to inform them about the balances they maintain on the credits, which must be consistent with the information reflected in the Credit Information Center and Private Risk Centers. 13. Inform the guarantor, joint guarantor, joint surety, pledge or mortgage guarantor, or co-debtor, immediately and through the appropriate means, once the principal debtor first defaults on payment of an installment, and subsequently on the delays in other payments of the debtor, and must have confirmation of the communication. They must also evidence the collection procedures carried out with direct debtors, prior to carrying out collection procedures with the guarantors. 14. Assign to the Financial User Service Officer the necessary decision-making powers to resolve complaints with agility, objectivity and independence, considering complaint amounts, typologies and complexity. 15. In virtual digital and/or electronic environments, the adoption by financial users of new digital services from Supervised Institutions requires that access to these technologies be explained in simple language that is understandable, that such technologies be disseminated in compliance with optimal security standards, and that the terms and conditions under which this technology is provided be drafted clearly, so as to provide confidence to the financial user for its adoption. In this context, Supervised Institutions must provide information to financial users about the protection of financial products and services through the different stages of the contractual relationship. All of the above with the objective of helping financial users make informed decisions regarding the acquisition of a financial product or service having clarity on:

• a)

  The type of operation they will contract;

• b)

  The scope of the service they will receive;

• c)

  The management of the resources provided;

• d)

  The inherent risks; and,

• e)

  Associated costs. Considering that the related information is intended to be read by a financial user easily on a smartphone or mobile device, Supervised Institutions must present the information in a user-friendly manner, suggesting to users that they educate and inform themselves in such a way that they have complete understanding of such financial products or services. 16. Adopt the appropriate measures to protect the personal data of their financial users during collection, processing and correction thereof. The exchange of information of financial users between Supervised Institutions and other related institutions that do not belong to the same financial group is prohibited without express authorization from the financial users. It is the obligation of Supervised Institutions to guarantee the security of the information of financial users, and must apply for this purpose standards for the privacy and security thereof. 17. Respond in an agile, timely, understandable, complete and truthful manner to queries, complaints and/or requests that financial users send them through any means, whether physical or digital. 18. Respect the designation of beneficiaries made by the financial user in the contracting or subscription of a product, and must deliver to the beneficiaries the balance or value in accordance with the percentages established by the user, regardless of the amount; or failing that, it will be delivered to the heirs by proving their inheritance rights. 19. Make the corresponding changes in their computer systems, in order to allow financial users to lodge or file complaints and claims through their website or any other digital means available to the Supervised Institution. 20. Establish and implement internal controls to detect fraud, disclosure of confidential information, and other actions that may harm the financial user, carried out with the participation of personnel from the Supervised Institution itself. 21. Inform the financial user through the appropriate means, when their account is about to acquire an "inactivity" status.

TRANSPARENCY OF INFORMATION In order for the information provided by Supervised Institutions to financial users to be transparent, it must be: 1. Simple and easy to understand for financial users. 2. Complete, addressing all relevant concepts of the financial service or product, such as interest rate, insured amounts, deductibles and coinsurance, premiums, commissions, expenses incurred, as well as contractual conditions that implicitly carry the consequences of non-compliance, procedures for complaints, claims and inquiries, among others. 3. Reliable and timely, in the sense that it reflects trustworthy data (without errors or omissions), is not subject to confusion, is updated and available at the appropriate time. 4. Comparable, in such a way that it promotes competition among Supervised Institutions based on providing the financial user with reference values, so that they can compare different options and make appropriate decisions when contracting a financial service or product. 5. Easily accessible, available through different informational media of the Supervised Institution. Supervised Institutions must: a. Incorporate on their websites and in any other information medium, the link to the "Know and Compare" tool portal on the CNBS website. b. Publish the information on interest rates, commissions and associated costs of all their financial products and services; and, c. Publish monthly on their websites, the number of complaints received from financial users (See Annex No. 9).

COMPLAINT SERVICE AREAS Supervised Institutions must have areas responsible for handling complaints, claims and inquiries from financial users, whether presented in person or through digital means. Such areas must be properly signposted and equipped to handle complaints, claims 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 responsible for processing the complaint, claim or inquiry of the user. In those offices, branches or agencies where the movement of financial users, transactions and/or services is limited, the person responsible for complaints, claims or inquiries may perform other activities inherent to the institution. Supervised Institutions that are part of authorized financial groups and that have different financial nature activities within the same facility may have a shared area for handling complaints, claims or inquiries from financial users. By virtue of the foregoing, these institutions must accept and manage any complaint, claim or inquiry from financial users, regardless of the institution complained about. The structure of the Complaint Service System Area must be in accordance with the size, complexity, operations and service requirements of Financial Users. For compliance with this responsibility, the Financial User Service Officer must have the support of the institution's authorities, such as the Governing Body and the management of the institution, and must have adequate assignment of personnel and sufficient economic/logistical resources for the fulfillment of their obligations.

FINANCIAL USER SERVICE OFFICER The Financial User Service Officer is responsible for ensuring the implementation and compliance of all processes and procedures that support the Financial User Service System of the Supervised Institution, described in Chapter VI of these Rules. Said Officer must coordinate with the General Management the mechanisms and actions that must be implemented for the proper functioning of the Financial User Service System. In addition to the above, they are the direct link with the Commission. The Financial User Service Officer must be assigned exclusively to attend to their responsibilities as such, in accordance with what is established in these Rules. All personnel of the Supervised Institution are obliged to provide collaboration to the Financial User Service Officer in the implementation and fulfillment of all functions assigned to them.

MINIMUM REQUIREMENTS FOR THE POSITION OF FINANCIAL USER SERVICE OFFICER For the performance of the position of Financial User Service Officer, the following must be met at a minimum: 1. Have a thorough knowledge of the scope of the Consumer Protection Law. 2. Have knowledge and experience in matters of market conduct, financial user protection, financial transparency policies and promotion of financial culture, financial user service and transparency standards. 3. Have knowledge and experience related to the products and/or services offered by the Supervised Institution. 4. Have experience in monitoring and control work of operations and/or compliance in products and services provided by the Supervised Institution. Supervised Institutions must communicate to the CNBS the name of the Financial User Service Officer, within five (5) business days after the date of their appointment. Within the same period, they must report their removal or replacement.

RESPONSIBILITIES OF THE FINANCIAL USER SERVICES OFFICER The functions of the Financial User Services Officer are: 1. To ensure the implementation and compliance with current regulations regarding financial user protection, financial transparency, corporate governance, financial user services, and other related provisions established by the Commission. 2. To ensure that the Supervised Institution has complaint service areas that are properly signposted, equipped with informational materials, and linked to the respective communication systems available to the Supervised Institution to process inquiries, complaints, or requests from financial users. 3. To ensure that the Supervised Institution displays Complaint Forms from the Supervised Institutions, accessible to the general public in manual or electronic form. 4. To receive and process complaints and grievances presented by financial users. 5. To coordinate with other areas of the Supervised Institution the implementation of policies and procedures for the operation of the Financial User Services System and its proper compliance. 6. To propose measures that allow the Supervised Institution to improve the operation of the Financial User Services System and its minimum elements. 7. To verify that personnel responsible for providing advice to financial users regarding operations and services offered by the Supervised Institution, as well as regarding matters contained in contracts, perform this function with proper diligence. 8. To serve as a liaison between the Supervised Institution and the Commission, and must therefore receive and respond to communications received from the Supervisory Authority within the required timeframe. 9. To report annually to the Commission, signed by the legal representative of the institution, regarding the operation of the Financial User Services System in accordance with the provisions of these Regulations. This report shall include, but shall not be limited to, compliance with the work plan, aggregated information of complaints processed, average response times and their resolutions, grouped by the categories established in the typology contained in Annex 2 of these Regulations, as well as training provided to its personnel. 10. To attend inspections and reviews conducted by the Commission and to facilitate the documentation and information it requests for the handling of complaints presented before the CNBS. 11. To provide the Commission with the monthly complaints report, in the terms and timeframes established in Article 31 of these Regulations. 12. To develop a system that allows adequate registration of complaints and their handling until resolution. 13. To periodically review the information contained in the Complaints Book as a complementary tool to its work, in order to prepare reports proposing to the Senior Management Body, improvement actions regarding the quality of service provided by the Supervised Institution to financial users. 14. To receive the summons notice and complaint documentation, if at the moment of delivery by the Commission's delegated official, the Legal Representative is not available at the Supervised Institution. 15. To coordinate, execute, and supervise all actions necessary to carry out effective market conduct management in the institution, through the proposal of strategies, monitoring and control measures in the Supervised Institution. 16. To coordinate, supervise, and implement measures to verify compliance with the market conduct code, in the design and execution of the institution's marketing strategy, as well as its monitoring, regarding compliance with the offering of the Supervised Financial Institution. 17. To attend to the responsibilities corresponding to ensure that complaints, grievances, and inquiries received at the Supervised Institution are resolved with the agility, objectivity, and independence that corresponds, in accordance with the level of decision granted by the authorities of the supervised institution. 18. To design and implement within the Supervised Institution the Financial User Services System, incorporating mechanisms for receiving complaints, grievances, and inquiries in electronic form. 19. Implementation and direct monitoring or through assigned personnel of the activities of the Financial Education Program approved by the CNBS. 20. To provide corresponding information to requests and information requirements received from CNBS Financial User Protection Management personnel in relation to these Regulations and their complementary regulations. 21. Any other functions necessary for the fulfillment of its duties. The Financial User Services Officer must have a properly identified physical space for easy recognition by financial users; likewise, must be available at their workplace during established public service hours.

PRESENTATION OF THE ANNUAL REPORT TO THE NATIONAL BANKING AND INSURANCE COMMISSION The Annual Report referred to in paragraph 9) of the preceding Article must be submitted to the Financial User Protection Management of the CNBS, no later than January 31 of each year, prior to approval by the Senior Management Body of the Supervised Institution. The Annual Report shall be accompanied by an Implementation Plan of the provisions adopted by the Senior Management Body.

INTERNAL AUDIT UNIT In the reports sent by the Internal Audit Unit of the Supervised Institution to the Commission, the evaluation of the operation of the Financial User Services System and compliance with these Regulations must be included. Likewise, the annual plan of this Unit must include the performance of such activity.

INFORMING ABOUT CONTRACTUAL CONDITIONS, RIGHTS AND OBLIGATIONS OF FINANCIAL USERS Supervised Institutions, as part of their public service, shall develop policies and programs to promote adequate financial culture. Likewise, they shall maintain available to financial users, both in their physical and virtual channels, information regarding general contract conditions, financial terminology, and implementation of best practices in financial user services.

INFORMING ABOUT INSTANCES FOR FILING COMPLAINTS AND/OR CLAIMS Supervised Institutions have the obligation to inform the general public, in their service and customer care areas, in their periodic communications, on their Web pages and any other available digital means, the contracts they deliver to financial users, the processes and procedures for filing complaints and claims; as well as the instances to which users of financial services and products may resort to present such complaints and/or claims, either within the Supervised Institution itself or claims before the Commission.

