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DFL 3, HACIENDA (1997)

Decree with Force of Law 3
FIXED REFUNDED, SYSTEMATIZED AND AGREED TEXT OF THE LAW
GENERAL OF BANKS AND OTHER LEGAL BODIES THAT ARE INDICATED
TREASURY
Publication Date: DEC 19, 1997 | Promulgation Date: 26-NOV-1997
Version Type: Last Version From: 12-JAN-2019
Last Modification: 06-NOV-2019 Notice S / N
Short Url: http://bcn.cl/28zxa

FIXED REFUNDED, SYSTEMATIZED AND AGREED TEXT OF THE
GENERAL LAW OF BANKS AND OTHER LEGAL BODIES THAT ARE
INDICATE
DFL No. 3.- Santiago, November 26, 1997.Seen: the provisions of the decree with force of law No.
252, of 1960, General Law of Banks; in the decree law
No. 1,097, of 1975, on the Organic Law of the
Superintendency of Banks and Financial Institutions,
and in the other legal texts that refer to banks and
financial companies or other companies audited by
the Superintendency of Banks and Institutions
Financial; the provisions of the 2nd transitory article
of Law No. 19,528, of November 4, 1997, and the
powers conferred on me by article 32, No. 3, of the
Political Constitution of the Republic of Chile, issued the
following:
Decree with the force of law:

Sole article.- Check the following text
consolidated, systematized and agreed to the General Law
of Banks, decree with force of law No. 252, of 1960, and
of the Organic Law of the Superintendency of Banks and
Financial Institutions contained in Decree Law No.
1,097, of 1975, and of the other legal texts that are
refer to banks and financial companies or other
companies supervised by the Superintendency of Banks
and Financial Institutions. The text that is attached to
It will then be called:
GENERAL LAW OF BANKS

TITLE I
Functions and special powers of the Commission for the
Financial Market in the banking field

Law 21130
Art. 1 N ° 1 and 2
DO 12.01.2019

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DFL 3, HACIENDA (1997)

Article 1.- Repealed.

Law 21130
Art. 1 N ° 3
DO 12.01.2019

Article 2.- It will correspond to the Commission for the
Financial Market (hereinafter, the "Commission") the
supervision of the Banco del Estado de Chile and the other
banking companies, whatever their nature.
Law 21130
Likewise, the Commission will have the control of Art. 1 N ° 4 a)
companies whose business line consists of the issuance or operation of
DO 12.01.2019
credit cards, payment cards with provision of
funds or any other system similar to those referred
means of payment, provided that these matter that the issuer or
operator regularly contracts money obligations for
with the general public or certain sectors or groups
specific to him.
Law 21130
The entities described in the previous paragraph,
Art. 1 N ° 4 b)
other than banking companies, their subsidiaries or
DO 12.01.2019
business support companies must be established in the country Law 20950
as special stock companies in accordance with Art. 9 No. 1
Title XIII of Law No. 18,046, on Companies
DO 29.10.2016
Anonymous, and will be subject to the provisions applicable to
open limited companies, in everything that is not
oppose the special rules that they must observe in
compliance with the regulation that governs them.
The companies referred to in the second paragraph of the
This article must be subject to the rules issued
the Central Bank of Chile in accordance with number 7
of article 35 of law No. 18,840, organic law
Constitution of the Central Bank of Chile. Equally,
will be subject to the provisions contained in the
Articles 8, 9, 14, first, second and final paragraphs, 16,
17, 19 and 21 of this Title, 118 of Title XIV, 154 and 155
of Title XVI, and 157 and following of Title XVII of the
present law and, in the pertinent, to the law N ° 20,950, that
Authorizes the issuance and operation of means of payment with
provision of funds by non-bank entities.
Law 21130
However, the Commission will maintain the powers
Art. 1 N ° 4 c, i)
conferred by law N ° 21,000, which creates the Commission for DO 12.01.2019
the Financial Market, with respect to the set of entities Law 21130
audited.
Art. 1 N ° 4 c,
People who carry out such acts on a regular basis ii, iii), iv) and v)
and that evade the control of the Commission will be
DO 12.01.2019
penalized in the manner contemplated in article 39.
Law 21130
Art. 1 N ° 4 d)
DO 12.01.2019
Law 21130
Art. 1 N ° 4 e)
DO 12.01.2019

Article 3.- Repealed.

Law 21130
Art. 1 N ° 5
DO 12.01.2019

Article 4.- Repealed.

Law 21130

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DFL 3, HACIENDA (1997)

Art. 1 N ° 5
DO 12.01.2019

Article 5.- Repealed.

Law 21130
Art. 1 N ° 5
DO 12.01.2019

Article 6.- Repealed.

Law 21130
Art. 1 N ° 5
DO 12.01.2019

Article 7.- Repealed.

Law 21130
Art. 1 N ° 5
DO 12.01.2019

Article 8.- The resources for the operation of
the Commission will be in charge of the institutions
audited.
The fee that corresponds to each institution will be
one sixth of one per thousand semester of the average term of the
assets of them in the immediately preceding semester,
as it appears from the balance sheets and financial statements that
those organisms present.
For the purposes of calculating the fee you owe
know each institution will not be considered as part of
its assets the goods and items that should be excluded in
commission concept.
The fee must be paid within ten days
following the requirement.

Article 9.- The President of the Commission
collect the funds with which the institutions subjected to
their control and should contribute to the maintenance of the
Commission and will deposit them in the State Bank. Of that
account will rotate to make the expenses demanded by the
functioning of the Commission.

Article 10.- Repealed

Article 11.- The Commission will be subject to the
control of the Comptroller General of the Republic
exclusively as regards the examination of the accounts
of your expenses.

Law 21130
Art. 1 No. 6 a)
DO 12.01.2019

DL 1,097
ART. 8th

Law 21130
Art. 1 N ° 6 b)
DO 12.01.2019

Law 21130
Art. 1 No. 7 a) and b)
DO 12.01.2019
DL 1,097
ART. 9th

Law 21130
Art. 1 N ° 8
DO 12.01.2019

Law 21130
Art. 1 N ° 9
DO 12.01.2019
DL 1,097

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DFL 3, HACIENDA (1997)

Article 12.- Repealed

ART. eleven
Law 21130
Art. 1 N ° 8
DO 12.01.2019

Article 13.- Repealed.

Law 21130
Art. 1 N ° 8
DO 12.01.2019

Article 14.- The Commission will inform the
public, at least four times a year, information
on placements, investments and other assets of the
institutions audited by virtue of this law,
as well as its classification and evaluation according to its
degree of recoverability, the information being
understand that of all the entities referred to. Will be able to,
also, by means of a general rule, impose
said institutions the obligation to deliver to the public
permanent or occasional information about them
subjects.
Law 21130
For the sole purpose of allowing an evaluation
Art. 1 N ° 11 a) and
standard of the institutions audited by virtue of b)
present law by specialized firms that demonstrate a
DO 12.01.2019
legitimate interest, the Commission must inform them of the
payroll of the debtors of the aforementioned entities,
the balances of their obligations and the guarantees that have
constituted. The above will only proceed when the
Commission has approved your registration
that will open for the purposes contemplated in this
subsection and in the fourth subsection of Article 154. The Commission
will also maintain permanent and consolidated information
on this matter for the use of institutions
audited by virtue of this law. The people that
obtain this information will not be able to reveal its content to
third parties and, if they do so, they will incur the penalty of
Minor seclusion in its minimum to medium degrees.
Law 21130
In any case, banks must comply with the
Art. 1 N ° 11 c)
obligation established in Article 9 of Law No.
i, ii, iii, iv and v
18.045, on the Securities Market, whether its shares
DO 12.01.2019
whether or not they are registered in the Securities Registry. In case of
breach of said obligation, may provide the
information the Commission.
Law 21130
The Commission shall permanently maintain a
Art. 1 N ° 11 d) iy
payroll of depositors of institutions
ii
audited by virtue of this law, indicating their role DO 12.01.2019
single tax (RUT), the identification of the type of
account or product and its internal registration number.
Law 21130
Art. 1 N ° 11 e) iy
ii
DO 12.01.2019
Law 20818
Art. 3 N ° 1

Article 15.- Repealed.

