Título XII. Medio de impugnacion

The decisions of the Superintendent of Banks in relation to his supervisory and inspection functions shall be binding but shall admit appeal before the Monetary Board.

The appeal shall be filed within a time limit of ten days counted from the day following notification of the decision in question, and must be submitted in writing to the Superintendency of Banks, stating the grounds for disagreement, which shall forward it within the five days following its receipt, with its supporting records, to the Monetary Board.

The decisions of the Superintendency of Banks that have the approval of the Monetary Board, in accordance with the law, shall not be appealable, nor those that the Superintendency of Banks issues to execute decisions of the Monetary Board itself on specific cases involving the entity concerned.

The filing of the appeal has no suspensive effects, so the appealed decision is of immediate and mandatory compliance, except as provided in Article 100 of this Law. The Monetary Board, at the request of a party, may order the suspension of the effects of the challenged decision, where the harm it causes to the appellant entity is serious.

The Monetary Board shall decide the appeal within a time limit of thirty days from the date on which it received it.