PROPERLY TRAINED PERSONNEL The personnel responsible for attending to inquiries, complaints and claims from financial users must be properly trained in matters corresponding to the operations offered by Supervised Institutions, in the regulations referring to the protection of financial users and financial transparency comprised in the current legal framework. The training provided to personnel must be properly documented in the personnel files. Supervised Institutions are obligated to train personnel in matters related to the care of financial users, executing an annual training plan that regulates matters concerning Market Conduct Management as indicated in Article 5 of these Standards. The training that is provided to personnel must be properly documented in personnel files. Supervised Institutions are obligated to train personnel in relation to financial user service, executing an annual training plan that regulates matters related to Market Conduct Management in accordance with what is indicated in Article 5 of these Standards.

FINANCIAL USER CARE SYSTEM Supervised Institutions must have a Financial User Care System that allows them to provide quality service in accordance with the general policies established. The Financial User Care System must be conceived by Supervised Institutions as an important component of their organizational culture, which must respond to the environment of their internal control system and adapt to the nature and complexity of their business.

MINIMUM ELEMENTS OF THE FINANCIAL USER CARE SYSTEM The Financial User Care System implemented by Supervised Institutions must include at least the following elements: 1. Manual of the Financial User Care System: Which must contain:

• a)

  The general policies of the Supervised Institution;

• b)

  The objective of the system;

• c)

  The description of how the system functions;

• d)

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

• e)

  The responsibilities of the areas involved and of the Financial User Care Officer;

• f)

  The channels of communication and coordination between them; and,

• g)

  The personnel training policy on the Financial User Care System, and any other that the Supervised Institution considers. 2. Code of Good Practices for the Care of Financial Users: It must include the policies designed by the Supervised Institution so that employees and officials, responsible for attending to users, provide adequate information and attention in accordance with current regulations. Monitoring the fair treatment of financial users requires that relevant information be identified, collected and evaluated for the establishment of internal controls, which lead to the generation of indicators so that Senior Management can assess the performance of the Supervised Institution and intermediaries of financial products and services with respect to fair treatment of customers; constituting a special challenge to establish control mechanisms to ensure compliance with policies and procedures for the protection of financial users.

RESPONSIBILITY OF THE GOVERNING BODY AND GENERAL MANAGEMENT The Governing Body and Senior Management are responsible for establishing the policies and procedures that allow the development of the Financial User Care System, as well as ensuring proper market conduct within the Supervised Institution. They are also responsible for the efficient functioning of said System, for compliance with the policies, procedures and provisions contained in these Standards. General Management is responsible for implementing the measures necessary for the operation of the Financial User Care System to conform to the general policies established by the Governing Body, according to the terms indicated in these Standards. Likewise, General Management is responsible for assigning the human, technical and logistical resources that allow the Financial User Care Officer to fulfill their functions in accordance with what is established in these Standards. The coordination of this work shall be done by the Financial User Care Officer and by the internal bodies designated by General Management.

COMPLAINT SHEET OF SUPERVISED INSTITUTIONS Supervised Institutions must implement within the procedures designed for complaint care, the use of Complaint Sheets, which must be kept available to financial users in the complaint care areas, identifying said area with the following legend: "This financial institution has Complaint Sheets of the Supervised Institutions available to the financial user who requests them". The Commission shall provide the model of the Complaint Sheet, which may not be modified in content or form, and shall not contain corporate logos or any other identifying text of the supervised institution. The Complaint Sheet is an integral part of these Standards (Annex No. 1). The Supervised Institution must make the Complaint Sheet available to financial users through electronic means, developing technological mechanisms so that this sheet complies with the formalities established in these Standards, regarding the identification and validation of the complaining financial user, the format, content, logos, express approval of the financial user and the respective acknowledgment of receipt thereof. In the Complaint Sheet, financial users can only raise as the subject of the complaint the fact by which they consider themselves affected, whether due to some breach or when they consider that their rights regarding a financial product or service have been violated, not agreed to or accepted; the financial user must present for each financial product or service, agreed to or not, a separate complaint. The application of this rule is excepted in cases where there is a relationship between two or more financial products and claims can be consolidated at the discretion of the Commission.

DEADLINE FOR FILING COMPLAINTS Financial users must submit their complaints to the Supervised Institutions in accordance with the deadlines established in the current regulations that govern in each case the financial services and/or products that they have subscribed to or acquired. For those cases in which particular laws or special regulations do not establish deadlines for filing complaints, financial users may file them with the Supervised Institutions within one (1) calendar year from the date they became aware of or were notified of the fact that is the subject of the complaint; filing after such deadlines results in the immediate inadmissibility of the complaint.

PROCEDURE FOR HANDLING COMPLAINTS BEFORE THE SUPERVISED INSTITUTION Supervised Institutions, in order to address a complaint from a financial user, must: 1. Provide the Complaint Form for the financial user to complete. In the event that the Complaint Form is presented in physical form, the Supervised Institution shall keep the original to conduct the pertinent internal analysis and maintain control of deadlines and files, and shall deliver to the financial user a copy with acknowledgment of receipt for the corresponding purposes. In cases where financial users present some physical disability and/or cannot write, and if they so require, the Supervised Institution shall provide assistance so that its personnel fill out the Complaint Form with the complete information expressed by the complainant. 2. The Financial User Service Officer or the personnel designated to serve the Financial User must verify that the Complaint Form is correctly filled out by the financial user, specifically regarding not allowing blank fields or spaces, especially those related to information concerning fixed telephone numbers, mobile phones, and email addresses. 3. 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 such period. This deadline may be extended up to ten (10) business days, and the Supervised Institution must inform the financial user in writing of the reasons for the extension. In the case of complaints related to products offered in accordance with international licenses or when complaints involve solutions or analyses that depend on foreign institutions, the maximum deadline for resolution shall be thirty (30) business days. 4. When responding to the complaint, the response must have the following characteristics:

• a)

  Timely: The Supervised Institutions shall receive, analyze, and resolve complaints filed by financial users within the deadlines established in these Regulations;

• b)

  Complete: Considering all aspects observed in the complaint, explaining the technical and legal aspects that the institution considers support its position, which are truthful and verifiable, including supporting documentation that, in the institution's judgment, is necessary; such as copies of all contractual documentation that has been executed, which details the conditions, deadlines, rights and obligations of the parties. It must also have the necessary support evidencing delivery of the documentation to users. Failure to deliver as mentioned above shall incur the corresponding penalty, by virtue of the burden of proof belonging to the supervised institution;

• c)

  Comprehensive: Detailing all conditions raised by the financial user and others that result from the complaint; and d) Understandable: So that the financial user understands the response provided, resorting, in cases where it is necessary, to: 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 every response that the Supervised Institution grants to complaints, the following text must be included: "In the event that this response is not satisfactory to you, you may go to the National Banking and Insurance Commission to file your complaint before this supervisory body, without prejudice to other actions to which you are entitled." Supervised Institutions must establish and implement an electronic complaint handling system, through which the receipt of the complaint and the prompt response thereof to financial users is guaranteed; likewise, implement communication channels for inquiries that may arise from financial users regarding the filing of a complaint and other inquiries related to it. Supervised Institutions must maintain a physical or electronic file and record of each complaint filed and the issuance of the corresponding response, for a period of not less than five (5) years, counted from the day following the notification of the response issued by the Supervised Institution to the financial user.

MATTERS THAT DO NOT CORRESPOND TO THE NATIONAL BANKING AND INSURANCE COMMISSION TO HANDLE The Commission shall not admit or hear complaints when the matter in question is one or more of the following:

• 1)

  Matters that are or have been within the knowledge of the Courts or Tribunals of the Republic, or against which complaints have been filed with the Public Ministry;

• 2)

  Matters that involve aspects of a civil, criminal, or other nature that, by reason of jurisdiction, correspond to other State bodies to know and resolve;

• 3)

  Matters that involve recognizing, declaring, or limiting the rights of individuals, without the Commission having powers attributed to it by law;

• 4)

  Matters related to the cancellation or modification of conditions of financial products or services derived from the application of the law, or conditions agreed upon contractually;

• 5)

  Matters that refer to credits that have been paid off;

• 6)

  Matters over which the Commission does not have jurisdiction to know, since by their nature or subject matter they must be submitted for resolution before the Courts of the Republic, before other authorities to which their resolution should be submitted through alternative dispute resolution methods established in applicable national legislation;

• 7)

  Complaints that have been filed outside the established deadline;

• 8)

  Complaints against an institution in liquidation; and 9. Complaints whose subject matter is already resolved at the time of formalizing the same before the CNBS, or has been resolved in the course of the process. In the event that a complaint is presented that does not correspond to the National Banking and Insurance Commission to know and resolve, such circumstance must be determined of its own motion or at the request of an interested party, in any phase of the procedure, being communicated to the parties.

PROCEDURE FOR HANDLING COMPLAINTS BEFORE THE CNBS In those cases where the response provided by the Supervised Institution is not satisfactory to the financial user, the latter may file their complaint before the CNBS in physical or electronic form. In the event that the complaint is presented in physical form, they must submit two (2) copies of the Complaint Form that was presented before the Supervised Institution, accompanied by the corresponding response and any other documentation that supports or evidences their complaint; in the event that the complaint is presented electronically, the financial user must send the same documentation through the channels available to the CNBS. On the day that the CNBS legally admits the complaint, it may send an electronic notice to the financial user service officer of the complained Supervised Institution, so that they may proceed to gather sufficient and pertinent information to expedite the submission of the responsive pleadings that will be requested. The foregoing is without prejudice to the Commission's authority to conduct inspections and reviews at any time related to complaints filed. In accordance with what is established in Article 150 of the Administrative Procedure Act, the service of process of the complaint to the Supervised Institution shall be carried out in a supplementary manner under the normative precepts of the Civil Procedure Code, for which it shall be done in one of the following ways: a) Personal: The delegated officer of the Commission shall appear at the domicile of the Supervised Institution in order to serve the Legal Representative. In case the Legal Representative is not found, the service of the process notice may be effected on the Financial User Service Officer of the complained Institution, and in the absence thereof, on any official of the Institution present at that place, informing them that they are obliged to deliver a copy of the process notice and the complaint documentation to the recipient thereof. b) Electronic: The copy of the process notice and complaint documentation shall be sent by electronic means in such a way as to allow for clear evidence in the file that the process notice and complaint documentation have been sent to the Legal Representative of the Institution, the date of sending and its content. The delegated officer of the Commission shall make a record in the file of the transmission and the content transmitted. The facts or events that occurred related to the delivery of the process notice or transmission by electronic means must be recorded in the complaint file. Once the complaint has been notified under these procedures, the Supervised Institution must submit the responsive pleadings to the GPUF within a period not exceeding ten (10) business days. During the process of analysis and evaluation of the responsive pleadings, Commission personnel may request, inspect, and review at the complained institution any information, document, or data record related to the complaint filed, as well as similar transactions, if necessary. They may also request additional information from the financial user service officer of the complained 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 that exists in the file. The CNBS shall resolve by Resolution the complaints filed by financial users within a period of forty (40) business days counted from the date on which the CNBS considers that the information is 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 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 appeal to the respective judicial instance. If the complained institution fails to present the information requested in the responsive pleadings or in the additional requirements up to the moment it files the motion for reconsideration, this failure to comply with the obligation shall result in the imposition of a fine in accordance with the Sanctions Regulation, which shall be calculated from the business day following the expiration of the deadline for its submission.