DO 18.02.2015
LAW 19913
Art. 22
DO 18.12.2003

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DFL 3, HACIENDA (1997)

Law 21130
Art. 1 N ° 12

Article 16.- The institutions audited by virtue of DO 12.01.2019
of this law must publish, in a newspaper of
national circulation, their referred situation statements
as of March 31, June 30 and September 30 of each year,
or on any other date that requires it, in special cases,
the Commission, in use of its general powers. The
publication will be made no later than the last day of
month following the date to which the state refers.
In conjunction with the publication of the
situation referred to in this article, the Commission
may order that they publish the data that, at their
judgment, are necessary for the information of the public.
The norms that are imparted on this matter must be
of general application.
In the institutions indicated in the first paragraph, the
Balance Sheet as of December 31 of each year must be
reported by an external audit firm. Bliss
company, will send a copy of your report with all your
Annexes to the Commission and the audited institution will do so
post along with the balance.
The Commission may demand up to two times in any
time of year to an institution audited by virtue of
this law, balance sheets referred to certain
dates of the calendar year, which, if so arranged,
must be informed by the external auditors that this
designate.
These balances will be prepared subject to the
general rules established by the Commission, especially
Regarding the provisions or penalties that it deems
relevant and will produce full effect for the application
of the provisions governing the institutions
audited under this law.

Article 16 bis.- Natural or legal persons
that, personally or jointly and directly, are
holding companies of a bank in accordance with the provisions of
Article 97 of Law No. 18,045, on the Securities Market
and, furthermore, individually own more than 10% of their
actions, they must send the Commission information
trustworthy about your financial situation. The Commission,
By means of a general rule, it will determine the
periodicity and content of this information, which is not
may exceed that required of public limited companies
open.

Article 17.- The manager of an institution
audited by virtue of this law or the person who makes his f)
sometimes report to the board of directors or governing body
corresponding meeting at the next meeting held in
any communication received from the Commission and it is

Law 21130
Art. 1 ° N ° 13
DO 12.01.2019

LAW 19769
Art. 4º Nº 1
DO 07.11.2001
Law 21130
Art. 1 ° N ° 14

a), b), c), d), e) and
DO 12.01.2019

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DFL 3, HACIENDA (1997)

will leave testimony in the minutes of the session.
In cases where the Commission so requests, the
Communication will be inserted in its entirety in the minutes.

DL 1,097
ART. 16
Law 21130
Art. 1 N ° 15 a) i
and ii
DO 12.01.2019
Law 21130

Article 18.- Repealed.

Art. 1 ° N ° 15 b)
DO 12.01.2019
Law 21130
Art. 1 N ° 16
DO 12.01.2019

Article 18 bis.- Repealed.

Law 21130
Art. 1 N ° 16
DO 12.01.2019

Article 19.- Companies, persons or entities
subject to the supervision of the Commission, by virtue of
this law, who incur in infractions of the
laws, regulations, statutes and other rules that govern them
or fail to comply with instructions or orders legally
given by the Commission, may be sanctioned
in accordance with the rules established in title III of the
Law No. 21,000, which creates the Commission for the Market
Financial, without prejudice to special penalties
contained in this or other legal bodies. These
resolutions may be challenged in accordance with
established in title V of the aforementioned law.

Article 20.- Repealed.

Article 21.- The directors, administrators,
managers, proxies or employees of an institution
audited by virtue of this law, that approve or
carry out operations not authorized by law, by the
statutes or by the rules issued by the Commission,
will be jointly and severally liable for the losses that said
operations irrogue the company.
In everything not provided in this law, at
persons indicated in the previous paragraph, Law 21130 will be applicable
what is established in Title IV of Law N ° 18,046, on Art. 1 ° N ° 20
Anonymous Societies.

Article 22.- Repealed.

Law 21130
Art. 1 N ° 18
DO 12.01.2019

Law 21130
Art. 1 N ° 19
DO 12.01.2019

DL 1,097
ART. twenty
to them.
a), b) and c)
DO 12.01.2019
Law 21130
Art. 1 ° N ° 20 d)
DO 12.01.2019

Law 21130

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DFL 3, HACIENDA (1997)

Art. 1 N ° 21
DO 12.01.2019

Article 23.- The fines and other sanctions that
apply the Commission shall prescribe within a period of four
years counted from the date on which the
commit the act or occur the sanctioned omission.
This term will be six years if it has been acted
with intent and this will be presumed when they have been made
false statements to the Commission related to
facts committed.
The aforementioned limitation periods will be suspended
from the moment the Commission initiates the
investigation from which the application of the fine or
respective sanction.

Law 21130
Art. 1 N ° 22 a)
i, ii and iii
DO 12.01.2019
Law 21130
Art. 1 N ° 22 b)
DO 12.01.2019
DL 1,097
ART. 21 BIS

Law 21130
Art. 1 N ° 22, c)

Article 24.- Repealed.

i and ii, yd)
DO 12.01.2019
Law 21130
Art. 1 N ° 23
DO 12.01.2019

Article 25.- Repealed.

Law 21130
Art. 1 N ° 23
DO 12.01.2019

Article 26.- Repealed.

Law 21130
Art. 1 N ° 23
DO 12.01.2019

Article 26 bis.- Repealed.

Law 21130
Art. 1 N ° 24
DO 12.01.2019

TITLE II
Constitution of Banking Companies

Article 27.- Banking companies must
be constituted as joint stock companies in accordance with the
present law.
For the creation of a new bank, the shareholders
Founders must submit a prospectus to the Commission.
This document must be accompanied by a plan of
business development for the first three years of
functioning.
Accepted a prospectus, a certificate will be delivered
provisional authorization to the founding shareholders

DFL 252
ART. 27

Law 21130
Art. 1 N ° 25 a)
DO 12.01.2019

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that will enable them to carry out the necessary procedures
to obtain the authorization of existence of the company and
administrative acts that are intended to prepare your
constitution and operation. For this, it will be considered
that the company has legal personality from the
granting of the certificate. The
authorization of existence of the company after
ten months from the date of granting the certificate
provisional.
Law 21130
The founding shareholders of a banking company
Art. 1 N ° 25 b)
must constitute a guarantee equal to ten percent
DO 12.01.2019
of the capital of the projected company, through a deposit
at the order of the President of the Commission in any company
bank audited by the Commission.
Law 21130
Said founding shareholders will be obliged to
Art. 1 N ° 25 c) i
deposit in any of the audited banking companies and ii
by the Commission and on behalf of the institution in training OJ 12.01.2019
the funds they receive in payment of subscription of shares.
These funds can only be drawn once they have been
authorized the existence of the company and that it enters
functions its Directory. The founding shareholders will be
personally and severally liable for the return of
said funds and their responsibility may be made effective
on the guarantee referred to in the preceding paragraph.
Law 21130
The founding shareholders may not receive, directly Art. 1 ° N ° 25 d) i
nor indirectly, any remuneration for the work that and ii
run in such a character.
DO 12.01.2019

Article 28.- The founding shareholders or
controllers of a bank must comply with the following
requirements:

Law 21130
Art. 1 N ° 26 a) i
DO 12.01.2019

a) Have individually or in conjunction with a
consolidated equity equivalent to investment
projected and, when reduced to a lower figure,
report this fact in a timely manner.
The solvency requirement must be met in a manner
permanent by shareholders who are considered
bank controllers under the terms of article 97 of
Law No. 18,045, on the Securities Market, and will consist
in having, individually or jointly, a patrimony
the same consolidated net, in the proportion
corresponds to the basic capital of the bank.
Law 20789
If the requirement indicated in Art. 7 N ° 3 is not complied with
the previous paragraph for a period greater than that which the
DO 06.11.2014
Commission determines for its regularization, it will be presumed,
Law 21130
For the purposes of article 117, the occurrence of events Art. 1 ° N ° 26 a)
serious issues that raise concerns about the economic stability of the
ii
Bank.
DO 12.01.2019
The Commission, by means of a general rule,
may regulate the way in which solvency will be accredited
of whoever is the controller of a bank under the terms
established in the preceding paragraphs, and the cases in
that it will be enough for said requirement to be fulfilled by one of the
entities through which this control is exercised.
b) Not having incurred in serious or repeated conduct
that could jeopardize the stability of the entity that
intend to constitute or control, nor the security of their

