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On July 3, 2024, Law No. 21,680 was published in the Official Gazette, which “creates a comprehensive debt registry.”
This law The aim is to give credit grantors access to comprehensive debt information, including both positive (paid or up to date) and negative (amounts owed) information, to help improve people’s debt decisions. and facilitate risk analysis in financial institutions.
law Create a register of information related to credit obligations, with the aim of improving the system of assessing people’s creditworthiness and providing more information to the Financial Markets Committee To exercise its regulatory and supervisory powers and comply with its statutory functions. The sole purpose of the journalist’s visit to the above-mentioned registries is to assess the commercial risk, credit risk and risk management of specific businesses of specific persons in accordance with the provisions of this Law and other applicable regulations.
Reporter must notify the Commission of all reportable obligations as defined in Article 2; they will specify the identity of the obligor, its nature, principal terms and conditions, closing date, security established, compliance status and all other relevant information as the Commission may determine. It may request the reporter to provide background information relevant to supplement, update or confirm the information provided in the Registry. Any natural or legal person may access the Registry, all its information and the information on obligations stored therein.
The information provided to the person exercising this right must include at least the details of his/her reportable obligations and payment status, the identity of the respective creditors and the history of access to information pursuant to Article 3 and Article 5 for the past twelve months. The above-mentioned history must contain the personal information of the reporters and agents who have accessed the above-mentioned information during the above-mentioned period, indicating their respective principals.
Any natural or legal person may request the respective reporting party to update, correct or supplement its information or obligation information stored in the Registry. To do this, you must clearly indicate to the aforementioned reporting party the information you wish to update, correct or supplement and justify your request.
Any natural or legal person may request the respective reporter to delete information or obligations stored in the register which do not correspond to those stored therein according to this Act. To do this, you must inform the respective reporter of the information you wish to have deleted and justify your request. Violations of the rights and obligations of the reporter under this Act are classified as minor, serious or very serious according to their severity.
Infringement
The understanding of the liability of natural or legal persons for violations of the law provided for in this Law is without prejudice to other legal, civil or criminal liabilities that may apply.
The following are considered minor violations:
a) fails to send to the Commission any information required to be reported under this Act or any general regulation issued under this Act.
b) Failure to comply with a general direction issued by the Commission in circumstances not considered to be a serious or very serious violation.
c) Commit any other act that violates the rights and obligations stipulated in this Law and does not constitute a serious or very serious violation.
The following actions are considered serious violations:
a) Processing the Reportable Information without the debtor’s consent or without a legal context or basis that legitimizes the processing, or using it for purposes other than those for which it was collected.
b) Process inaccurate, incomplete or outdated personal data, unless the data is updated corresponding to the obligor.
c) Prevent or hinder the debtor from lawfully exercising the right to review, update, correct or cancel.
d) Omit the response, delay the response or deny the request without good cause if the debtor has good reasons to request the updating, correction or cancellation of the information.
e) Failure to comply with a decision or specific direct request issued by the Commission.
The following are considered very serious violations:
a) Malicious distribution: The reportable information is used for purposes other than those provided for by law to which the debtor has consented or authorized its processing.
b) Report, communicate or intentionally transfer to a third party any untrue, incomplete, inaccurate or outdated information about the Debtor.
c) Failure to comply with the Committee’s resolution resolving the debtor’s claim regarding the exercise of its rights of access, renewal, correction or cancellation.
Sanctions
The penalties for journalists’ illegal acts are as follows:
Minor violations are subject to a written warning or a fine of up to 100 tax units per month.
Serious violations will be subject to a fine of up to 5,000 tax units per month. In case of repeated violations, the Commission may impose a fine of up to three times the amount of the violation in accordance with Article 24.
Very serious violations will be subject to fines of up to 10,000 tax units per month.
In case of repeated violations, the Commission may impose a fine of up to three times the amount of the violation. Mitigating and aggravating circumstances.
Extenuating circumstances will be considered:
The reporter’s cooperation in any administrative investigation that may be initiated by the Commission.
There have been no previous sanctions against journalists.
Self-reports to the Commission. In addition to the self-report, the offender must also communicate, as appropriate, the steps taken or mitigation measures implemented to stop the incidents that led to the infringement.
The general provisions set out in this Act must be published by the Financial Markets Commission within twelve months of the date of publication of this Act.
In order to issue the general regulations provided for in this Law, the Commission must take into account the principles of coordination envisaged in Law No. 19,880, which lays the foundation for the administrative procedures governing the actions of state administrative bodies and the public consultation procedures provided for. Law No. 21,000 created the Financial Markets Commission.
Effectiveness
In accordance with the transitional provisions, this law shall enter into force on the first day of the twentieth month following the date of promulgation. This is April 1, 2026.
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