Capítulo III. Derechos y obligaciones del emisor, afiliado y tarjetahabiente

Whoever issues credit cards and administers other accounts of the credit card holder is prohibited from disposing of the monetary or savings funds of the cardholder to appropriate the same in payment of the debts incurred by the cardholder through the use of credit cards, except with the express authorization of the cardholder, by judicial order issued by a competent authority, or to comply with matters relating to the compensation of balances arising from the proceedings for the exclusion of assets and liabilities of banking entities, in accordance with the provisions of Article 87 of the Law of Banks and Financial Groups.

The issuer shall ensure that every transaction arising from the acquisition of goods, services or cash withdrawals with a credit card, which is recorded in the account statement, has physical or electronic backup evidencing the charge made to the cardholder.

In cases in which the cardholder makes payments or purchases by electronic means or on electronic sites where the affiliate requires the cardholder's information and passwords or security means to process the payment or purchase, the proof of purchase shall be that which the affiliate remits to the cardholder by electronic means, which shall contain the information required of such affiliate by the rules of the jurisdiction in which it is constituted.

The issuer must send or make available to the primary cardholder, in physical or electronic form, as agreed, free of charge, an account statement as of the cut-off date, at least ten (10) days before the payment due date. The account statement must be drafted in typeface and font size that guarantee its legibility at first sight and contain at least, but not limited to, the following information:

1.identification of the issuer;

2.Name of the cardholder;

3.Partial number or Identification of the card;

4.Balance as of the cut-off date;

5.Payment in full;

8.Minimum payment;

7.Cut-off date;

8.Payment due date;

9.Credits and payments made indicating the date on which they were made, as well as the total thereof in the period. In cases where there are accumulated balances, it shall detail the amounts applied to principal, interest and other charges in the month;

10.Financing interest for the last period and for prior accumulated periods and the balance as of the cut-off date;

11.Total sum of purchases and cash withdrawals made;

12.Interest rate applied to the period;

13.Default interest applied;

14.Other charges applied, if applicable;

15.Available credit;

16.Equivalent annual interest rate;

17.Detail of each purchase or cash withdrawal made with the following information:

a.Transaction date,

b.Date of purchase or cash withdrawal,

c.Identification of the affiliated merchant,

d.Transaction amount,

e.Cash withdrawals.

18.Rewards and bonuses for card use;

19.Insurance premium, if applicable; and,

20.An explanatory note stating “When only the minimum payment is made, even if you make no additional purchases, please note that the period for repayment of your debt will be extended, because, with such payment, interest, commissions and other charges are covered first and, lastly, only a minimal part is amortized to principal.”

Likewise, in the case of extra-financings, the installment corresponding to the period and other information related to such extra-financings must be recorded.

The cardholder may object to the transactions or charges contained in the account statement, detailing the reasons for his or her disagreement, providing the documents at his or her disposal that serve to clarify the facts. The issuer shall issue an acknowledgment of receipt of the claim.

For its part, the issuer shall correct the error of the inconsistency or the objected transactions, or else communicate in writing to the cardholder the lack of merit of his or her disagreement and attach a copy of the documents at its disposal as evidence, within the following thirty (30) days.

In no case is the cardholder obliged to pay for the consumption subject to the claim in order for his or her objection to be accepted or for the Investigation by the issuer or operator to proceed.

The issuer shall not apply an interest rate or default interest or other charges to the balance under investigation and shall not disable the credit card, nor temporarily reduce the credit limit during the investigation. If the issuer proves the lack of merit of the claim, it may apply only the interest rate to the balance of the claim, for the period elapsed between the consumption and the written communication of the rejection of the objection; such period may not exceed thirty (30) days, except in the case of consumption or charges originating abroad, in which case the period shall be subject to the conditions and practices for this type of transactions.

In those cases in which robbery, theft, unusual behavior or loss of the credit card occurs, the cardholder shall give notice to the issuer in order to disable use of the card. The notice shall be sent in accordance with the procedures established for that purpose by the issuer and which were made known to the cardholder. The foregoing is without prejudice to filing the corresponding report.

The issuer shall provide the cardholder with the registration or management number under which the notice of robbery, theft, unusual behavior or loss of the credit card was recorded.

Issuers shall have permanent service infrastructure and systems that allow cardholders to communicate the robbery, theft, unusual behavior or loss of the credit card, so that the corresponding disabling is carried out.

The issuer, without liability on its part, may immediately disable the credit card if, according to its information system, it has been cloned or presents unusual use patterns.

Replacement of the credit card may have a cost for the cardholder only in the case of loss.

Cardholders shall not assume payment for transactions carried out after the notice given in the manner indicated above, with the exception of transactions linked to authorizations that were approved to the cardholder prior to said notice. The notice and registration procedure shall have no cost for the cardholder.

The credit card that the operator or issuer disables or that is retained in automated teller machines or use equipment, unjustifiably and without prior notice, shall be restored to the cardholder at no cost whatsoever.

The issuer and the cardholder may agree on the services and payment of insurance for theft, loss, unauthorized use or for coverage of the risks associated with the credit card. For such purpose, the issuer shall contract the insurance and make it available to the cardholder. The cardholder is not obligated to contract such insurance.