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DFL 3, HACIENDA (1997)

depositors.
Law 21130
c) Not having taken part in actions, negotiations Art. 1 ° N ° 26 a
or legal acts of any kind, contrary to the
iii)
laws, regulations or sound financial or commercial practices DO 12.01.2019
that prevail in Chile or abroad.
d) Not being in any of the situations
following:
i) That it is a debtor subject to procedure
bankruptcy of reorganization or current liquidation;
Law 20720
ii) That in the last fifteen years, counted from Art. 383 N ° 1 a)
date of application for authorization or from the date in DO 09.01.2014
that has acquired control, as appropriate, there is Law 21130
been a director, manager, CEO or shareholder
Art. 1 N ° 26 a)
majority directly or through third parties, from a
iv
bank, an insurance company of the second
DO 12.01.2019
group or a Pension Fund Administrator that
has been declared in forced liquidation or procedure
liquidation bankruptcy, as appropriate, or submitted to
interim administration. Will not be considered for these
effects the participation of a person for a term
less than one year;
Law 21130
iii) That in the last five years counted from Art. 1 ° N ° 26 a) v
date of application for authorization or from the date DO 12.01.2019
in which it acquired control, as appropriate,
Law 20720
register protests of documents not clarified in a number Art. 383 N ° 1 b)
or relevance that, in the opinion of the Commission, compromises its DO 09.01.2014
suitability;
Law 21130
iv) That he has been convicted or is under
Art. 1 N ° 26 a)
accusation made against him by any of the
saw
following crimes:
DO 12.01.2019
(1) against property or against public faith;
(2) committed in the exercise of public function,
against administrative probity, against security
national, tax and customs crimes, and those contemplated
in the laws against terrorism and money laundering; Law 21130
(3) those contemplated in Law N ° 18,045, of Market Art. 1 ° N ° 26 a)
of Securities; Law No. 18,046, on Public Limited Companies;
vii
Decree Law No. 3,500, of 1980, of the Ministry of Labor and DO 12.01.2019
Social Security, which establishes a New System of
Pensions; Law N ° 18.092, which dictates New Norms on
Bill of Exchange and Promissory Note; law N ° 18,840, organic
Constitution of the Central Bank of Chile; decree with
force of law N ° 707, of 1982, of the Ministry of Justice,
that establishes a consolidated, coordinated and systematized text of the
Law on Bank Current Accounts and Checks; law No.
4,287, of the Bank Pledge on Movable Securities; law No.
5,687, which approves the Organic Statute of the Institute of
Industrial Credit; Law No. 20,720, which replaces the
bankruptcy regime in force by a law of reorganization and
liquidation of companies and individuals, and perfects the role of
the Superintendency of the branch; Law N ° 18.690, on
General Deposit Warehouses; Law No. 4,097, on
Agrarian Pledge Contract; Law N ° 18,112, which dictates norms
on Garment without Displacement; decree with force of law
N ° 251, of 1931, of the Ministry of Finance, on
Insurance Companies, Corporations and Stock Exchanges
Commerce, the laws on Prenda, and in this law;
Law 21130

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DFL 3, HACIENDA (1997)

v) That he has been sentenced to an afflictive penalty or
disqualification from holding public office or office, DO 12.01.2019
Y
vi) That it has been applied, directly or through
of legal persons, any of the following
measures, provided that the claim periods have
expired or the appeals filed against them
had been rejected by a final judgment:

Art. 1 N ° 26 a)
vii

(1) that its forced liquidation has been declared or
have submitted their business activities to administration
provisional, or
(2) that your authorization of
operation or existence, or its registration in any
registration required to trade or bid
public securities, for legal infringement.
In the event that the controller of a banking company
incurs in a supervening way in any of the
situations provided for in numbers iv, v and vi of the
letter d) of the previous subsection, you must dispose of the shares
to be granted control within a period of two years,
extendable by an additional one, counted from the date on
that the respective sentence will be enforceable.
Law 21130
In the case of a legal entity, the requirements
Art. 1 N ° 26 b)
established in this article will be considered with respect to DO 12.01.2019
its controllers, partners or majority shareholders,
directors, administrators, managers and executives
main, as of the date of the request.
The Commission will verify compliance with these
requirements, for which you may request that
provide the background that you indicate; and in case of
rejection must be justified by a well-founded resolution.
Law 21130
Founding shareholders of a bank will be considered
Art. 1 N ° 26 c)
those who, in addition to signing the prospectus, have a
DO 12.01.2019
significant participation in your property, according to
rules of article 36.
Law 21130
Art. 1 N ° 26 d)
DO 12.01.2019

Article 29.- The constituted financial institution
abroad that requests to participate in the
significant in the creation or acquisition of shares of
a Chilean bank or establish a branch in accordance with the
Article 32, may only be authorized if in the country where
that its parent company operates there is a supervision that
allows you to adequately monitor the risk of your operations
and, in addition to complying with the provisions of the
previous article, has the prior authorization of the
supervisory body of the country in which its
Matrix house. In addition, to grant authorization, you must
reciprocal exchange of information be possible
relevant information about these entities, among the
supervision of both countries.
In the case of investment companies or other
nature incorporated abroad, they must
assure the Commission in the manner determined by it, that Art. 1 ° N ° 27

DFL 252
ART. 27 b
Law 21130
a)

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DFL 3, HACIENDA (1997)

the provisions of section DO 12.01.2019 will be permanently complied with
above if they have or subsequently acquire
significant participation in a bank or institution
financial institution in the country where they are incorporated or in
other.
Law 21130
To the companies referred to in the previous paragraph that Art. 1 ° N ° 27 b)
are incorporated in a country that applies the standards DO 12.01.2019
of the Basel Committee, the paragraphs
precedents, if they are obliged to deliver in the form and
timeliness determined by the Commission
reliable financial institution with respect to said companies and their
subsidiaries, understood as the emanated from the
supervisory bodies. When these societies don't
are subject to agency supervision or should not
deliver such information to him, it must be
signed by external auditors of recognized prestige
international. To grant authorization
corresponding to these companies, they must ensure
to the Commission, in the manner it determines, that
will permanently comply with the provisions of this subsection
when they have or subsequently acquire participation
significant in a bank or financial institution in the
country where they are incorporated or in another.
Law 21130
In case of non-compliance with the rules set forth in Art. 1 ° N ° 27 c)
this article, the provisions of subsections
DO 12.01.2019
second and final article 36 of this law.
Law 21130
For the purposes of this article, it will be considered
Art. 1 N ° 27 d)
significant participation in a Chilean bank that
DO 12.01.2019
which, according to the rules of article 36, requires
Commission authorization.
Law 21130
Art. 1 ° N ° 27 e)
DO 12.01.2019

Article 30.- The Commission, within the period of 180
days, you may reject the prospect by a well-founded resolution
in which the founding shareholders do not meet the requirements
indicated in the previous articles. If the Commission does not
issue a refusal resolution within the deadline
indicated, the application of silence may be required
administrative positive in the manner indicated in the
Article 64 of Law No. 19,880, which establishes Bases of
the Administrative Procedures that govern the Acts of
the Bodies of the State Administration.
However, the Commission in exceptional cases and
serious events related to circumstances
that, by its nature, it is inconvenient to spread
publicly, you may suspend the
pronouncement on the prospectus up to a period of 180 ART. 27 C
additional days to the one indicated in the previous paragraph. The
respective resolution may omit all or part of your
justification, when so agreed by the vote
favorable of at least four Commissioners. In this case, DO 12.01.2019
omitted fundamentals must be disclosed
reserved to the Minister of Finance and the Central Bank,
to the State Defense Council, to the Analysis Unit
Finance and the Public Ministry, as appropriate.

Law 21130
Art. 1 N ° 28 a) i
DO 12.01.2019
DFL 252
Law 21130
Art. 1 N ° 28 a)
ii

LAW 20190
Art. 3º 4 a)

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DFL 3, HACIENDA (1997)

DO 05.06.2007
Law 21130
Art. 1 N ° 28 b)

Article 31.- Request for authorization of
existence and accompanied authorized copy of the deed
that contains the statutes, in which you must
insert the certificate referred to in article 27, Art. 3º Nº 4 b)
The Commission will verify the effectiveness of the capital of the
business. Having demonstrated the above, it will issue a resolution
authorizing the existence of the company and approving its
statutes.
The Commission will issue a certificate that accredits such ART. 28
circumstance and contains an extract from the statutes. Law 21130
The certificate shall be registered in the Commercial Registry of the
registered office and will be published in the Official Gazette within DO
of the period of sixty days counted from the date of the
approving resolution. The same should be done with
reforms that are introduced to the statutes or with the
resolutions that approve or decree the dissolution
anticipated society.
Completed the procedures referred to in the subsection
above, the Commission will verify, within a period of 90
days, if the banking company is prepared to
start your activities and, especially, if you have the
professional and technological resources and with
procedures and controls to adequately undertake your
functions. On this same occasion, the Commission shall
analyze the business development plan for the first
three years presented together with the prospectus.
Once these requirements have been fulfilled, the Commission, within
within 30 days, will grant authorization for
function. Likewise, it will set a term not exceeding 1 year
for the company to start its activities, which
will enable you to start your operations,
confer the powers and impose the obligations
established in this law.
During the three-year period referred to in the
Third paragraph, the Commission will monitor compliance
of the plan, which may be modified as long as it is not
deteriorates the financial situation of the company.