SPECIAL PROCEDURE FOR HANDLING COMPLAINTS Institutions that intermediate resources from second-tier banks must establish adequate mechanisms that allow for proper diligence of complaints filed by financial users when the complained matter 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, grievances, or inquiries that are not related to indemnifications or reimbursements must be presented to the Financial User Service Officer. Likewise, complaints arising from actions between an insured and an insurance intermediary, when this complaint is not linked to the obligations of insurance companies with the insured, must be filed with the Commission.

INFORMATION ON COMPLAINTS AND SERVICES The Supervised Institutions must submit to the Commission, within the first ten (10) business days of each month, information relating to complaints filed by financial users, as well as the list of those resolved by the Supervised Institution during the immediately preceding month. The information shall be submitted in accordance with the instructions set forth in the Complaint Report Module (Annex No. 3), using the Typology of Annex No. 2 which forms part of these Standards. The Quarterly Report on Services shall be presented within the first ten (10) business days after the end of the quarter, in accordance with the provisions of Annex No. 6 of these Standards. CHAPTER IX FINAL AND TRANSITORY PROVISIONS

DECALOGUES The Supervised Institutions must display in the areas of service to financial users, the summary of the rights and duties of these, as well as the summary of their institutional obligations, contained in Annexes Nos. 4 and 5 that form an integral part of these Standards.

INFRACTIONS AND SANCTIONS Infractions of the provisions in these Standards shall be sanctioned in accordance with what is established in the Law of the Financial System, Law of Insurance and Reinsurance Institutions and the Sanctions Regulation issued by the Commission and other applicable legal provisions.

ADAPTATION PERIOD The Supervised Institutions shall have a period of six (6) months counted from the effective date of this Regulation, in order to adopt and implement the new regulatory provisions.

UNFORESEEN CASES The Commission shall resolve cases not provided for in these Standards, in accordance with the current legal and regulatory framework on the matter.

REPEAL As of the effective date of these Standards, the CNBS Circular No.140/2012 containing Resolution GE No.1768/12-11-2012, related to the "Standards for the Strengthening of Transparency, Financial Culture and Attention to Financial Users in Supervised Institutions" and its amendments, shall be null and void.

EFFECTIVE DATE These Standards shall enter into force as of their publication in the Official Gazette La Gaceta. 2. To instruct the General Secretariat of this Commission to proceed with sending this Resolution for publication in the Official Gazette La Gaceta. 3. To 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 Regime (RAP), Public Social Welfare Institutes, Private Pension Fund Administrators, Money Remittance Companies, Credit Bureaus, Exchange Houses, Stock Brokerage Houses and INDELS, as well as to the Superintendency of Banks and Other Financial Institutions, Superintendency of Insurance, Superintendency of Pensions and Securities, the Risk Management Department and the Financial User Protection Department, for the corresponding legal purposes. 4. This Resolution shall enter into force as of its publication in the Official Gazette La Gaceta. … Approved unanimously. … F) MARCIO GIOVANNY SIERRA DISCUA, President; ALBA LUZ VALLADARES OCONNOR, Proprietary Commissioner; ESDRAS JOSIEL SÁNCHEZ BARAHONA, Proprietary Commissioner; ANA GABRIELA AGUILAR PINEDA, General Secretary". And for the corresponding purposes, this document is executed in the city of Tegucigalpa, Municipality of the Central District, on the seventh day of the month of December of two thousand twenty-two. ANA GABRIELA AGUILAR PINEDA General Secretary 19 D. 2022

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 National Commission of Banks and Insurance ANNEX No.1.- COMPLAINT FORM (Obverse or first page) Complaint Identification No.: _______/________/________ NATURAL PERSONS Names and Surnames: ______________________________________ National ID/Passport No.: ________ Address: ____________________________________________________ Municipality: __________________ Department: ___________________________ Telephone: __________________ Cell Phone: __________ Email:__________________________ In case of representation: Name and surnames of Representative or Legal Agent: ______________________________________________________ National ID/Passport No. or Registration No.: ______________________________________________________ LEGAL ENTITIES Company Name: _______________________________________________ RTN: ____________________ Legal Domicile: ________________ Municipality: _______________ Department: ______________ Telephone: __________________ Cell Phone: _________ Email: ________________________ Name and surnames of Legal Representative: _________________________________________________________ National ID/Passport No.: _________________________________________________________ DATE: __/__/____ COMPLAINT TYPOLOGY: ___________________________ COMPLAINT. Describe the facts, reasons and request you are presenting: ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ Do you provide documentation that supports the complaint? Yes No If affirmative, please describe it: ___________________________________________________________________________________________________ Is the complaint a reiteration of a previous complaint? Yes No If affirmative, please indicate Complaint Identification No.: _______________________________________________ REQUEST SUBMITTED TO THE CNBS: Describe the request you are making to the National Commission of Banks and Insurance in relation to the facts previously described: ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ ___________________________________________________________________________________________________ In case the financial user has submitted their complaint in parallel in another administrative or judicial instance, it would be of great benefit to the investigation you are requesting that the CNBS be aware of such action. If affirmative, please indicate the instance and the date you filed it. __________________________________________________________________________________________________ In __________ on __________ of __________________ of 20___ Signature of complainant: _____________________

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 National Commission of Banks and Insurance (Reverse or second page) COMPLAINT FORM INSTRUCTIONS FOR COMPLETING THE FORM: 1. The Complaint Form is presented according to the attached format, requiring completion of original and copy for each Complaint, with a simple and clear description of the facts being complained about. The same may be accompanied by a written statement or supplementary note if necessary with their respective copies. 2. The original Complaint Form shall be for the Supervised Institution and a copy of it shall be for the financial user, both duly stamped and showing the date of receipt by the Supervised Institution. 3. The Supervised Institution must record the Complaint Identification No., and shall indicate the following: [entity_code] / [branch_code] / [sequential complaint number for the entity and branch]; identifying the complaint typification code according to the Typology indicated in Annex 2 of these Standards. 4. The Financial User, if not in agreement with the response issued by the Supervised Institution, may appeal to the National Commission of Banks and Insurance (CNBS), through the Financial User Protection Management (GPUF), and must deliver the copy of the Complaint Form provided by the Supervised Institution as indicated in paragraph 2 above, which shall be stamped by this Commission as acknowledgment of receipt. Furthermore, the Financial User may attach the rest of the documentation they deem relevant for the processing of their Complaint. 5. The Financial User must correctly record their personal information, specifically their address, telephone, cell phone and email.

PURPOSE These Standards have the purpose of establishing supplementary provisions in relation to information transparency, financial culture, market conduct and financial user attention applicable to Financial Institutions, specifically in matters of information disclosure, financial inclusion, commissions, interest rates and adhesion contracts, among others.

SCOPE The Standards apply to Institutions of the Financial System, Credit Card Issuing Companies and Private Organizations of Financial Development, as well as those institutions that, by the nature of their operations, are classified by the Commission as financial service providers.

DEFINITIONS For the purposes of these Standards, the following terms are understood to mean: 1. Abusive Clauses: Those stipulations that restrict the rights of the financial user, alter the obligations or limit the responsibilities for damages assumed by the Financial Institution, in accordance with what was agreed between the parties in their respective contracts. 2. Commission or CNBS: National Commission of Banks and Insurance. 3. Commissions: Amounts charged by Financial Institutions to their users for the effective provision of previously agreed services. 4. Contract: Document that contains the rights and obligations corresponding to financial users and Financial Institutions related to the contracting of a product or service. 5. Adhesion Contract: Contract whose conditions or stipulations are established unilaterally by the Financial Institution, without the financial user being able to discuss or modify the essential clauses or conditions at the time of its execution. 6. Total Annual Cost (CAT): Equivalent interest rate of a credit operation that, in addition to the interest agreed upon in the loan, recognizes all the costs and expenses inherent to the credits provided by Financial Institutions. 7. Financial Institutions: - Private and Public Banks; - Savings and Loan Associations; - Financial Companies; - Credit Card Issuing Companies; and, - Private Organizations of Financial Development. 8. Abusive Practices: Those practices or conducts prohibited by the Commission because they lead to abuses by Financial Institutions, related to the restriction of the financial user's rights, or to the alteration of obligations or limitation of responsibilities for damages assumed by the Financial Institution. 9. Financial Product or Service: Active, passive or service operation that is contracted by a financial user with a Financial Institution. 10. Mass-Use Financial Product or Service: Those related to savings accounts, term deposit certificates, checking accounts, credit cards and personal, housing, microcredit and small commercial borrower loans. 11. Interest Rate: Price of the use of money for a determined period, expressed as a percentage. 12. Active Interest Rate: Interest rate expressed for a determined period, charged by Financial Institutions in loan operations. 13. Effective Annual Interest Rate: Rate that discounts estimated future cash payments or receipts during the expected life of the financial asset or liability, contemplates the nominal interest rate, and all contractual terms, advance payments, commissions paid or received by the parties. 14. Default Interest Rate: Interest rate applied to amounts not paid by the debtor in the time and form agreed upon contractually. 15. Nominal Interest Rate: Established percentage that will be added as remuneration to the capital transferred during a determined period of time, expressed in annual terms. 16. Passive Interest Rate: Interest rate paid by Financial Institutions in consideration for the receipt of deposits and other obligations for a determined period of time. 17. Electronic Transfer: Service for the transfer of money electronically, offered by Financial Institutions to their clients, so that from their accounts they can make payments, transfer money to other accounts, either within the same institution or in various institutions within the payment systems authorized by the Central Bank of Honduras (BCH). 18. Financial User: Natural or legal person that acquires or uses a financial service or product provided by a Financial Institution. CHAPTER II INFORMATION DISCLOSURE

INFORMATION TO BE DISSEMINATED

At all times, Financial Institutions must keep available to financial users, both in their service and customer care areas and in their advertising and on their Web pages, information related to the general conditions of the financial products and services they offer, using for this purpose language that is easy to understand and recommendations for the proper administration and management of the same, as well as information about the possible consequences of their misuse.

ON ADVERTISING

The advertising conducted by Financial Institutions must conform to the legal and economic reality of the financial product or service being promoted, avoiding commercial advertising that may generate deception or unfair competition, and must comply with the dissemination guidelines included in this Chapter; and in turn, be expressed in an authentic, clear, truthful and precise manner, in order not to mislead the public regarding the characteristics, prices and quality of the financial products and services offered; furthermore, this advertising must not include false comparisons or omissions.

DISSEMINATION OF INTEREST RATES IN ACTIVE OPERATIONS

With respect to interest rates in active operations, Financial Institutions must: 1. Report the Total Annual Cost (CAT) in all advertising of their active operations, whatever the medium used for this purpose; in the case of printed advertising, the CAT must be displayed with highlighted characters (bold), to be easily distinguished and differentiated from the remaining variables. Likewise, in the case of audio advertising, the CAT must be mentioned at least at the same volume and speed as those used for the rest of the advertising. 2. Calculate the CAT in accordance with the methodology established in Chapter V of these Regulations. 3. Communicate the variable interest rate, specifying the variable factor, method of determination, frequency of change and the equivalent rate, in the event that the originally established rate ceases to be published. 4. Report the default interest rate applicable in case of non-payment and specify from what date it applies, clarifying that said rate applies to the balance of amounts due.