The following shall be obligations of the cardholder:

1.To execute the contract with the issuer;

2.To immediately sign the credit card provided, if applicable;

3.Not to disclose the access keys and codes and to safeguard them with due diligence;

4.To make payments as stipulated in the contract;

5.To request the vouchers, when applicable, and verify the amount and veracity of the transactions and other documents of purchase of property, services and cash withdrawals;

6.To review the account statement and communicate to the issuer any disagreement therewith within the established time limits;

7.To ensure the correct use of the credit card;

8.To indicate to the issuing entity the manner in which he/she wishes to receive the account statement or any other relevant information, as well as to report any change of physical or electronic address, telephone and any other means of location;

9.To report to the issuing entity the robbery, theft, unusual behavior or loss of the credit card;

10.To provide the issuer with the periodic or occasional documentation and information it may require;

11.To verify the interest rates and other charges that may be made by the issuer.

The payment due date of the credit card shall be fixed, unless the cardholder requests its modification by mutual agreement with the issuer. The issuer may not oblige the cardholder to make payments by electronic means without the cardholder's acceptance.

The issuer shall establish and make available to the cardholder the manner in which rewards or bonuses for the use of the credit card are calculated or allocated, if applicable. Rewards or bonuses may not form part of the credit card services; therefore, no additional interest may be applied.

The issuer is obligated to publish and maintain permanently on its website information in a manner easily accessible and visible to the public, on the interest rates, the default interest rates, the commissions or other applicable charges for all credit cards it issues. In addition, it must publish this same information in a visible manner and easily locatable by the public, in its establishments. The provisions of this article do not limit or eliminate any other provision established in other applicable laws and regulations.

The obligations incurred by the cardholder may be discharged by any means of payment. The date of payment indicated in the payment receipt issued by the issuer or entity authorized by the latter, to pay toward or settle the balance or to make the minimum payment on the credit card, shall be deemed the effective date of the payment made. If the means or document of payment cannot be made effective by the issuer, it shall be deemed that the cardholder did not pay toward or settle the balance or did not make the minimum payment on the payment due date; remaining obligated to the Interest and charges corresponding thereto provided for in the contract.

Issuers, directly or through their respective trade associations, shall annually implement financial education programs aimed at cardholders on the proper use of the credit card, based on the programs and criteria designed by the Directorate of Consumer Attention and Assistance. Additionally, the Ministry of Education together with the Directorate of Consumer Attention and Assistance shall promote the inclusion of financial education content in the educational curriculum at the basic and diversified levels.

The Directorate of Consumer Attention and Assistance, the Superintendency of Banks and the Ministry of Education, jointly with credit card issuers, shall annually organize the “Financial Education Fair”, in which no type of financial product may be promoted, for which the Ministry of Economy and the credit card issuers shall proportionally cover the respective expenses.

Without prejudice to the foregoing and as a requirement for delivery of the first credit card, they shall also provide information on aspects such as rights and obligations derived from the contract, claims procedures, use and liability for the credit granted. Receipt by the cardholder of the indicated information must be recorded in the file.

The provision of services between the issuer or operator and the affiliate shall be formalized in a contract that shall be drafted in a form legible at first sight and that shall contain, as a minimum, the following:

1.Object of the contract;

2.Time limit of validity;

3.Obligations and rights of the parties;

4.Brands to be accepted and their advertising;

5.Liability for the equipment and the conditions for its use;

6.Description of the commissions and other administrative charges, as well as the percentage or amount of each one;

7.Procedures and time limits for settlement; and,

8.Causes for termination of the contract.

The obligations of affiliates are:

1.To maintain in a place visible to the public the name of the credit card brand it accepts, which it shall remove when the contract with the issuer or operator expires or terminates;

2.To deliver to the cardholder a physical or electronic copy of the receipt for the transactions carried out with the credit card, except in transactions in which by their nature it does not apply;

3.To require the signature or identification, by available electronic means, of the cardholder on the receipt for the respective transaction, when so required by the policies of the issuer, the operator or the brands;

4.To return the credit card to the cardholder once the transaction has been carried out;

5.Not to accept credit cards that do not comply with the provisions of this Law;

6.To protect the information of cardholders who have carried out transactions in its business and to comply with the data protection policies stipulated by issuers, operators or brands;

7.To exercise due control and supervision over its personnel who perform collection operations with a credit card.

The following are rights of the affiliate:

1.To obtain from the corresponding operator the reimbursement of transactions carried out with credit cards, previously authorized in accordance with the procedures or means established for such purpose, within the time limits and conditions established in the contract;

2.To obtain from the issuer or operator the equipment, supplies and systems necessary for the acceptance, authorization and processing of operations carried out with credit cards, as established in the corresponding contract;

3.To receive from the issuer or operator training on the handling, use, operation and security measures related to credit cards;

4.To obtain from the operator the installation of adequate systems to prevent the improper use of cancelled or disabled credit cards;

5.To obtain from the operator the installation of adequate systems to prevent the improper use of cancelled or disabled credit cards (SIC);

6.Not to assume any charge or loss for transactions with credit cards that have been cloned, falsified or stolen and where it is proven that the operator's devices do not allow immediate disablement or identification.

Affiliated merchants may not apply surcharges for the acquisition of goods or services that the cardholder makes in their establishment for paying by credit card.

Likewise, they may not limit, restrict or exclude the cardholder from the purchase of goods or services that the affiliated establishment sells with discounts, offers, promotions or prizes, if the cardholder makes payment by credit card, unless the restriction on payment by this means is clearly and visibly indicated.

The issuer shall make available the means to receive complaints from cardholders for noncompliance with the provisions of this article or relating to the relationship with the affiliated merchant.

The cardholder may file a claim with the issuer for any of these circumstances; this does not limit the cardholder from filing complaints before public entities, such as the Directorate for Consumer Attention and Assistance.