Article 32.- Banks established in the
foreigner, to establish a branch in the country, they must
obtain from the Commission a provisional certificate of
authorization in the manner indicated in article 27.
To obtain their final authorization, they must
accompany all the documents that the laws and regulations Law 21130
required to establish a corporation agency Art. 1 ° N ° 30 a)
foreign.
The Commission will examine the statutes of the company with
in order to establish that there is nothing in them contrary to the
Chilean legislation and will also investigate by all
means that it deems appropriate, if the company is an entity that
offers sufficient collateral so that it can be granted

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i, ii, iii, iv and v
DO 12.01.2019
LAW 20190
DO 05.06.2007

DFL 252

Art. 1 N ° 29 a)
12.01.2019

Law 21130
Art. 1 N ° 29 b)
DO 12.01.2019

Law 21130
an Article 1 ° N ° 29 b)
DO 12.01.2019

Law 21130
Art. 1 N ° 29 b)
DO 12.01.2019
Law 21130
Art. 1 N ° 29 b)
DO 12.01.2019

DFL 252
ART. 29

DO 12.01.2019

Page 13

DFL 3, HACIENDA (1997)

without risk the respective authorization.
The resolution approving the establishment of the
branch will be registered and published, in the form and term
established in the second paragraph of the previous article,
accompanied by an extract of the company statutes,
which must also be certified by the Commission.
The same will be done with the modifications of the statutes of the
parent company in essential aspects and with increases in
capital or other modifications of the Chilean agency, such as
also with the resolution that approves the term
anticipated or decreed the revocation of the authorization.
Verified the establishment of the capital in the country and
verified that you are ready to start your
activities in the manner provided for in article 31, the
The Commission will grant the branch authorization to
function.

Article 33.- The Commission may authorize the
foreign banks to maintain representations that
act as business agents of their headquarters and
will have the same powers of inspection over them as
this law confers on it with respect to banking companies. On
In any case, these representations may carry out acts
characteristic of the bank transfer, without prejudice to the fact that
advertise credit products or services in the country
of their headquarters as determined by the Commission,
adjusting to the general rules that it dictates. The
authorization may be revoked at any time if the
representation does not comply with this provision or
seriously or repeatedly breaches other regulations or the
instructions issued by the Commission, or if it is detected
a serious risk to the public faith or the stability of the
financial market.

Article 34.- Foreign banks
that operate in Chile will enjoy the same
rights that national banks of equal
category and will generally be subject to the
same laws and regulations, unless otherwise provided
legal to the contrary.
The capital and reserves assigned to your
branch in the country must be effectively
hospitalized and converted to national currency in
conformity to any of the authorized systems
by law or by the Central Bank of Chile.
Capital increases or reserves that are not
come from capitalization of other reserves,
will have the same treatment of capital and
initial reservations.
No foreign bank may invoke
rights derived from their nationality regarding
to the operations carried out by your branch in
Chili.

Law 21130
Art. 1 ° N ° 30 b)
DO 12.01.2019

Law 21130
Art. 1 N ° 30 c) and
d)
DO 12.01.2019

Law 21130
Art. 1 ° N ° 31
a), b) and c)
DO 12.01.2019
DFL 252

ART. 35
Law 20448
Art. 9 N ° 1
DO 13.08.2010
DFL 252
ART. 35

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Page 14

DFL 3, HACIENDA (1997)

Any dispute that arises in relation to
with the operations of the branch in the country,
whatever its nature, it will be
resolved by the Chilean courts, in
conformity to the laws of the Republic.
For the purposes of operations between
a branch and its headquarters abroad,
both will be considered as entities
independent.
The foregoing is without prejudice to the
responsibility of the foreign bank,
according to the general rules, by the
obligations contracted by the branch that
established in Chile.
The creditors of the obligations
contracted in Chile by the foreign bank,
that are Chilean or foreign domiciled
in Chile, they will enjoy preference over the
assets that the bank has in the country.

Article 35.- The Central Bank of Chile may
inform, at the request of the Commission, about the effects
that the authorization of new banks can produce for the
stability of the financial system or the adequate
compliance with the obligations contained in its Law
Organic

Article 35 bis.- Without prejudice to the rules
established in the decree with force of law No. 1, of 2004,
of the Ministry of Economy, Development and Reconstruction, which
sets the consolidated, coordinated and systematized text of the
Decree Law No. 211, of 1973, will only proceed to the
merger of banks, to the acquisition of the entire
assets and liabilities of one bank by another or of a party
substantial of them, as defined in subsection
third of article 138; or the takeover of two or
more banks by the same person or controlling group, or
either to substantially increase the existing control, in
terms that the acquiring bank or group of banks
the resulting systemic importance, in terms
provided in article 66 quater, if the interested parties
They have the authorization of the Commission. In bliss
resolution, the Commission may impose one or more of the
requirements referred to in article 66 quater.
The Commission may deny the authorization that
This article deals with, by means of a founded resolution, prior
agreement in the same sense of the Council of the Central Bank of
Chile approved by the majority of its members in office.
The agreement referred to in the previous paragraph must be
communicated within ten banking business days
since it is requested, term that will be understood extended in
the case contemplated in article 19, paragraph three, of the
Law N ° 18,840, Constitutional Organic Law of the Central Bank

DL 1,097
ART. 24
Law 21130
Art. 1 No. 32
DO 12.01.2019

Law 21130
Art. 1 ° N ° 33
DO 12.01.2019

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Page 15

DFL 3, HACIENDA (1997)

From Chile.
The Commission must decide within a maximum period
of sixty days on the request for authorization to
this article refers to.
Denying resolutions issued by the Commission
may be claimed under the terms established in the
Article 70 of Law No. 21,000, which creates the Commission
for the Financial Market.

Article 36.- Because the national interest requires it,
no person may purchase directly or through
third parties, shares of a bank that, alone or added together
those it already owns, represent more than 10% of the capital of
this, without having previously obtained authorization from the
Commission.
DFL 252
The actions found in the situation
ART. 65 N ° 18
provided for in the preceding paragraph and whose acquisition has not been Law 21130
been authorized, they will not have the right to vote.
Art. 1 N ° 34 a)
If the holder of these shares is a company of DO 12.01.2019
any type, its partners or shareholders may not assign a
percentage of rights or shares in your company,
greater than 10%, without having obtained an authorization from
the Commission. Unauthorized transfer will deprive
the company that owns the voting rights bank shares
in this. To determine the relationships between two or more
companies that own shares of the bank will apply the
circumstances referred to in No. 2 of Article 84.
The Commission, by means of a general rule, may
exclude from these obligations companies in which, for
its large number of partners or shareholders or other factors,
can be presumed not to have a significant influence
in your decisions.
Law 21130
The Commission may only deny such authorization,
Art. 1 N ° 34 b) i
by reasoned resolution, if the petitioner does not comply with
and ii
the requirements established in article 28.
DO 12.01.2019
The Commission must decide within a maximum period
Law 21130
of fifteen business days counted from the date on which Art. 1 ° N ° 34 c)
have accompanied the necessary antecedents to
DO 12.01.2019
resolve about authorization. If the Commission does not
LAW 20190
issue a refusal resolution within the deadline
Art. 3º Nº 5 a) and
indicated, the application of silence may be required
b)
administrative positive in the manner indicated in the
DO 05.06.2007
Article 64 of Law No. 19,880, which establishes Bases of
the Administrative Procedures that govern the Acts of
the Bodies of the State Administration.
Law 21130
The shares of Art. 1 ° N ° 34 d) will be deprived of the right to vote.
a bank, when the person to whom it corresponds request i, ii, iii and iv
any authorization of the Commission imposed by this
DO 12.01.2019
article has omitted to do so and while the LAW 20190 is not obtained
corresponding authorization. If actions like this
Art. 3º Nº 5 c)
acquired have been registered in the Registry of
DO 05.06.2007
Bank shareholders, or the domain has been transferred
of the shares or rights in the company that owns
bank actions, where appropriate, the Commission will declare the
exclusion of the right to vote and will communicate
determination to the bank for its compliance and
corresponding annotation in the Register of Shareholders.
RECTIFICATION
DO 05.01.1998

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Page 16

DFL 3, HACIENDA (1997)

Law 21130
Art. 1 N ° 34 e)
DO 12.01.2019

Article 37.- Banking companies are institutions
mandatory operation subject to schedule
current. No banking company may initiate, suspend
or terminate its operations without prior authorization
of the Commission.
Banks, before opening any office within ART. 31
country, they must inform the Commission. This, by
general rule, will determine the background
that must be accompanied to prove the requirements
necessary for the opening of the office and its registration.
Notwithstanding the foregoing, the institutions that are Art. 1 ° N
classified in the last two categories, according to the
Article 60, will require express authorization for
said opening. In this case, the Commission shall
pronounce itself within a period of 90 days, counted from the
provision of the request and to reject it you must dictate
a founded resolution.
The Commission shall determine, through a standard of character
general, the requirements and conditions that must be met DO 12.01.2019
banking companies to close offices. In addition,
the bank that decides to close any of its branches must
notify the Commission, which will verify compliance
of the pre-established requirements and conditions.