INFORMATION ON INTEREST RATES IN PASSIVE OPERATIONS

With regard to the dissemination of interest rates in passive operations, Financial Institutions must: 1. Report the effective interest rate for fixed-term operations, in the different terms and types of currency in which they offer such financial product, using as the basis for calculating the effective interest rate, the year of three hundred sixty (360) days. If interest rates vary according to the amount, the corresponding interest rates must be detailed for each amount scale. 2. Disseminate the penalty rate applicable for early cancellation of the fixed-term deposit, explaining the basis of calculation and criterion for its application. If there are different penalty rates depending on the remaining term, original term, currency and/or amount of the deposit, each penalty rate for early cancellation applicable must be reported in a detailed, clear and easy to understand manner. 3. Report the nominal and effective annual interest rates on deposits for the different types of currency and product packages that they offer. 4. Communicate the variable interest rate, specifying the variable factor, method of determination, frequency of change and equivalent rate, in the event that the established reference rate ceases to be published.

DISSEMINATION OF COMMISSIONS AND OTHER CHARGES

Regarding the dissemination of commissions, Financial Institutions must: 1. Provide detailed information on the commissions they charge for different financial products and services. 2. Specify the concepts for which commissions are charged, as well as the details of these. 3. Clearly identify the act or event that generates the commission, as well as the date or period in which it is generated and the due date for payment of the same. 4. Report the commission for early cancellation of credits, detailing the basis of calculation and criterion for its application. If there are different charges for early cancellation depending on the remaining term, original term, currency, amount and type of credit, each applicable charge for early cancellation must be reported in a detailed, clear and easy to understand manner. 5. Inform the financial user prior to carrying out the transaction, the value of the commission to be paid for individual customer transactions for transfers via electronic banking, withdrawals from automated teller machines and/or any other digital means. 6. Inform the financial user of the commissions to be charged as a consequence of management and extrajudicial collection of credits in default, including fees to third parties, and must inform about the concepts for which it will charge and the details of these. This charge must be proportional to the days in default based on the amount set by the financial institution. 7. Regarding insurance linked to financial products or services offered, prior to the formalization of the contract, the following must be done: a. If the Insurance Institution maintains a contractual relationship with the Financial Institution or belongs to the same Financial Group, indicate the name of the Insurance Institution, type of contract and benefits, covered risks, amount and form of calculation of the premium, exclusions, as well as terms and procedures for claiming coverage in case of a claim. b. Inform the financial user about the possibility of contracting insurance with a provider other than the one offered by the Financial Institution, provided that it is legally established in the country, endorsing the respective policy in favor of it. For these purposes, the insurance policy duly endorsed presented by the financial user must be issued by an authorized insurance company. In these cases, the financial user must present the renewal of the insurance policy duly endorsed, thirty (30) days before its expiration; if he does not do so, Supervised Institutions have the power to contract and subscribe the insurance policy in the name of the financial user. However, the Supervised Institution must ensure that the costs related to this renewal are at competitive prices. This provision must be stipulated in the corresponding contracts. 8. Specify the taxes that apply to the different financial products or services they offer, detailing the type of tax, the basis of calculation of these, the applicable percentages or amounts and the payment due dates. 9. Financial Institutions must add the legend "These costs are established in accordance with the Fee Schedule of Legal Professionals" to the documentation related to legal and court costs for management carried out in requiring compliance with the conditions agreed upon contractually. The costs in question will be communicated in writing to the financial user prior to the execution of the respective contract for financial products or services, and must not exceed those established in the Fee Schedule of Legal Professionals. 10. Financial Institutions may apply a penalty for early cancellation only on those active operations where the balance of capital owed at the time of total or partial early cancellation is greater than one hundred thousand United States dollars (USD$100,000) or its equivalent in Lempiras. Said penalty must be calculated only on the amount paid in advance and be agreed upon with the financial user, and must also be documented in the corresponding contracts, highlighting the value of this penalty on the cover of these. Furthermore, institutions may apply said penalty in cases where the sum of additional payments to agreed installments in three consecutive months exceeds one hundred thousand United States dollars (USD$100,000) or its equivalent in Lempiras. 11. Financial Institutions may apply a penalty for early cancellation of passive operations, which may only be charged on accrued interest. In the event that these are not sufficient, the institution shall be authorized to apply the difference of the penalty to capital, provided that said authority is clearly established in the contract. Said penalty must be agreed upon with the financial user and be properly documented in the corresponding contracts, highlighting the value of this penalty on the cover of these. In the event that the balance of the passive operations is canceled early, in whole or in part, with the consequent application of the interest that corresponds.

INTERVENTION OF THE CNBS IN THE ADVERTISING OF FINANCIAL INSTITUTIONS The CNBS may, on its own initiative or at the request of an interested party, after notifying the corresponding Financial Institution, order the suspension, modification or cancellation of advertising when it considers that it does not comply with the current legal and regulatory framework, especially what is established in Article 5 of these Regulations. Financial Institutions must provide the CNBS, when required, with a copy of the different advertisements and/or promotions they carry out, and must deliver them within five (5) business days following the request. The information to be provided by the Financial Institution must be in the same format as that used in the advertisement and/or promotion. However, it is not necessary for Financial Institutions to have prior authorization from the CNBS for the use or employment of their advertising.

INFORMATION ON BILLBOARDS Financial institutions in the system and credit card issuing companies must place electronic billboards or any other electronic device or mechanism in a visible place within the main building and within those branches or agencies with the highest number of transactions, where the interest rates and commissions of the most representative products and services marketed by the Financial Institution are detailed, based on the number of financial users who demand them. Likewise, information must be provided through this medium regarding the place where the complete fee schedule for all financial products and services offered is available within the same branch or agency, which must be available in paper or printed brochures upon request of the financial user. The font size of the information contained on the electronic billboard must be legible. For those agencies, branches or offices with lower flow of financial users, Financial Institutions must create alternative means to disseminate the information referred to in the previous paragraph.

INFORMATION IN BROCHURES When informational brochures are used for the dissemination of financial products and services, they must contain updated information on the characteristics of the financial product or service offered, as well as the interest rates and commissions, if applicable. Likewise, the brochures must indicate where additional information to that provided in them can be obtained, such as models of adhesion contracts. The font size of the information contained in the brochures cannot be less than twelve (12) points.

INFORMATION ON THE WEBSITE OF FINANCIAL INSTITUTIONS Financial Institutions must inform the financial user at minimum by means of their websites the following: 1. The fees corresponding to interest rates and commissions for all financial products and services they offer. Said information must be grouped by type of product and service, and presented in a clear manner allowing its easy identification and interpretation by financial users and the general public. 2. Adhesion contracts for financial products and services of mass use. 3. The link to the section of the Commission's website, where the products or concepts corresponding to interest rates for loan and deposit operations are found in a comparative manner, information about claims, among others. 4. Link to the institution's web portal for financial education of financial users. 5. Link to the digital platform to file complaints and claims, including the format of the Claims Sheet. 6. Annual audited financial statements, at the individual level and of the Group.

SUBMISSION OF INFORMATION TO THE CNBS FOR ITS DISSEMINATION TO FINANCIAL USERS Financial Institutions must send to the Commission within the first ten (10) business days following the close of each month, the information corresponding to interest rates and commissions applied to their active and passive operations of the previous month, which must be consistent with the information contained in their current fee schedules. The submission of this information will be carried out through the Capturer available through the Financial Interconnection System. This information will be available to the general public for consultation through the Portal called "Know and Compare".

STATEMENT OF ACCOUNT Financial Institutions have the obligation to provide their financial users with a statement of account containing periodic information regarding operations on credit cards and current accounts, as well as those services they contract. The modality and periodicity for providing such information must be agreed upon in the contracts signed between the parties. Additionally, Financial Institutions may use different means of communication that allow the financial user to have adequate and timely knowledge of the respective information, without prejudice to the Financial Institution making such information available to the financial user in its offices, branches or agencies.

CONTENTS OF THE STATEMENT OF ACCOUNT The statement of account must contain:

• 1)

  The name of the financial user;

• 2)

  The account or contract number, in accordance with security measures (encryption) established by each financial institution;

• 3)

  The period to which it corresponds;

• 4)

  The detail of the movements made in the period (date, concept, amount, etc.), as well as the checks cashed in that period (in the case of checking accounts);

• 5)

  The amount of commissions charged, the concepts that generated them, their date and currency; and, 6. Taxes and withheld contributions. Additionally, in the case of passive operations, the opening balance and the balance on the closing date or end of period shall be included, the average of daily balances for the period and the interest and applicable rate expressed in annual terms. In the case of active operations, the following concepts shall be added: 1. The amount to be paid in the period, if applicable, broken down into principal, interest and any other charges, as well as the outstanding balance. 2. Nominal and default interest rates expressed in annual nominal terms. 3. The Total Annual Cost (CAT). 4. Date of next maturity. 5. Payments received in the period and charges made in the same period, indicating the concept. 6. In case of partial advance payments, the corresponding reduction of the amount of payments or the number of pending payments. 7. The following legend: "FINANCIAL RECOMMENDATION: You may make extraordinary principal payments to your loans." 8. Amount of credit pending payment.

CREDIT CARD STATEMENT OF ACCOUNT Credit card statements of account shall be governed by the provisions established in the Regulations of the Credit Card Law, approved by the Commission. Notwithstanding the foregoing, Financial Institutions must add to the monthly statement of account the information contained in Article 36 of Chapter V of these Regulations.

COMMUNICATION IN DIFFERENT ADVERTISING FORMATS For more transparent communication in different advertising formats, Financial Institutions must address the following aspects: 1. The advertising format in which information about the financial product or service offered to financial users is communicated must be based on real information, and must not generate expectations that lead to error, deception or confusion. 2. Communication in the messages must be adapted to the understanding of the target audience, avoiding generating false impressions or expectations about the characteristics or duration of the advertised offer that induce the contracting of the financial product or service offered. 3. When secondary messages or less prominent forms are included in the advertisement, this may not contradict its main content. Clarifications of warnings and risks must be presented in a relevant position so that the financial user can observe them clearly, for example, regarding warnings or risks that affect its cost to the detriment of the public or requirements for its acquisition, among others. Likewise, information may not be combined with other messages not inherent to the financial product offered. 4. The presentation of the advertising message and/or radio format, or electronic format must guarantee comfortable and complete reading or audio.

OBLIGATION TO INFORM Financial Institutions must provide financial users, prior to the execution of any contract, with all the information they request, as well as adequate advice that promotes responsible decision-making on their part. Once the contract is signed, a complete copy must be delivered to each of the parties that have signed it. All models of adhesion contracts for the different financial products and services must be approved by the Board of Directors or Management of the Financial Institution; those related to financial products and services of mass use must be made available to financial users in the public service offices, branches and agencies of the institution, as well as on the webpage of the Financial Institutions. Both the information and the models of adhesion contracts must be provided to financial users free of charge.

FORMALITIES FOR THE DRAFTING OF CONTRACTUAL CONDITIONS Adhesion contracts must be contained in forms written in Spanish language with font size and legible characters visible to the naked eye. The character size cannot be less than twelve (12) points. Likewise, they must be drafted in simple and clear language that allows adequate understanding of the obligations and rights of the parties. In the preparation of such contracts, Supervised Institutions must respect the rights of users contained in the laws.

