PERU

On December 7, the Public Services Regulatory and Consumer Protection Committee met to discuss several bills that amend financial provisions. The first bill allows Municipal Savings and Credit Banks to issue credit cards. The second creates a pension system that grants minimum pension funds to Peruvians from birth in a private account. The third regulates channels for reporting computer fraud, and the fourth establishes conditions for digital commercial relations. Below, we provide you more information on the matter:

• Bill 78/2021: Amends Article 268 of the General Financial System and Insurance System Law and the General Law of the Superintendency of Banking and Insurance. It establishes that the Municipal Savings and Credit Banks (CMACs), as financial institutions that provide financing to micro, small and medium-sized enterprises, may issue and manage credit and debit cards after their third year of operation if they have assets of more than USD 81,000 without the authorisation of the Superintendency of Banking and Insurance. The committee decided to vote on the bill, which was approved with 9 votes in favour and 5 abstentions. The bill still has to be discussed in the Economy Committee.

• 118/2021: aims to create the New Mixed Pension Financing and Insurance System. It creates the “Pension Seed Fund” for Peruvians as pension contributions from birth, equivalent to 50 dollars, which will be granted by the Peruvian State and will be transferred to Individual Capitalisation Accounts (CIC – account where all the movements and balances of the mandatory and voluntary contributions made by Peruvians are recorded). The aim of this bill is to ensure a minimum future pension for the population. At the committee meeting, the congressmen decided to extend the debate on the bill in order to receive the opinions of the Ministry of Economy and Finance to determine the possibilities of implementation of this proposal, since the Ministry will be in charge of executing the provisions of the text. The draft also has to be discussed in the Economy Committee and the Labour and Social Security Committee.

• 398/2021: issues the Financial User Protection Law to Prevent and Punish Computer Fraud. The text proposes to establish measures to protect users of financial services in order to prevent digital fraud by means of citizen complaints made through virtual windows, contributing with the Peruvian National Police in the collection of information to arrest the offender. In addition, financial users will be able to report telephone numbers and e-mails from which messages and web links are sent to commit fraud. The bill was approved by 12 members of Congress, with one abstention. 

• 415/2021: amends several provisions of the Consumer Protection and Defence Code. It establishes that commercial relations concluded through the exchange of data messages between consumer and supplier will be understood as e-commerce consumer contracts. It also states that the supplier of products and services through digital channels must clearly and completely inform the consumer of the terms and conditions of the contract he or she is entering into, and provides for the right to withdraw from the purchase and the refund of the amount paid. The bill was approved by 12 congressmen and 1 abstention.