DFL 252
Law 21130
Art. 1 N ° 35 a)
DO 12.01.2019
Law 21130
° 35 b)
DO 12.01.2019

Law 21130
Art. 1 N ° 35 c)

Law 21130
Art. 1 N ° 35 d)
DO 12.01.2019

Article 38.- It will correspond to the Commission to establish,
by means of a general rule, the minimum schedule for
the attention of the public at the Banco del Estado de Chile and
in the rest of the banks, which must be uniform for
all offices in the same location.
Law 21130
The banking institutions referred to in subsection Art. 1 ° N ° 36 a)
above, they will work from Monday to Friday of each week,
DO 12.01.2019
both days inclusive, in a single banking day in all
the provinces of the country, without prejudice to the powers
conferred on the Commission to determine the hours of
said institutions.
Law 21130
It may also authorize banking companies
Art. 1 N ° 36 b)
to provide certain services outside the days and DO 12.01.2019
hours of compulsory attention to the public.
Law 21130
Unless authorized by the Commission granted by virtue of Art. 1 ° N ° 36 c)
of the previous paragraph, the banks will not attend
DO 12.01.2019
in person to the public on Saturdays of each week LAW 19559
and on December 31 of each year. In no case
Art. 1
these days should be considered as holidays or holidays
DO 16.04.1998
for legal purposes, except as regards the
payment and protest of bills of exchange.
Law 21130
However, banks may have other channels of Art. 1 ° N ° 36 d)
attention of the public, having to comply with the requirements
DO 12.01.2019
established by the Commission for its operation, through
general rule, within which they must
include elements such as safety standards
of the operations carried out through said channels and the

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Page 17

DFL 3, HACIENDA (1997)

minimum availability of the same, among others.

Law 21130
Art. 1 ° N ° 36 e)
DO 12.01.2019

Article 39.- No natural or legal person who
had not been authorized to do so by law, it may
engage in business that, in accordance with the present,
corresponds to banking companies and, especially, to
attract or receive money from the public on a regular basis,
be it in deposit, mutual or in any other way.
Law 21130
No natural or legal person other than Art. 1 ° N ° 37 a)
authorized by law, may engage in self-employment or
DO 12.01.2019
outside the money or credit brokerage
DFL 252
represented by transferable securities or commercial papers, ART. 3. 4
or any other title of credit.
Nor will you be able to put in your local, office, website,
platform or technological medium, any type of notice that
contains, in any language, expressions that indicate that
It is a banking company, nor will it be able to make use of
letterheads, posters, titles, forms, receipts,
circulars or any other paper or document that contains
names or other words that indicate that the businesses to
that said person is engaged are of bank transfer or
financial intermediation. It will also be prohibited
propagandize in the press or other means of publicity
in which such expressions are used.
Law 21130
It is presumed that a natural or legal person has
Art. 1 ° N ° 37 b)
infringed the provisions of this article when using i, ii, iii and iv
a local or office or use a website, platform or DO 12.01.2019
technological medium in which, in any way, it is invited
the public to deliver money to any title or to which
advertised by any means for the same purpose. Law 21130
Violations of this article will be punished with Art. 1 ° N ° 37 c) i
minor presidio in its medium to maximum grades. The Commission, and ii
In this case, it will make the information available to the
DO 12.01.2019
Public Ministry, in order to initiate the investigation
that correspond.
LAW 19806
In any case, if as a result of these activities Art. 15
illegal, the public receives loss from any
DO 31.05.2002
nature, those responsible will be punished as perpetrators
of the crime of fraud.
Law 21130
In the event that, in the Commission's opinion, it is presumed
Art. 1 N ° 37 d)
that there is an infringement of the provisions of this article, DO 12.01.2019
this may exercise with respect to the alleged offenders
the same inspection powers as this and other laws
they confer on it with respect to the audited institutions.
Law 21130
Any public or private body that takes
Art. 1 N ° 37 e)
knowledge of any violation of the provisions of this
DO 12.01.2019
article, may make the complaint corresponding to the
Commission or the Public Ministry, as appropriate.
Law 21130
Art. 1 ° N ° 37 f)
DO 12.01.2019

TITLE III
General Rules Applicable to Banks and their
Administration

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Page 18

DFL 3, HACIENDA (1997)

Article 40.- Bank is any society
anonymous special that, authorized in the form
prescribed by this Law and subject to the
herself, dedicate herself to capturing or receiving in
usual money or funds from the public, with the
object to give them on loan, discount
documents, make investments, proceed to the
financial intermediation, rent these
money and, in general, carry out all other
operation that the law allows.

DFL 252
ART. 62

Article 41.- Banks are governed by this law
and, in subsidy, by the provisions applicable to the
open stock companies as soon as they can be reconciled or
do not oppose its precepts.
The rules that the law of
public limited companies contemplates on the following
subjects:
a) Requirement of a shareholders' meeting agreement for
provide simple and joint guarantees or bonds;
b) Right of early withdrawal of shareholders; Y,
c) Consolidation of balance sheets.

Article 42.- The statutes of a bank must
contain the following provisions, in addition to the
required of public limited companies:
1) The name of the bank, in which the
indication that it is a public limited company.
2) The city of the Republic where your
headquarters or main office, and that will constitute its
registered office, without prejudice to branches or agencies
that it establishes in accordance with the law. In that city
ordinary board meetings must be held and
function the general management of the company.
3) The number of the bank directors and the name
of the members of the provisional board of directors who must be
appointed by the shareholders.
4) The name and address of the provisional manager and the
assistant manager who will replace him in case of absence or
inability.

Article 43.- The direction and administration of
banking companies will be exercised in accordance with the
legal provisions that govern the matter, the statutes
of each bank and subject to the rules issued by the
Commission.

Article 44.- Any election of directors will be
published in a newspaper of the company's domicile

DFL 252
ART. 40
Law 21130
Art. 1 N ° 38, a)

DO 12.01.2019
Law 21130

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Page 19

DFL 3, HACIENDA (1997)

corresponding bank and must be put into
Art. 1 N ° 38, b)
knowledge of the Commission, to whom a copy will be sent
DO 12.01.2019
authorized deed of the public deed to which the
minutes of the shareholders' meeting or board meeting in
that the appointments have been made.
Law 21130
They must also be communicated and reduced to writing Art. 1 N ° 39, a)
publishes the appointments of general manager and assistant manager DO 01.12.2019
general.
Law 21130
Art. 1 N ° 39, b)
DO 12.01.2019

Article 45.- The board of directors will hold
ordinary session at least once a month
and all the agreements it adopts will be recorded
in the respective minutes.

DFL 252
ART. 43

Article 46.- The board of directors must adopt the
measurements and give the necessary instructions with the
in order to be fully and timely informed, with the
corresponding documentation, handling, driving and
situation of the bank that manages.
DFL 252
The Commission will be able to dictate norms tending to assure ART. 44
the proper and appropriate directory information.
Law 21130
Art. 1 No. 40
DO 12.01.2019

Article 47.- Foreign banking companies do not
will be obliged to have a directory for the
administration of their business within the territory of the
Republic, but they must have an agent widely
authorized to represent them with all powers
legal.
The responsibilities and sanctions that affect the
board of directors or directors of banking companies
will correspond or may be made effective in the attorney-in-fact
of branches of foreign banks.
Foreign banking companies may make their
operations in Chile, in accordance with its practices
usual, provided they are not contrary to the
provisions that govern the matter and do not affect the
business security.
The remittances of the liquid profits obtained
foreign banking companies will be made prior
authorization of the Commission and subject to the
current legal provisions and the regulations issued by the
Central Bank of Chile.