RESOLUTION OF CONTRACTS BY FINANCIAL USERS Financial Institutions must not establish limitations on the right of the financial user to rescind a contract for products or services when requested, provided that there are no outstanding balances due to the Financial Institution. The mechanisms for cancellation of a contract for products or services may not be more complex than those implemented for the execution of the contract. At the time of acquiring a financial product or service, the Financial Institution must inform the financial user about the cancellation process for it. Similarly, financial users must not take actions that affect Financial Institutions, when the same based on the contract requests the early cancellation of a financial product or service. In these cases, Financial Institutions cannot condition the exercise of the contractual rescission power by the financial user to the prior cancellation of the sums owed by this party, and must for such purposes enter into a payment agreement with the financial user.

MINIMUM CONTENT OF ADHESION CONTRACTS Adhesion contracts that Financial Institutions enter into with financial users must contain at least the following: 1. The description of the contracted financial product or service: Financial Institutions may document, in a single contract, financial products that involve the provision of two or more operations or services. 2. The subjects: identification and addresses of the parties. 3. The term, conditions and procedures for making modifications to the agreed terms and conditions, including early cancellation of the contract. 4. Regarding commissions and interest rates: a. Amount of commissions indicating the concept, base and calculation methodology, and the frequency of these, breaking down this information by type of channel, when applicable. b. For active operations, the CAT and the default interest rate in case of non-payment, specifying from what moment it is applicable, and that it will operate on outstanding capital balance. c. For passive operations, the nominal annual interest rate and effective annual interest rate. 5. In the case of applying a variable interest rate, the variable factor, the form of determination, the frequency of change and the equivalent rate to be applied must be specified, if the established reference rate ceases to be published. 6. Payment or collection mechanisms admitted. 7. For active operations: a. Incorporate a cover page that clearly and simply contains a summary of the main characteristics and conditions of the contract. It does not replace the contract but rather complements it. The cover page must indicate the credit amount, CAT, number of installments, amount of installments, term, the default interest rate in case of non-compliance. It shall also contain "warning statements" regarding situations that have proven to be conflictive or determinative of mismanagement of financial products and services, such as: - If it is a variable rate credit: "Since the credit is variable rate, interest (and installments) may increase". - The consequences of not complying in a timely manner with payments: "Failure to comply with your obligations generates higher costs and damages your credit history contained in Private Risk Centers or in the Credit Information Center". - The warning regarding the guarantor: "In the event of non-compliance, the guarantor will respond as a principal obligor before the financial institution". b. The total balance of the assumed debt and the amortization schedule. Likewise, an annex must be included with the detailed payment schedule of the credit, which will contain the number of programmed installments, their breakdown in principal, interest, commissions and applicable taxes; the total of each calculated as the linear sum of all the aforementioned concepts, and the sum total of all installments to be paid, under the assumption that contractual conditions are met. c. Extrajudicial collection mechanisms to be implemented in case the debtor defaults, indicating the applicable commissions, charges or fees and their calculation base. d. Legal actions that the Financial Institution may take against the financial user or the guarantor, in the event of non-compliance with the debt payment conditions provided in the contract. 8. Additionally, for passive operations, the conditions and scope of deposit insurance must be indicated.

MODIFICATIONS TO CONTRACTUAL CONDITIONS Financial Institutions must inform financial users in advance of their application, of any modification to the agreed contractual conditions. Communication must be carried out with a notice period of no less than thirty (30) calendar days, prior to said modification taking effect, and in the manner provided in the contracts, which may consist of written notices to the clients' addresses, or communications in television, radio and newspapers, messages through electronic means or notices in their facilities and Web pages. In those cases where contractual modifications are related to interest rates, commissions and prices, the aforementioned period will be reduced to fifteen (15) calendar days. Likewise, it must be expressly stated that the financial user may terminate the contractual relationship with the application of the corresponding interest, without it being appropriate in this case to apply any commission or penalty. The provisions of the preceding paragraph shall not apply when the contractual modification is favorable to the financial user. In the case of active operations, when contractual modifications occur that involve the variation in the amount and/or quantity of installments to be paid, the financial user must be provided with the new payment schedule in the terms established in Article 21, numeral 8, literal b) of these Standards.

ABUSIVE PRACTICES Financial Institutions are prohibited from carrying out the following abusive practices:

• 1)

  Restricting the financial user from accessing the acquisition of products or services from other Supervised Institutions similar to those provided by the contracting institution;

• 2)

  Initiating or renewing the provision of a financial product or service without prior express authorization from the financial user or guarantor;

• 3)

  Entering into adhesion contracts with the financial user, which are documented without observing the formalities described in Article 21 of these Standards;

• 4)

  Failing to deliver to the financial user a copy of the adhesion contracts related to the contracted financial products or services;

• 5)

  Requesting, obliging or allowing the financial user to sign in blank, in whole or in part, any document, contract or negotiable instrument that constitutes an obligation for them;

• 6)

  Disclosing information or any other action that damages the reputation of the financial user because of the actions carried out in the exercise of their rights;

• 7)

  Adding default interest to the principal amount of the debt for the purpose of capitalizing it;

• 8)

  Offsetting debts with deposits or other assets of the financial user in the Financial Institution, when such operation has not been contractually agreed;

• 9)

  Conducting collection activities outside of established and appropriate hours, as well as those directed to persons who are not the debtor or guarantor, joint and several guarantor, pledged guarantor or mortgagee, joint and several guarantor or co-debtor;

• 10)

  Holding the guarantor responsible for additional credits granted to the debtor, different from those originally subscribed, without express authorization from the guarantor, joint and several guarantor, pledged guarantor or mortgagee, joint and several guarantor or co-debtor;

• 11)

  Charging the financial user for the provision of services, which in accordance with the legal framework or general practice, must be provided without charge by Financial Institutions;

• 12)

  Using the guarantees provided by the financial user for an account or contract different from that agreed or previously arranged, especially when it comes to mortgage guarantees;

• 13)

  Preventing or denying the financial user the ability to make payments or credits to the debt or obligation they have with the Financial Institution;

• 14)

  Charging the financial user under the concept of commissions or otherwise, a markup (amount greater than its actual cost) on associated service expenses that the Financial Institution has contracted on behalf of the user, such as premiums for insurance associated with active operations, property appraisals, legal fees, among others;

• 15)

  Imposing the burden of proof on the financial user;

• 16)

  Restricting or limiting the right of the financial user to file complaints, inquiries or claims;

• 17)

  Denying the Complaint Form to the financial user;

• 18)

  Canceling the contracting or refusing to contract financial products and/or services to financial users without previously having conducted the corresponding due diligence and risk analysis;

• 19)

  Regarding ACH electronic transfers whose recipient is a natural person, charging commissions or other charges to the financial user who receives the ACH electronic transfer;

• 20)

  Charging commissions or other charges for making withdrawals or deposits by teller in savings accounts, as well as for their cancellation;

• 21)

  Charging clients for due diligence analyses conducted on mortgage guarantees that back credit operations (continuous tract);

• 22)

  Charging fees for minimum balances or low averages in savings accounts or checking accounts;

• 23)

  Establishing charges for the subscription or cancellation of electronic banking services;

• 24)

  Making charges to financial users for operational errors in transactions, attributable to the institution;

• 25)

  Imparting to the financial user the resolution of problems due to operational errors attributable to the Financial Institution, arising from a transaction;

• 26)

  Establishing commissions or other charges for inactivity of savings and checking accounts. The foregoing in compliance with what is established in Article 171 of the Financial System Law;

• 27)

  Charging the financial user for the issuance of Certifications that accredit the full payment of a debt guaranteed by mortgage, for the purpose of cancellation of encumbrance in the Property Registry;

• 28)

  Transferring credits with one (1) day of default to external collection agencies; and, 29. Those cases that, duly justified, are determined by the CNBS. Financial Institutions that carry out any of the abusive practices described in this Article are subject to the sanctions that correspond in accordance with the applicable legal and regulatory framework.

ABUSIVE CLAUSES For purposes of these Regulations, the following shall be considered abusive clauses and, therefore, shall not be valid those that:

• 1)

  Restrict the rights of the financial user or extend the rights of the Financial Institution;

• 2)

  Distort the obligations or limit liability for damages;

• 3)

  Contain any provision that imposes the burden of proof to the detriment of the financial user;

• 4)

  Grant the Financial Institution the exclusive right to interpret the meaning, scope and compliance of contractual clauses and their respective performance;

• 5)

  Grant the Financial Institution the faculty to unilaterally modify the contract during its term of validity, when this is not provided for contractually, or when it is, it implies a substantial modification of the contractual conditions;

• 6)

  Impose on the financial user a representative or legal proxy to substitute him in the exercise of his rights arising from the contract, its accessories, or in other legal transactions;

• 7)

  Impose on the financial user a specific provider of goods or services, when they are required as accessories for the provision of other goods or services, without giving him freedom to choose;

• 8)

  Apply interest or surcharges to payments whose due dates fall on a non-business day and are paid on the immediately following business day;

• 9)

  Dispose of guarantees provided by the financial user for an account or contract different from the one previously agreed or stipulated; and, 10. Any other that CNBS considers applicable. The interpretation of the contract shall be made in the sense most favorable to the financial user. When there are doubts about the scope of an obligation of the financial user, the one that is least burdensome shall apply. In the event that the Financial Institution violates the principle of good faith in the stage prior to the conclusion of the contract or in its execution or breaches the duty of information or other acts prohibited by Law, the financial user shall have the right to demand the nullity of the contract or one or more clauses.

EXTRAJUDICIAL COLLECTION Financial Institutions should not apply extrajudicial collection methods that give the appearance of judicial claim, undermine the honor and image of financial users or are intimidating or defamatory in nature, they must also apply collection management procedures established in their internal procedures, ensuring that no legal and regulatory provision is violated and seeking the recovery of the obligations contracted by financial users. Extrajudicial agreements must be formalized by delivering a copy of the respective document to the financial user or his legal proxy and to the guarantor, joint guarantor, pledge guarantor or mortgage guarantor, joint guarantor or co-debtor. Likewise, they cannot conduct collection management activities directed at third parties.

CREDIT CARD ADHESION CONTRACTS Credit card adhesion contracts shall be governed by the provisions established in the Credit Card Law and the Regulation of said Law; and, by the other provisions contained in Chapter III of these Regulations.

OFFERING OF FINANCIAL PRODUCTS OR SERVICES Supervised Institutions may offer financial users their financial products or services on multiple occasions only if, after contacting him the first time, he authorizes him to contact him again, avoiding at all times harassment or intimidation in the offering of such products or services. The financial user reserves the right to invalidate at any time the authorization granted to the Supervised Institution and may designate the channels it deems appropriate for them to offer these products or services. It is prohibited for the Supervised Institution to make the offering of its products or services outside the days and hours established in these Regulations to conduct collection management; nor can they conduct management activities for offering the same product or service, in a period of less than thirty (30) calendar days, following the date on which the financial user had rejected said product or service. CHAPTER IV COMMISSIONS

SCOPE Commissions charged by virtue of the provision of financial services are freely determined in accordance with the provisions established in Article 56 of the Financial System Law. All provisions regarding commissions extend to the concept of "fees and commissions"; for purposes of these Regulations, no distinction is made between service commissions and expense charges for costs of services provided through third parties. Financial Institutions must inform the public of the commissions they apply to their products, as well as the charges for services they provide.

