New Bill for Securities Agents - DAC Beachcroft

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New Bill for Securities Agents

Published 18 March 2021

On Tuesday 03/02/2021, a new Bill for Securities Agents was approved by Congress. This project affects a series of official bodies with various subjects. Particularly it imposes changes in terms of interests and insurance related to credit operations:
a. Adjustments to Law No. 18.010:
  • In accordance with this new bill, no interests can be charged on that part of the debt that has already been paid;
  • In the case of prepayment, only interest associated with unpaid capital can be charged; and
  • The outstanding interest may not be applied jointly or additionally, on the same amount, with any other interest. Likewise, this interest may only be charged on that part of the capital that is effectively overdue and may not be capitalized for the calculation of interest of any kind.
Insurance associated with financial products or services that may be offered are only those whose purpose is to ensure the payment of the obligation (credit insurance). The specific list of authorized insurance related to the operations should be determined by the authority -CMF- through a general rule, the above in order to prevent those that are not related to the risks of indebtedness from being offered. The contracting of any insurance outside of those established by the CMF will be void, unless ratification by the debtor within a period of 30 days”.

Key Contacts

María Jesús Pérez

María Jesús Pérez

Santiago de Chile

+56 2 22074455

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