DFL 252
ART. 47

Law 21130
Art. 1 N ° 41
DO 12.01.2019

Article 48.- The Commission or the delegate it designates
To this end, it may administratively resolve any
question that arises in a shareholders' meeting, be it
in relation to the qualification of powers or any
another that may affect the legitimacy of the assembly, of the
agreements that are adopted or of the directors that
choose, without prejudice to the right of the interested parties to

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DFL 3, HACIENDA (1997)

exercise the actions that correspond to them before the courts
ordinary.
Law 21130
Whatever the resolution of justice, no
Art. 1 N ° 42 a) and
it may affect the validity of the agreements adopted with b)
the concurrence of the directors elected in that meeting, nor DO 12.01.2019
of the acts celebrated by virtue of such agreements.
DFL 252
ART. 46

Article 49.- Banks will be subject to the
following provisions:

DFL 252
ART. 65

1) Shareholder contributions may only be
consist of cash, that is, legal currency of
Chili. This rule will not be applied in cases of merger of
banks or the acquisition of the assets and liabilities of a
bank for another.
N ° 2
For this purpose, the cash contribution will be considered
capitalization of money credits owed by the
same banking company, provided that the Commission authorizes
expressly each operation.
Law 21130
2) They may not issue industry shares, shares
Art. 1 N ° 43
to remunerate services, or shares with privilege or
DO 12.01.2019
preference, except in accordance with the provisions of article
55 bis in relation to article 66 letter b). Will be able,
in any case, issue different series of shares.
N ° 3
3) There will be no limit on the number of
Law 21130
shares for which each shareholder may vote in the
Art. 1 N ° 43
together, except those imposed or authorized by law.
DO 12.01.2019
4) The Treasury cannot be shareholders of a bank, the N ° 4
services, fiscal and semi-fiscal institutions, agencies
self-employed, state-owned companies and, in general, all
public services created by law, as well as the
companies, companies or public or private entities in which
the State or its companies, societies or institutions
centralized or decentralized have capital contributions
majority or in equal proportion or, in the same
conditions, representation or participation.
Law 21130
5) A bank may acquire shares of another bank with Art. 1 ° N ° 43 c)
the sole purpose of effecting a merger between the two
DO 12.01.2019
institutions, provided that the following are met
N ° 17
requirements:
Law 21130
Art. 1 N ° 43
a) That prior authorization be obtained from the
DO 12.01.2019
Commission, which can only be granted when
demonstrate, to your satisfaction, that the acquiring company
has assured control of two-thirds of the
shares issued with voting rights of that company
whose shares you are going to acquire.
Law 21130
b) That the board of directors of the acquiring company has
Art. 1 N ° 43
adopted a favorable agreement on the operation.
ii
c) The absorbing banking company must propose a DO 12.01.2019
firm public offer of acquisition of all the
actions of the institution with which it is intended to merge,
a price not lower than the average of those that have
committed to acquire in accordance with letter a). Effected
this offer, the banking company will be obliged to acquire
all the shares that are offered for sale.
Law 21130
d) The basic capital and the effective equity of the
Art. 1 N ° 43

a)

b)

d) i

d)

d)

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DFL 3, HACIENDA (1997)

The merged institution may not be less than the one
corresponds to be qualified in solvency level A of DO 12.01.2019
according to article 61.
e) The merger must be agreed within the term
maximum of 180 days from the date of authorization of the
Commission.
f) If the merger is not agreed within the period of Law 21130
or, for whatever reason the negotiation fails, the
Shares acquired for this purpose must be disposed of DO 12.01.2019
in a term not exceeding ninety days, counted from the
expiration of the term referred to in letter e) or from
that the event that caused the failure of the
negotiation. The latter will be determined by the Commission. Yes
the sale is not fulfilled within the established period
a fine of one percent of the value of the
shares not disposed of for each day that the institution
acquirer keep them in his possession.
g) Once the merger is completed, they will expire in full.
right the shares that should be delivered to the bank
absorbent as a result of it and the value paid for
such shares will be deducted from the entity's equity
merged.
In the case of the acquisition of assets and liabilities of
one bank for another, prior authorization will be required DO 12.01.2019
of the Commission and letters b) and d) shall apply,
understanding in the latter case that the reference to the
merged institution applies to institution
acquirer.
6) Banks will not be obliged to carry out
again the publication of their balances and statements of
Profit and loss duly audited within the period
indicates the Law N ° 18,046, on Public Limited Companies if it is
have done previously; but in this case they must
record in the notices of summons to the meeting, of the
newspaper in which they were published and the date they were
made the publication.

Article 49 bis.- The boards of the banks
They will be made up of a minimum of five and a maximum of
eleven regular directors and, in any case, by a number
odd of them. They may also have up to two directors
alternates. Directors will last three years in their
functions and may be re-elected.
To reduce the number of directors contemplated in Art. 1 No. 44
statute, the bank must obtain prior authorization DO 12.01.2019
of the Commission, which in order to give its approval must
take into account the shareholding composition of the company and
protection of shareholders' rights
minority.
The position of director of a bank is incompatible with the
director or employee of any financial institution
and with the positions designated by the President of the
Republic. The position of director of

iii
Law 21130
Art. 1 N ° 43 d)
iv
DO 12.01.2019
Art. 1 N ° 43 e)

Law 21130
Art. 1 N ° 43 e)

ART. 65 N ° 4
Item 2
Law 21130
Art. 1 N ° 43 f)
DO 12.01.2019

RECTIFICATION
DO05.01.1998

Law 21130

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DFL 3, HACIENDA (1997)

a bank with that of an employee or official of any of
the entities referred to in number 4 of the article
previous. These incompatibilities will not reach the
teaching activities.
Nor may one person perform, at the same time, the
position of director and employee of the same bank. Is
provision does not preclude a director from performing, in
temporarily and for no more than ninety days, the charge
manager.
The member of the board of directors who, without its permission,
I will stop attending sessions for a period of three
months, he will cease in his position for that sole circumstance.
In addition to the disabilities established in the
Articles 35 and 36 of Law No. 18,046, on Companies
Anonymous, the person may not be a director of a bank
what:
a) Has been convicted of a worthy crime
afflictive or perpetual disqualification to perform
public offices or offices, for crimes of prevarication,
bribery and, in general, those committed in the exercise of the
public function, tax crimes, contemplated crimes
in Law No. 18,045, on the Securities Market, crimes
contemplated in articles 59 and 64 of Law No. 18,840,
constitutional organization of the Central Bank of Chile, crimes
against public faith and, in general, by any other
crime contemplated in the rules that regulate the markets
subject to the control of the Commission.
b) Has been sanctioned, within the last five
years, for violation of the rules that regulate the markets
subject to the supervision of the Commission and which, in turn,
are classified as crimes.
c) Has incurred in serious conduct that may
put at risk the stability of the entity in which it is
serves as a director or security for its depositors.
d) It has been declared insolvent and there will be no
rehabilitated.
No special requirements may be established to be
elected director, derived from nationality or profession.

TITLE IV
Capital, Reserves and Dividends of Banks

Article 50.- The amount of paid capital and reserves
from a bank may not be less than the equivalent of 800,000
development units.
If the paid capital and reserves are in fact reduced to ART. 66
an amount less than the minimum, the bank will be obliged
to be completed within one year, a period that the Commission
may extend for qualified reasons for up to another year.
If you do not complete it, your authorization to
function.

DFL 252

Law 21130
Art. 1 N ° 45
DO 12.01.2019

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Page 23

DFL 3, HACIENDA (1997)

Article 51.- At the time of granting the deed
social security of a bank or to authorize the operation of a
branch of a foreign bank, the minimum capital,
indicated in article 50 must be paid at 50%.
There will be no deadline to find out the balance. However,
As long as the bank does not reach said minimum capital, it must
maintain an additional basic capital of 2% of its assets
risk-weighted, net of required provisions, on
the sum of the general minimum requirement of 4.5% to which
refers to article 66, plus the requirements indicated
in articles 66 bis, 66 ter, 66 quater and 66 quinquies,
as applicable, charge that will be reduced to 1% when
have a paid capital and reserves of 600,000 units of
promotion.

Article 52.- The agreements on the capital increase of
the banks that are made in accordance with the provisions of the
Article 127 of Law No. 18,046, on companies
anonymous, must be approved or rejected by the
Commission within thirty days, extendable, for one
one time, for up to thirty additional days.

Article 53.- Only with prior authorization from the
Commission, a bank may agree to reduce the
capital. In no case will the capital be authorized to remain
reduced to an amount less than the legal minimum.