CRITERIA FOR THE APPLICATION OF COMMISSIONS AND OTHER CHARGES With regard to the collection of commissions, Financial Institutions must observe the following: 1. Commissions or other charges may only be charged for services requested, agreed upon or previously authorized by financial users; and that correspond to the effective provision of a service or for an operation carried out by it. 2. No more than one commission or other charge may be charged for the same act, fact or event, nor may the financial user be charged an amount greater than its actual cost under the concept of commissions or other charges, in the case of expenses for associated services that the Financial Institution has contracted on behalf of the user (for example, insurance premiums associated with active operations). CHAPTER V INTEREST RATES

SCOPE The interest rates that Financial Institutions apply and disseminate must be subject to the provisions contained in Articles 55 of the Financial System Law, 34 and 37 of the Credit Cards Law; and, 47 of the Law of Private Development Organizations that engage in Financial Activities.

TRANSPARENCY OF INTEREST RATES The interest rates that Financial Institutions apply to their products and/or services must be exposed clearly and transparently to financial users. Interest will be applied to the outstanding credit balances and payments cannot be demanded in advance, unless otherwise agreed.

INTEREST RATES APPLICABLE TO ACTIVE OPERATIONS In their active operations, Financial Institutions must display the CAT in the various documents of their relationship with financial users or means where information is provided to them. Notwithstanding the foregoing, institutions may provide additional information (such as annual nominal interest rate, commissions, bonuses, etc.). In such case, the CAT must be reflected in highlighted characters, to be easily distinguished and differentiated with respect to the remaining variables.

VARIABLE INTEREST RATES In the event that the institution applies a variable interest rate, it must specify in a precise and unequivocal manner the form of its determination, the frequency of change and the reference rate applied.

DEFAULT INTEREST RATES Financial institutions must inform financial users of the annual default interest rate in case of non-compliance and specify from what date it is applicable, which shall operate on the outstanding balance of principal and current interest. For active operations, default interest is not capitalizable; consequently, interest cannot be charged on interest.

INTEREST RATES APPLICABLE TO PASSIVE OPERATIONS In their passive operations, Financial Institutions must disclose the annual effective interest rate in the various documents of their relationship with financial users or means through which information is offered to them. For fixed-term operations, the annual effective interest rate must be disclosed for the different terms and currencies in which the institution offers said financial product. Notwithstanding the foregoing, Financial Institutions may provide additional information (such as annual nominal interest rate). In such case, the annual effective interest rate must be reflected in highlighted characters, to be easily distinguished and differentiated from the remaining variables. For deposits and "product packages" that are offered, the applicable annual nominal and effective rates for different types of currency must be disclosed. The calculation basis for the annual effective interest rate shall be three hundred sixty (360) days. If interest rates differ according to the amount of the deposit, the corresponding interest rates must be detailed for each amount bracket.

CREDIT CARD OPERATIONS Credit card operations must comply with what is established in the Credit Card Law and its respective Regulations. Additionally, regarding the rates charged for credit card operations, Financial Institutions must provide financial users in their account statements or means of communication the following information: 1. CAT for financing in installments, over-financings, refinancings, or payment agreements among others (which shall include the applicable rate plus the commissions established by the institution). 2. Term in months that would be required for total payment under the scenario where no further purchases are made, nor additional charges for services are incurred, and only minimum payments are made. 3. Annual effective interest rate and the amount of interest that would arise from not making a cash payment.

TOTAL ANNUAL COST (CAT) The CAT is determined as the rate that equalizes the value of payments made by the financial user with the funds received, that is, as that rate which equals net credit payments to zero. Said cost is expressed in annual effective terms and as a percentage with two decimal places.

STEPS FOR CALCULATING TOTAL ANNUAL COST The calculation of CAT is broken down in the following steps: 1. Calculation of the total cost of the funds received. 2. Transformation of said rate into an annual effective rate. For purposes of its application, Annex No. 2 of these Standards must be considered.

FORMULA FOR CALCULATING TOTAL ANNUAL COST The calculation of the total cost of the amounts received is performed by solving for the rate that equates the net credit payments to zero, based on the following equation: Equation No. 1. Calculation of total cost: ) 1 ( 0 = + ∑ = NtittP Where, Pt = t-th Net Payment (Payments –Disbursements), t=0 is assumed for the first disbursement. N= number of payments. I =total cost (%). T = credit payment number. Σ= summation. The payments, Pt, include the principal, interest, commissions in accordance with the considerations made later in this chapter. Disbursements include the receipt of funds by the financial user net of initial expenses charged to them, such as origination fees or others. In that sense, if any discount were made to the initial amount by which the financial user received a sum less than the credit amount, the formula must account for it. The total cost must be solved from equation No. 1 (term i in the equation). This rate is the one that includes all credit commissions. Based on equation No.1, this cost is expressed in nominal terms. It also yields the nominal rate based on the frequency of payments (the frequency of the rate is equal to the frequency of payments made), so it must be transformed into effective annual terms through the procedure established in Article 40 of these Standards. Equation No.1 assumes a constant payment frequency. If scheduled payments were made at non-periodic frequencies, the calculation of the non-periodic Internal Rate of Return (IRR) shall be performed. This rate is already expressed as an annual effective rate, so the procedure established in Article 40 of these Standards does not apply.

TRANSFORMATION OF TOTAL COST INTO ANNUAL EFFECTIVE RATE The total cost of credit must be transformed into an annual effective rate in accordance with the following procedure: Equation No. 2. Transformation into Effective Rate: 1 ) 1 ( − + = k i CAT Where, i = total cost obtained through equation No.1. K = Number of payments in a year. CAT: Total Annual Cost (%).

ASSUMPTIONS FOR CALCULATING TOTAL ANNUAL COST For the calculation of CAT, the following considerations must be taken into account:

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 1. When a variable interest rate has been agreed upon, the values applied shall be those corresponding to the calculation date, assuming that such value does not vary during the term of the contract. 2. This procedure shall be performed under the assumption that all agreed conditions are met, that is, by way of example, early or overdue payments or charges for non-compliance shall not be included, and those bonuses for good performance that are contractually agreed shall be included. 3. In the case of CAT applicable to credit card financing, the calculation shall consider the assumption that the financial user makes the minimum payment for a period of twelve (12) months and does not make additional purchases. The CAT shall include the rate applicable to financing plus the commissions established by the institution.

CONCEPTS INCLUDED IN TOTAL ANNUAL COST For the calculation of CAT, Financial Institutions must include the following concepts:

• 1)

  The collection and payment of principal;

• 2)

  Ordinary interest;

• 3)

  Commissions for all concepts related to the granting and administration of credit that are charged to the financial user above the ordinary rate; and, 4. Discounts and bonuses in case of complying with the conditions of the contract.

CONCEPTS EXCLUDED FROM TOTAL ANNUAL COST The CAT shall not include those concepts that the Financial Institution cannot control. That is, those that are determined by factors totally beyond its control and it cannot modify. In that sense, for the purposes of calculating CAT, Financial Institutions shall exclude the following concepts:

• 1)

  Taxes applicable to the transaction;

• 2)

  Expenses arising from the appraisal of property required by the financial institution; and, 3. Notarial expenses for the registration and transfer of ownership. CHAPTER VI FINAL PROVISIONS

INFRACTIONS. Violations of the provisions of these Standards shall be sanctioned in accordance with what is established in the Financial System Law, the Sanctions Regulation of the Commission, and other applicable legal provisions.

COMPLEMENTARY STANDARDS. Insurance Institutions, Public Social Security Institutes, and Private Pension Fund Administrators shall be governed by the specific complementary standards that the Commission issues for such purpose.

ADJUSTMENT PERIOD. Financial Institutions shall have a period of up to six (6) months, counted from the date of its entry into force, to comply with these Standards.

UNFORESEEN CASES. The Commission shall resolve cases not provided for in these Standards, in accordance with the current legal and regulatory framework on the matter.

REPEAL. As of the entry into force of these Standards, Circular CNBS No. 141/2012 containing Resolution GE No. 1769/12-11-2012, containing the "Complementary Standards for the Strengthening of Transparency, Financial Culture and Consumer Service" and its amendments, shall be void and of no effect.

EFFECTIVE DATE These Standards shall enter into force as of their publication in the Official Gazette. 2. Instruct the General Secretariat of this Commission to proceed with submitting this Resolution for publication in the Official Gazette. 3. Communicate this Resolution to the Financial System Institutions, Credit Card Issuing Companies and Private Financial Development Organizations, as well as to the Superintendency of Banks and Other Financial Institutions, Superintendency of Insurance, Superintendency of Pensions and Securities, the Risk Management and the User Financial Protection Management, for the corresponding legal purposes. 4. This Resolution shall enter into force as of its publication in the Official Gazette. … Unanimously approved. … F) MARCIO GIOVANNY SIERRA DISCUA, President; ALBA LUZ VALLADARES OCONNOR, Proprietary Commissioner; ESDRAS JOSIEL SÁNCHEZ BARAHONA, Proprietary Commissioner; ANA GABRIELA AGUILAR PINEDA, General Secretary". And for the corresponding purposes, this document is executed in the city of Tegucigalpa, Municipality of the Central District, on the seventh day of the month of December in the year two thousand twenty-two. ANA GABRIELA AGUILAR PINEDA General Secretary 19 D. 2022.

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Regulation, Research and Development Management ANNEX No. 1 ANNUAL EFFECTIVE INTEREST RATE FOR SAVINGS ACCOUNT Institution Name________________________________ NATIONAL CURRENCY 500 1,000 5,000 FOREIGN CURRENCY (AMERICAN DOLLARS) 100 500 1,000 In case the ranges are different from those required, it must be indicated through clarifying notes at the bottom of this attached form. Interest Rates for Minimum Amounts in Lempiras (L) Product Name Product Name Interest Rates for Minimum Amounts in American Dollars ($) In case the ranges are different from those required, it must be indicated through clarifying notes at the bottom of this attached form. The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. RAMON CACERES VELASQUEZ Signature RAM VELA

