The new regulations came into effect on May 30, 2024, except for certain specific provisions that will have terms ranging between 6 and 12 months.
On May 30, 2024, Law No. 21,673 was published in the Official Gazette, which seeks to implement measures to combat overindebtedness, confront bank fraud and encourage the responsible use of payment methods.
This new legal body modifies several existing regulations and establishes new mechanisms for the regulation of debt in Chile.
Next, we will address the four most relevant aspects of this law:
1) Law No. 20,009 is modified by establishing a regime of limitation of liability for holders or users of payment cards and electronic transactions in case of loss, theft, robbery or fraud. In addition, protection standards are incorporated that strengthen measures to prevent theft, misuse, fraud or other risks in electronic payments and transactions. These measures include the reduction to 60 calendar days to claim unknown operations carried out before the date of notice submitted by the user, allowing the claim to include operations carried out in the sixty calendar days prior to said date. In addition, the banking entity may require a sworn statement and a complaint to an authority with criminal jurisdiction.
Likewise, the period is extended to 10 or 15 days as appropriate for banking entities to proceed with the cancellation of charges or restitution of unrecognized amounts, which may not be less than 15 UF or more than 35 UF. The Ministry of Finance and Economy will be in charge of setting a new standard in relation to the threshold for the cancellation of charges or restitution of funds until November 30, 2024 at the latest, with the threshold of 35 UF remaining in force until that time. In this way, the obligation is incorporated for banking entities to report to the Financial Market Commission regarding those cases in which the court is requested to suspend the cancellation of charges or restitution of funds with respect to cases in which there are antecedents. of intent or serious negligence due to the user.
2) On the other hand, a benefit is introduced regarding the payment of the stamp tax established by Decree Law No. 3,475 of 1980, which establishes that credits with a mortgage guarantee intended for the acquisition of properties for residential use, corresponding to the first sale of the home, will be exempt from stamp duty. This exemption will apply to contracts granted by public deed granted between the entry into force of this law and December 31, 2024, and must record the acquisition of the home in the respective instrument.
3) Modifications to Law No. 18,010 that establishes standards for credit operations and other monetary obligations. A new Title IV called “On the payment of revolving credits” is incorporated. It regulates the payment of revolving credits, originated by the use of credit cards, allowing the Financial Market Commission, through the issuance of a general rule, to determine the formula to calculate the minimum amount, or the variables to be considered. for its determination and that the debtors must pay periodically.
4) Modifications to Decree Law No. 3,472 that creates the Guarantee Fund for Small Business Owners: The term for granting loans to small business owners is extended until December 31, 2024 and the mention of the total percentage of guarantees to be tendered is eliminated.
The new Law No. 21,673 came into force on May 30, 2024, except for certain specific provisions that will come into force after the publication of the corresponding regulations or general standards within periods that vary between 6 and 12 months.
To discuss the implications of this new law, please contact our Corporate and Business teams:
Álvaro Rosenblut | Partner | arosenblut@az.cl
Rebecca Reiss | Associate | rreiss@az.cl
Simonne Rojas | Associate | srojas@az.cl
Be part of our multimedia platform and receive the latest legal news, events, podcasts and webinars.