Article 54.- Banks are prohibited
announce in any way its authorized capital
or signed without indicating, at the same time, the
amount of your paid-in capital. It's prohibited,
likewise, to bank branches
foreigners announce in any way the amount
of the institution's capital and reserves
parent bank without indicating, at the same time,
the amount of capital and reserves allocated to
the branch that operates in Chile.

Article 55.- Banks may issue bonds
subordinates that, in the event of liquidation in accordance with the
Title XV of this law, will be paid after they are
covered the credits of the valistas, or will be
capitalized.
The subordinated bonds will be issued with a term

Law 21130
Art. 1 N ° 46
DO 12.01.2019

DFL 252
ART. 69
Law 21130
Art. 1 ° N ° 47
DO 12.01.2019

DFL 252
ART. 70
Law 21130
Art. 1 N ° 48
DO 12.01.2019

DFL 252
ART. 71

Law 21130
Art. 1 ° N ° 49

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DFL 3, HACIENDA (1997)

average not less than five years and will not admit prepayment. DO 12.01.2019
These bonds may not be purchased by companies
indicated in article 2 of this law, nor by its
subsidiaries or associated companies, nor by Cooperatives of
Savings and Credit.
The Commission shall establish, through a standard of character
general, the other requirements and conditions applicable to the
issuance of these instruments.

Article 55 bis.- The banking companies, prior
authorization of the Commission, they may issue shares
preferred or bonds without a fixed maturity term, which
may qualify as part of the effective equity of the
issuing bank in accordance with the provisions of article 66 letter
b).
The Commission shall establish, through a standard of character
general, and prior favorable agreement of the Central Bank of
Chile, the requirements and conditions that must be met
these instruments, which will be subject, at least, to
the following standards:

Law 21130
Art. 1 ° N ° 50
DO 12.01.2019

1. Preferred shares will grant their holders
patrimonial order preferences that should be
established in the respective issuance conditions,
as well as provided for in the bylaws. These
preferences may consist of a priority in payment
dividends or even the right to a proportion
determined or determinable of net profits
distributable, with respect to the holders of shares
ordinary. Likewise, the shares that enjoy these
preferences may be issued without the right to vote or with
limited voting rights. Preferred shares without
voting rights, or those with limited voting rights in the
subjects in which they lack this, will not be computed for the
calculation of the session or voting quorum in the
shareholders meetings. In any case, the preferences that
grant these actions will not require to be subject to a
period of validity determined, nor will it be applicable to
its respect as provided in article 21, third paragraph,
of Law No. 18,046, on Public Limited Companies.
2. The bonds will be issued without a fixed term of
maturity for the amortization of the capital owed. The
capital of these securities may only be redeemed as
consequence of the advance payment or voluntary redemption of
such instruments by the issuing bank, subject to the
rules indicated in the following numeral. In any case,
these bonds will be considered for all legal purposes
as public offering debt instruments.
3. Both preferred stocks and bonds without
fixed term of maturity will be converted into shares
of the issuing bank by means of their exchange or
capitalization, as appropriate, upon the occurrence of
the objective contingencies contemplated for this purpose in the
respective issuance conditions, which must be
approved by the Commission. The same will happen if the bank
I will find myself in one of the insolvency situations
described in article 130.
Alternatively, the conditions of issuance of the

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DFL 3, HACIENDA (1997)

bonds without a fixed maturity term may establish that,

in the event of objective contingencies being verified
contemplated in them, instead of the conversion into
common shares, the principal and interest of such bonds
will expire by the sole ministry of law, without granting
rights to demand payment; or they will depreciate up to
sum equivalent to the nominal amount of ten pesos for each
instrument. In the latter case, the depreciated bond
will grant its holder a conditional right, subject to
the issuing bank recovers the solvency levels that
allow its continuation in the terms that may exist
determined by the Commission in the general rule to
referred to in the heading of this subsection. In case of
This condition is verified, the depreciated bond is re
will appreciate, appreciating in the way that has been
pre-established in the conditions of issue of the same
instrument.
However, bonds without a fixed maturity of
the same series will be subject exclusively to the effect of
capitalization, expiration, depreciation and its
eventual reassessment, as specified in the
conditions of the respective issue.
The exchange of preferred shares will take place in
prior to or simultaneously with capitalization, expiration or
depreciation of bonds without maturity.
4. Preferred shares may only be
voluntarily acquired by the issuing bank, once
after a period of no less than five years counted
since its placement, with prior authorization from the Commission.
Subject to the same term and condition, the
advance payment or voluntary redemption of bonds without term
fixed maturity. In no case, the banking company
may proceed to the acquisition, advance payment or redemption
indicated volunteers, as applicable, if as a result
of this I will fail to meet the minimum proportion of
effective equity established in the first paragraph of
Article 66. In the conditions of issue of the shares
or respective bonuses, elements that
anticipate or make foreseeable that the banking company
proceed to the acquisition, advance payment or redemption
volunteer of the same, as appropriate.
5. Subject to the prior approval of the Commission, the
respective issuance conditions may contemplate the
situations in which the issuing bank of the shares
preferred, or bonds without a fixed maturity term,
may, exceptionally, be exempted from carrying out one or more of
periodic dividend or interest payments, depending on
corresponding, without these being accumulated to dividends or
interest accruing in subsequent periods, nor
that as a consequence of this an event of
breach.
6. By virtue of the simple exchange of shares
preference, or the mere capitalization, depreciation, re
appreciation or expiration of the referred bonds, or by
effect of non-payment of dividends or respective interest,
as appropriate, may not be required in advance
the fulfillment of other obligations that the issuer may have
contracted, nor be resolved or terminated early
respective act or contract that originated them.

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DFL 3, HACIENDA (1997)

7. The instruments regulated in this article in
no case may be acquired by companies
indicated in article 2 of this law, for their
subsidiaries or associated companies or by Savings Cooperatives
and Credit. Likewise, they will be subject to the prohibition
provided for in Article 84 N ° 3, in relation to the
financing of its acquisition. The above is without
prejudice to what was expressed in relation to the acquisition
of preferred shares of own issuance.
In what is not opposed to the provisions of this article
or the aforementioned regulations and the other provisions of
this law shall govern for the bonds what is established in the
Title XVI of Law No. 18,045, on the Securities Market. In order to
Preference shares will govern the provisions of Law No.
18,046, on Limited Companies and its Regulations.

Article 56.- The ordinary shareholders meeting, at
proposal of the bank's board of directors, may agree to
end of each year the distribution of a dividend that
must be taken from liquid earnings, from the fund
intended for the purpose or from other sources than the laws
authorize.
If there is a decrease in capital, and this
is below the minimum capital required in the DO 12.01.2019
Articles 50 and 51, as appropriate, may not be distributed
dividend as long as the deficit has not been repaired.
Neither may dividend be distributed charged to
profit for the year or reserve funds, if for
effect of this distribution, the bank infringes any of the
proportions established by article 66, or when
suspended the payment of the coupon or interest on the bonds without
expiration period referred to in the article
preceding.
In the event of a deficit in the basic capital additional to
referred to in articles 66 bis and 66 ter, it will be
limited the distribution of dividends to the respective
proportion indicated below, while not
has restored said capital:

Law 21130
Art. 1 N ° 51

a) If the deficit is less than or equal to 25% of the level
required, the bank may distribute a maximum of 60% of
the profits for the year.
b) If the deficit is greater than 25% and less than or equal to
at 50% of the required level, the bank may distribute as
maximum 40% of the profits for the year.
c) If the deficit is greater than 50% and less than or equal to
at 75% of the required level, the bank may distribute as
maximum 20% of the profits for the year.
d) If the deficit is greater than 75% of the level
required, the bank will not be able to distribute
exercise.
In any of the situations envisaged in this
article, the acquisition of shares shall be prohibited
of the bank by its controlling shareholders, to
Unless they have the prior authorization of the
Commission.

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DFL 3, HACIENDA (1997)

Article 57.- Banks may not
distribute interim dividends.

DFL 252
ART. 76

Article 58.- Directors or managers
from a bank proposing the payment of dividends
in contravention of the rules of this title,
will be jointly and severally liable for the
return of the amount of the dividend distributed
in such conditions.

