From CFO By Vincent Ryan September 23, 2014 In July, small business and middle market lender...
SBS No. 1765-2005 on Regulation on Transparent Information and Negotiation with Financial Consumers
(enacted in 2005)
SBS No. 1765-2005 on Regulation on Transparent Information and Negotiation with Financial Consumers (Reglamento de Transparencia de Informacion y Disposiciones Aplicables a la Contratacion con Usuarios del Sistema Financiero, Resolution SBS No. 1765-2005), issued by the Superintendency of Banking and Insurance (SBS), covers in detail how price information (including interest rates) must be disclosed to the public and to clients, sets customer service infrastructure, and identifies fair contractual terms between provider and client. This framework is applicable to all institutions licensed by the SBS. The SBS has set up a mechanism for consumers to signal any lack of compliance with this regulation and all related problems, such as misleading advertising.
This regulation deals in greater detail with topics covered by the Complementary Law No. 28587 to the Consumer Protection Law, Addressing the Topic of Financial Services, which can be found under “Related Laws/Regulations.”
DISCLAIMER: Due to the fact that an English translation was unavailable for this regulation, information for this summary has been taken from secondary sources and not from review of the actual legal text.