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Regulation, Research and Development Management ANNEX No. 2 COSTS OF SAVINGS ACCOUNT TRANSACTIONS CONDUCTED AT AUTOMATIC TELLER MACHINES INSTITUTION NAME ___________________________ NATIONAL CURRENCY Concept No. Transactions Concept Cost Concept No. Transactions Concept Cost FOREIGN CURRENCY (AMERICAN DOLLARS) Concept No. Transactions Concept No. Transactions Concept No. Transactions Concept No. Transactions The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. Others Balance Inquiry Others No. of free transactions Cost per additional transaction OWN NETWORK Balance Inquiry Cash Withdrawal Others Product Name Balance Inquiry OTHER NETWORK No. of free transactions Balance Inquiry In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. Cash Withdrawal Cash Withdrawal Balance Inquiry Cash Withdrawal Cash Withdrawal Abroad Balance Inquiry Cash Withdrawal Cash Withdrawal Abroad Others In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. Others Product Name OWN NETWORK Number of free transactions Cost per additional transaction Balance Inquiry Cash Withdrawal Others Balance Inquiry Cash Withdrawal Abroad Cash Withdrawal Others Cost per additional transaction Others Cash Withdrawal Abroad Cash Withdrawal OTHER NETWORK Number of free transactions Cost per additional transaction RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Regulation, Research and Development Management ANNEX No. 3 COMMISSIONS ON SAVINGS ACCOUNT INSTITUTION NAME ___________________________ NATIONAL CURRENCY FOREIGN CURRENCY (AMERICAN DOLLARS) In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. Debit Card Theft Insurance Issuance of Certificate Returned Deposited Checks Electronic Banking Operations (internet) Product Name COMMISSION FOR Debit Card Replacement for Theft and/or Loss Savings Booklet Replacement for Theft and/or Loss The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. Savings Booklet Replacement for Theft and/or Loss Debit Card Theft Insurance Issuance of Certificate Returned Deposited Checks COMMISSION FOR Product Name Electronic Banking Operations (internet) Debit Card Replacement for Theft and/or Loss RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ Regulation, Research and Development Management ANNEX No. 4 INTEREST RATE ON TIME DEPOSITS INSTITUTION NAME ___________________________ NATIONAL CURRENCY 20,000 100,000 500,000 20,000 100,000 500,000 FOREIGN CURRENCY (AMERICAN DOLLARS) 1,000 10,000 30,000 1,000 5,000 20,000 In case the ranges are different from those required, it must be indicated through clarifying notes at the bottom of this attached form. * This penalty shall be applied in accordance with what is established in numeral 19) of Article No. 8 of the Standards for Strengthening Transparency, Financial Culture, Market Conduct and Financial User Service in Supervised Institutions. In case the ranges are different from those required, it must be indicated through clarifying notes at the bottom of this attached form. * This penalty shall be applied in accordance with what is established in numeral 19) of Article No. 8 of the Standards for Strengthening Transparency, Financial Culture, Market Conduct and Financial User Service in Supervised Institutions. Minimum Amount Annual Effective Interest Rate Rate for Early Cancellation (% Annual Nominal)* 90-day term to maturity 180-day term to maturity 90-day term to maturity 180-day term to maturity Rate for Early Cancellation (% Annual Nominal)* Annual Effective Interest Rate The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. Minimum Amount RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Regulation, Research and Development Management ANNEX No. 5 ANNUAL EFFECTIVE INTEREST RATE ON CHECKING ACCOUNT INSTITUTION NAME ___________________________ NATIONAL CURRENCY 1,000 2,500 5,000 FOREIGN CURRENCY (AMERICAN DOLLARS) 500 1,000 2,500 The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. Product Name Interest Rate for Minimum Amounts in American Dollars ($) In case the ranges are different from those required, it must be indicated through clarifying notes at the bottom of this attached form. In case the ranges are different from those required, it must be indicated through clarifying notes at the bottom of this attached form. Product Name Interest Rate for Minimum Amounts in Lempiras (L.) RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 ANNEX No. 6 COSTS OF CHECKING ACCOUNT TRANSACTIONS CONDUCTED AT AUTOMATIC TELLER MACHINES INSTITUTION NAME ___________________________ NATIONAL CURRENCY Concept No. Transactions Concept No. Transactions Concept No. Transactions Concept No. Transactions FOREIGN CURRENCY (AMERICAN DOLLARS) Concept No. Transactions Concept No. Transactions Concept No. Transactions Concept No. Transactions Others The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. Product Name OWN NETWORK OTHER NETWORK No. of free transactions Cost per additional transaction No. of free transactions Cost per additional transaction Balance Inquiry Cash Withdrawal Others Balance Inquiry Cash Withdrawal Product Name OWN NETWORK OTHER NETWORK Number of free transactions Cost per additional transaction Number of free transactions Cost per additional transaction Balance Inquiry Cash Withdrawal Balance Inquiry Cash Withdrawal Others Balance Inquiry Cash Withdrawal Others Cash Withdrawal Abroad Others In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. Balance Inquiry Cash Withdrawal Cash Withdrawal Abroad Others Balance Inquiry Cash Withdrawal Cash Withdrawal Abroad Others Balance Inquiry Cash Withdrawal Cash Withdrawal Abroad Others RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Regulation, Research and Development Management ANNEX No. 7 COMMISSIONS ON CHECKING ACCOUNT INSTITUTION NAME ___________________________ NATIONAL CURRENCY FOREIGN CURRENCY (AMERICAN DOLLARS) Commission for Commission for Product Name Electronic Banking Operations (internet) Debit Card Replacement for Theft and/or Loss Checkbook Replacement for Theft and/or Loss 25-Check Booklet Issuance of Certificate Returned Checks In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. Insurance for Overdraft Debt Coverage Interest Rate for Overdraft Insurance for Overdraft Debt Coverage In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. Product Name Electronic Banking Operations (internet) Debit Card Replacement for Theft and/or Loss Checkbook Replacement for Theft and/or Loss 25-Check Booklet Issuance of Certificate Returned Checks Interest Rate for Overdraft RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ Regulation, Research and Development Management ANNEX No. 8 COST ON MICROCREDITS INSTITUTION NAME ___________________________ NATIONAL CURRENCY CAT Monthly Payment 1/ Delinquency Interest Rate (% annual nominal) Rate for Early Cancellation (% Annual Nominal) 2/ CAT Monthly Payment 1/ Delinquency Interest Rate (% annual nominal) Rate for Early Cancellation (% Annual Nominal) 2/ 1/ In the event that the payment periodicity is not monthly, the applied periodicity must be specified. 2/ This penalty shall be applied in accordance with what is established in numeral 9), Article No. 8, of these Standards. 6 months (L.5,000) 12 months (L.10,000) The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Regulation, Research and Development Management ANNEX No. 9 COST ON PERSONAL CREDIT INSTITUTION NAME ___________________________ NATIONAL CURRENCY CAT Monthly Payment 1/ Delinquency Interest Rate (% annual nominal) Rate for Early Cancellation (% Annual Nominal) 2/ CAT Monthly Payment 1/ Delinquency Interest Rate (% annual nominal) Rate for Early Cancellation (% Annual Nominal) 2/ 2/ This penalty shall be applied in accordance with what is established in numeral 9), Article No. 8, of these Standards. The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. 6 months (L.50,000) 12 months (L.100,000) 1/ In the event that the payment periodicity is not monthly, the applied periodicity must be specified. RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ Regulation, Research and Development Management ANNEX No. 10 COST OF AUTOMOTIVE PAWN CREDIT INSTITUTION NAME ___________________________ NATIONAL CURRENCY ANNUAL CAT TOTAL (%) MONTHLY PAYMENT Delinquency Rate (% annual nominal) Rate for Early Cancellation (% Annual Nominal) 1/ ANNUAL CAT TOTAL (%) Monthly Payment Delinquency Rate (% annual nominal) Rate for Early Cancellation (% Annual Nominal) 1/ 1/ This penalty shall be applied in accordance with what is established in numeral 9), Article No. 8, of these Standards. FOREIGN CURRENCY (AMERICAN DOLLARS) ANNUAL CAT TOTAL (%) MONTHLY PAYMENT Delinquency rate annual nominal (% Annual Nominal) Rate for Early Cancellation (% Annual Nominal) 1/ 1/ This penalty shall be applied in accordance with what is established in numeral 9), Article No. 8, of these Standards. "NEW" USD 30,000 AT 4 YEARS The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. "USED" L.150,000 AT 3 YEARS "NEW" L. 600,000 AT 4 YEARS RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Regulation, Research and Development Management ANNEX No. 11 TOTAL ANNUAL COST (CAT) FOR CREDIT CARD EXTRA-FINANCING INSTITUTION NAME ___________________________ NATIONAL CURRENCY 12 months 24 months 36 months 12 months 24 months 36 months FOREIGN CURRENCY (AMERICAN DOLLARS) 12 months 24 months 36 months 12 months 24 months 36 months The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. Extra-Financing of L. 30,000 Extra-Financing of $ 2,500 TOTAL ANNUAL COST (%) Extra-Financing of L. 5,000 Product TOTAL ANNUAL COST (%) Extra-Financing of $ 1,000 Product RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ Regulation, Research and Development Management ANNEX No. 12 COMMISSIONS FOR CREDIT CARD FINANCING INSTITUTION NAME ___________________________ NATIONAL CURRENCY Debt Theft and/or Loss Primary Cardholder Additional Cardholder FOREIGN CURRENCY (AMERICAN DOLLARS) The most representative modality must be considered, that is, with the greatest number of financial users, in accordance with what is established in Article No. 13 of these Standards. In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. Collection Management Account Statement Replacement Commissions Theft or Loss Insurance Commissions For Cash Withdrawal For Annual Membership For Card Replacement Payment for Collection Management Account Statement Replacement Product Insurance For Cash Withdrawal For Annual Membership For Card Replacement for Theft or Loss Product Name

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 FOREIGN CURRENCY (AMERICAN DOLLARS) Premium Coverage Primary Cardholder Additional Cardholder In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. In cases where the institution establishes commissions as a percentage, the cost shall be calculated by multiplying said percentage by the corresponding amount, a value that must be indicated in a clarifying note. If unable to report the commission as an amount, indicate its calculation method. Theft or Loss Insurance Commissions For Cash Withdrawal For Annual Membership For Card Replacement Payment for Collection Management Account Statement Replacement Product RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ Regulation, Research and Development Management Annex No. 2 Example of Total Annual Cost (CAT) Calculation The CAT calculation formula is illustrated by the following example: Example 1: Installment Credit for L 150,000, granted at an interest rate of 25.00% per year, corresponding monthly to a rate of 2.08%, for 36 months in fixed installments. Applying an origination commission of 2.00% of the amount granted, the amount received by the financial user would be L 147,000 and the base payment on said loan is L 5,963.97, the total cost is calculated as follows: The total cost of the credit is 2.21%, which is transformed into an annual effective rate using the following equation: RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Regulation, Research and Development Management Annex No. 3 Formula to Determine Term in Months for Payment of Credit Card Debt Under the scenario where no further purchases are made and no additional charges for services are incurred and only minimum payments are made, illustrated in the following example: Formula to Calculate Term in Months for Debt Payment (N): Where: N: Term in months for debt payment SD: Debt Balance Term: Financing term Lmin: Minimum payment limit established to cancel the total debt Ln: Natural logarithm function Example: Suppose there is a total debt balance of L.25,000 with a financing term of 36 months and the payment limit for the debt is L.100 Using the data from the example the formula is as follows: RAMON CACERES VELASQUEZ Digitally signed by RAMON CACERES VELASQUEZ

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 CERTIFICATION The undersigned General Secretary of the National Commission of Banks and Insurance CERTIFIES the relevant part of the Minutes of Session No.1685 held in Tegucigalpa, Municipality of the Central District on the fifth of December in the year two thousand twenty-two, with the attendance of Commissioners MARCIO GIOVANNY SIERRA DISCUA, President; ALBA LUZ VALLADARES OCONNOR, Proprietary Commissioner; ESDRAS JOSIEL SÁNCHEZ BARAHONA, Proprietary Commissioner; ANA GABRIELA AGUILAR PINEDA, General Secretary; which states: "… 4. Matters of the Regulation, Research and Development Management: … section a) … RESOLUTION GRD No.764/05-12-2022.- The National Commission of Banks and Insurance, CONSIDERING (1): That in accordance with the provisions of Article 13, numerals 1), 2) and 4) of the Law of the National Commission of Banks and Insurance, it is the responsibility of this Supervisory Entity to review, verify, control, supervise and oversee the supervised institutions; likewise, to issue the standards that the supervised institutions require for the fulfillment of their mission, as well as the prudential standards that they must comply with, based on applicable legislation and international agreements and practices; to comply with and enforce the Constitution of the Republic, general and special laws, regulations and resolutions to which the supervised institutions are subject. CONSIDERING (2): That the National Commission of Banks and Insurance (CNBS), through Resolution GE No.147/05-02-2015, reformed the Standards for Opening, Management and Closing of Basic Savings Deposit Accounts in Supervised Institutions, which are intended to establish the provisions that must be observed by private and public commercial banks, financial companies, savings and loan associations, and private financial development organizations, in the opening, management and closing of basic savings deposit accounts. Likewise, through Resolution GES No.654/22-12-2020, the Exceptional Regulatory Measures were approved to contribute to the Rehabilitation and Reactivation of the National Economy due to the effects caused by the Sanitary Emergency from COVID-19 and the Tropical Storms ETA and IOTA, in which Articles 2, sections d) and f) and 5 of the aforementioned Standards were reformed, regarding transactional limits and identification requirements for the opening of Basic Accounts. CONSIDERING (3): That when the risks of Money Laundering or Financing of Terrorism (ML/FT) are lower, the nature of the lower risk must be taken into account, through simplification of information at the time of opening, limits on opening amounts, types of available transactions, limits on the number of basic savings deposit accounts, among other special measures. CONSIDERING (4): That in compliance with the provisions of Article 39 of the Law of the National Commission of Banks and Insurance, on September 20, 2022, this Supervisory Entity published on its website in the "Regulatory Projects" section, the draft reform of the "Standards for Opening, Management and National Commission of Banks and Insurance Tegucigalpa, M.D.C., Honduras

La Gaceta Section B Legal Notices REPUBLIC OF HONDURAS - TEGUCIGALPA, M. D. C., DECEMBER 19, 2022 No. 36,106 Closing of Basic Savings Deposit Accounts in Supervised Institutions", with the purpose of receiving comments and observations from the general public and institutions of the financial system, granting them a period of 21 business days counted from September 20 to October 18, 2022. CONSIDERING (5): That the National Commission of Banks and Insurance considers it necessary to update and expand, based on international best practices, the regulatory provisions that facilitate access to basic savings deposit accounts for persons of limited economic resources and in this way promote a savings culture and economic development, contributing to Honduran citizens, both domiciled and non-domiciled in the country, so that they have access to the financial products and services offered by the supervised system, and in this way formalize operations and channel them through legal means that allow identification of their origin and destination, promoting financial inclusion in response to the economic needs of Hondurans. THEREFORE: Based on the provisions of Articles 2, 46, numeral 1), 58, numeral 1), and 60, numeral 2) of the Financial System Law; 13, numerals 1) and 2) of the Law of the National Commission of Banks and Insurance; and, 38, numeral 3) of the Regulatory Law of Private Organizations dedicated to Financial Activities; IT RESOLVES: 1. To Reform the Standards for Opening, Management and Closing of Basic Savings Deposit Accounts in Supervised Institutions", whose content in its entirety shall be read as follows: STANDARDS FOR THE ADMINISTRATION OF BASIC SAVINGS DEPOSIT ACCOUNTS IN SUPERVISED INSTITUTIONS CHAPTER I GENERAL PROVISIONS Article

• 1)

  Purpose and Scope These Standards are intended to establish the provisions that must be observed by private banks, public banks, financial companies, savings and loan associations and private financial development organizations, hereinafter referred to as supervised institutions, in the opening, management and closing of basic savings deposit accounts, which they may offer to their customers. In no case shall the provisions of these Standards be understood as an authorization for the acceptance of deposits in any other country, different from basic accounts allowed to Hondurans not domiciled therein, by the aforementioned institutions. The opening of accounts with Hondurans not residing in the manner permitted under these Standards does not constitute the acceptance of deposits in a foreign country. Article

• 2)

  Definitions and Terms For the purposes of these Standards, the following shall be understood as: a) Beneficiary: A natural or legal person who enjoys the right instituted in their favor by the will of the account holder, in case of their death. b) Cancellation or Closure of Basic Accounts: Procedure to close a basic account either by a supervised institution, or at the request of the account holder or their beneficiary in case of death of the account holder, in accordance with the conditions previously established in the contract. c) CNBS: National Commission of Banks and Insurance. d) Basic Accounts: Those savings accounts that meet the conditions and characteristics established in Articles 3 and 4 of these Standards. e) Consular Registration/Consular Registration Certificate: Personal identification document of a Honduran domiciled abroad based on information from the National Registry of Persons (RNP), issued by the various Honduran consulates to identify citizens residing abroad who have been properly registered at the corresponding Consulate. f) Electronic Payment Services: Those services regulated by the Regulation for Services Offered by Electronic Payment Service Providers, issued by the Central Bank of Honduras and that can be conducted using different payment methods through technological platforms. g) Suspension of Basic Account: Temporary deprivation of the basic account in application of conditions previously established in the contract. h) Account Holder: Person who signs physically or electronically the basic account contract with the supervised institution and is the legitimate owner of the funds accumulated in it. Article

• 3)

  Categories of Basic Savings Deposit Accounts For the purposes of these Standards, a basic savings deposit account shall be understood as one that meets the conditions of any of the following categories: Basic Account Category 1: That account which can only be opened at supervised institutions by natural persons of Honduran nationality, domiciled in the country. It presents the following particular conditions: a. This account shall be in national currency only. b. The minimum amount for opening this account is Ten Lempiras (L10.00) and the monthly maximum balance shall not exceed Fifteen Thousand Lempiras (L15,000.00). c. The maximum limit of transactional movements of deposits and withdrawals, accumulated monthly shall be Thirty Thousand Lempiras (L30,000.00), resulting from the sum of credits minus the sum of debits, reflected in the account at the end of each month. Basic Account Category 2: That account which can be opened in private banks, public banks, financial companies and savings and loan associations, exclusively by natural persons of Honduran nationality, not domiciled in the country. This category has the following particular conditions: a. This account may be opened in national or foreign currency. b. The minimum amount for opening this account is Ten United States Dollars (USD$10.00) or its equivalent in lempiras and the maximum balance shall not exceed Twenty Thousand United States Dollars (USD$20,000.00) or its equivalent in lempiras. c. The sum of deposits made in these accounts during a period of one (1) calendar month shall not exceed Two Thousand United States Dollars (US$2,000.00). d. In case of using another type of foreign currency, for purposes of limits, the United States Dollar equivalent shall be used as a reference. e. Deposits for this category of basic account must come from resources from abroad, which must be proven by the depositor. Article

• 4)

  Characteristics of Basic Savings Deposit Accounts Additionally, the basic accounts indicated in the preceding Article shall have the following characteristics and general conditions: a. The account holder may maintain only one (1) basic account category 1 or one (1) basic account category 2 at supervised institutions. This restriction must be communicated to the customer at the time of account opening. b. Any application, device, card or other digital medium or any other of the same nature, provided by the supervised institution for the purpose of being used by customers to dispose of the accumulated balances in the basic account and that is provided by the supervised institution, shall be provided free of charge. Transaction costs through these products shall depend on what is established in the internal policies of each institution. c. Overdrafts are not permitted on these accounts; nor may charges be made without the express authorization of the account holder. The amounts established in this Article may be adjusted and updated by the CNBS through Resolution. CHAPTER II ACCOUNT OPENING, MANAGEMENT AND CLOSING Article

• 5)

  Risk Determination for Basic Account Opening Supervised institutions that offer the basic account product must establish policies, processes and procedures that ensure proper due diligence for this type of accounts. The processes and procedures established by the supervised institution must comply with the transactional thresholds and monitoring of basic accounts. Article

• 6)

  Information Submission for Offering Basic Accounts Supervised institutions interested in offering the basic account product to the public must notify the CNBS within a minimum of ten (10) calendar days, prior to the date established for its launch, reporting on the incorporation of basic accounts to their portfolio of financial products and services. In case supervised institutions use correspondent agents for the opening of basic accounts, they will be responsible for properly training and instructing these agents. The CNBS may object to a supervised institution the offering of basic accounts, when derived from its supervisory duties, it determines that the supervised institution does not meet sufficient conditions for the adequate management of the risks involved in handling this product. Article

• 7)

  Channels for Opening Basic Accounts Supervised institutions, in addition to the available physical channels, may enable electronic channels for opening basic accounts, for which they must implement robust security, authentication and information protection mechanisms required for the account opening process, in accordance with their internal information security policies and the provisions on the subject established by the CNBS. Additionally, supervised institutions are responsible for verifying that the provisions established in the Special Law Against Money Laundering and its Regulations are complied with, regarding non-face-to-face operations. Article

• 8)

  Simplified Identification Requirements for Opening Basic Accounts The minimum identification and verification requirements applicable for opening basic accounts are the following: Basic Account Category 1: National Identification Document (DNI), the supervised institution must verify the identification documentation presented for opening the basic account in the National Registry of Persons database, and in compliance with its internal due diligence processes. Basic Account Category 2: Hondurans not domiciled in the country may present any of the following valid documents for opening the account:

  • •

    National Identification Document (DNI);

  • •

    Passport;

  • •

    Consular Registration, Consular Registration Certificate or other equivalent document issued by the Secretary of Foreign Affairs and International Cooperation, through the various Consulates abroad;

  • •

    International Driver's License; and,

  • •

    Any other document that the supervised institution considers as valid identification from the country of residence. In addition to the identification documents indicated in the preceding paragraphs, the following shall be required for the different basic accounts: a) Updated address according to the account holder's statement, who must provide an email address (mandatory), a telephone number, fixed or mobile if they have one, as well as information about the approximate monthly income amount, economic activity, source of funds and place of work. These latter information fields must be required only for the purpose of customer profiling. Similarly, the name and identification number of the beneficiary designated by the account holder and the relationship, if any, shall be required. b) When the basic account is opened through electronic channels, supervised institutions must require the user to provide proof of life, which allows verification of the identity of whoever is performing the opening process, being able to consider, among others, a self-portrait ("selfie") of the user carrying the DNI or any other document indicated in this Article, or a video call, among others, without requiring their physical presence. In case of technological limitations, this verification process may be conducted at a later time within a period not exceeding thirty (30) calendar days counted from the opening of the basic account. If, after the aforementioned period has elapsed, the supervised institution has not obtained verification of the customer's identity data, it shall proceed to cancel the account and return the funds to the depositor or to the person the depositor designates. c) Supervised institutions or the account holder may request the conversion of a Basic Account to another type of deposit account, as well as its application to other types of financial products, such as: loans, insurance, pension funds, among others. To request conversion to another type of deposit account, supervised institutions shall base themselves on the customer experience and behavior of balances and transactional limits, and must apply the due diligence policies and procedures corresponding to the risk profile of each customer. d) Supervised institutions shall maintain an updated physical or electronic file of the customer, including photocopies or scans of the documents referred to in this Article. Article

• 9)

  Restriction for Opening Basic Accounts The following may not be account holders of a basic account:

  • a)

    Those who are absolutely or relatively incapable;

  • b)

    Those who work or are employees of other obligated subjects in accordance with the provisions of Articles 2 numeral 27) and 18 of the Special Law Against Money Laundering; and,

  • c)

    Those who, in the opinion of the CNBS or the