DFL 252
ART. 77

TITLE V
Management and Solvency Classification

Article 59.- The Commission will permanently maintain
the management classification and solvency of the banks,
carried out in accordance with the procedure indicated in the
following articles.
Law 21130
This classification must be carried out periodically, Art. 1 ° N ° 52 a)
and at least once a year, by founded resolution and
DO 12.01.2019
notify each bank within five days
following the date of its completion, without prejudice to
updates made by the Commission when
prove changes in the situations that motivated the
previous qualifications.
DL 1,097
ART. 15 A
Law 21130
Art. 1 N ° 52 b)
DO 12.01.2019

Article 60.- Banks will be classified
in one of the following categories:
Category I: Includes institutions
that are classified in level A of
solvency and level A of management.
Category II: Includes institutions
that are classified in level A of
solvency and management level B, level B
solvency and at level A of management, or at level
B of solvency and level B of management.
Category III: Includes institutions
that are classified in level B of
solvency and for two or more consecutive times
at level B of management. They will also be in this
category the banks that are
classified in solvency level A and level
C management, or level B of solvency and level
Management C.
Category IV: Includes institutions
that are classified in level A or B of
solvency and for two or more consecutive times in
level C of management.
Category V: Includes institutions that

DL 1,097
ART. 15 B
RECTIFICATION
DO 05.01.1998

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DFL 3, HACIENDA (1997)

are classified in solvency level C
whatever their level of management.

Article 61.- For the purposes of what is stated in the
previous articles, banks will be classified according to their
solvency at the following levels:

Law 21130
Art. 1 ° N ° 53
Level A: Institutions that comply with the requirements DO 12.01.2019
of basic capital and effective equity referred to in the
Article 66, and that also satisfy the requirements of
additional capital referred to in articles 66 bis and
66 ter.
Level B: Institutions that meet the requirements
of basic capital and effective equity referred to in the
Article 66, but not with capital requirements
additional provisions established in articles 66 bis or 66 ter.
Level C: Institutions that do not comply with the
basic capital requirements or effective equity
referred to in article 66.

Article 62.- For the purposes of what is indicated in the
previous articles, banks will be classified according to their
management at the following levels:

DL 1,097
ART. 15 D

Level A: Institutions not classified in levels B
and C following.
Law 21130
Level B: Institutions that reflect certain weaknesses Art. 1 ° N ° 54 a) i
in its corporate governance, internal controls,
DO 12.01.2019
security of their networks, information systems for
decision making, timely risk monitoring,
private risk classification and capacity to face
contingency scenarios, which will be corrected by the
own institution during the period preceding that of the
next qualification to avoid a gradual deterioration in
the strength of the institution. The
sanctions applied to the company, except those
found with a pending claim.
Law 21130
Level C: Institutions with deficiencies
Art. 1 N ° 54 a) i
significant, in any of the factors indicated in and ii
Previous level, whose correction must be made with DO 12.01.2019
more promptly to avoid a relevant impairment in your
stability.
Law 21130
Art. 1 N ° 54 a) i
The Commission, by means of a general rule,
DO 12.01.2019
establish the conditions and modalities necessary for
the implementation of this classification. Such standards
should treat in the same way the banks that are
find in situations of characteristics and nature
equivalents. Similarly, they should consider the
compliance with regulations on critical infrastructure
of the information that, in terms of cybersecurity,
established by the Commission, subject to legal regulations
current.
Law 21130
Art. 1 N ° 54 b)
DO 12.01.2019

TITLE VI

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DFL 3, HACIENDA (1997)

Reserve Reserve and Technical Reserve of Banks

Article 63.- The banking companies and the
Banco del Estado de Chile must maintain, for
your demand and time deposits or
obligations, the reserve requirements determined by the
Central Bank of Chile.

DFL 252
ART. 78

NOTE

NOTE
No. 6 of article 3 of LAW 20190, published
On 06.05.2007, delete the second paragraph of this
Article.

Article 64.- The banking companies and cooperatives of
savings and credit that do not maintain the reserve requirement
forced will be sanctioned with a fine equal to double
of current interest for non-adjustable operations in
national currency of less than ninety days or for operations
in foreign currency, as appropriate, effective for the
month in which the offense is committed, adjusted
proportionally to the duration of the reserve period. The
fine will be calculated on the average term to which there is
the deficit increased during the period in which it was
produce.
If the lack of fit is caused by closure Art. 1 ° N ° 55
banking and will not last for more than fifteen days
counted from the date of cessation of closure, the
Commission may reduce or forgive the fine.
The foregoing shall be understood without prejudice to the others
measures that the Commission may adopt in accordance with the
law.

Article 65.- Deposits in checking accounts and
other deposits and demand deposits that a bank
receive, as well as the sums that must be allocated to pay
obligations at sight that you contract within your business
financial, to the extent that they exceed two and a half times their
effective equity must be kept in cash or in a
technical reserve consisting of deposits in the Bank
Central de Chile or in documents issued by this
institution or by the General Treasury of the Republic to
any term valued according to market prices. The
documents of the Central Bank of Chile will be rescued by
this for the value of the principal balance owed, plus
interest and readjustments calculated up to the date of the
reception, at the sole request of the owner bank when
find yourself in any of the situations provided in the
first paragraph of Title XV.
For the purposes of this article:

Law 21130
DO 12.01.2019

DFL 252
ART. 80 bis
LAW 20190

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DFL 3, HACIENDA (1997)

a) Deposits and obligations to the
Art. 3 No. 7 a)
view of those whose payment may be legally required in DO 05.06.2007
unconditionally, immediately.
LAW 20190
b) Deposits, loans or any other
Art. 3 N ° 7 b)
obligation that the bank has contracted with another company
DO 05.06.2007
bank. will always be considered as obligations to
Law 21130
term. Likewise, the
Art. 1 N ° 56 a)
Obligations contracted under this modality, whose payment is DO 12.01.2019
make enforceable in advance by virtue of the expiration of the LAW 20190
term attributable to any circumstance or breach Art. 3 N ° 7 c)
legal, regulatory or contractual incurred by the bank.
DO 05.06.2007
LAW 20190
Deposits and obligations subject to the rules of Art. 3 N ° 7 d)
this article that exceed the amount indicated in paragraph DO 05.06.2007
first they will not be subject to the obligation to reserve
Law 21130
provided for in article 63; nor the amounts that the bank Art. 1 ° N ° 56 b)
keep in the Central Bank of Chile by virtue of them
DO 12.01.2019
will serve to constitute it.
The titles that make up the technical reserve do not
They will be liable to tax. They may not be seized or
be subject to precautionary measures the deposits that the
bank has been incorporated into the Central Bank of Chile, nor
documents you have acquired by virtue of the provisions of
this article.
If a bank defaults on any of the
obligations contemplated in this article, the manager
must inform the Commission of this fact in a
immediate, as well as the steps you will take to adjust
to them.
Law 21130
Without prejudice to the provisions of the preceding paragraph, Art. 1 ° N ° 56 c)
in case of breach of any of the obligations DO 12.01.2019
described in this article, the bank will be
sanctioned with a fine that will be calculated by applying to each
daily deficit the maximum conventional interest rate
for non-resettable operations, as long as it is
keep up. The Commission may waive the fine if
I will be dealing with a deficit that has not extended for more than
three business days and provided that the institution has not
incurred another deficit in the same calendar month.
If the deficit persists for more than five days, the
banking company must present a plan of
regularization in accordance with the provisions of the title
XIV.

TITLE VII
Relationship between Assets and Equity of the Companies
Banking

Law 21130
Art. 1 N ° 57
DO 12.01.2019

Article 66.- The effective equity of a bank does not
may be less than 8% of its assets weighted by
risk, net of required provisions, or to the minimum
is enforceable in accordance with articles 51, 66 quater and
66d. The basic capital may not be less than
4.5% of its risk-weighted assets, nor 3% of the

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DFL 3, HACIENDA (1997)

total assets, both net of required provisions.
Law 21130
The effective equity of a bank is understood as the sum Art. 1 ° N ° 58
of the factors listed below, with their
DO 12.01.2019
respective limitations:
a) Your paid capital and reserves or basic capital. In order to
effects of this law, paid capital is understood as the
made up of ordinary shares that are
subscribed and paid.
b) Bonds with no expiration term and shares
referred to in article 55 bis, that the
bank has placed, valued at the placement price,
up to the concurrence of a third of its basic capital.
The sum of the basic capital, the bonds without term of
maturity and the preferred shares may not be
less than 6% of your risk-weighted assets, net
of provisions required.
c) The subordinated bonds that you have placed, valued
at the placement price and up to 50% of your
basic capital. The computable value of these bonds
will decrease by 20% for each year that elapses since
six years before expiration.
d) Voluntary provisions that it has constituted,
up to 1.25% concurrency of its assets weighted by
credit risk, net of required provisions,
in the case of the application of the methodologies
standards referred to in article 67, or of the
0.625% in case of applying an own methodology according to
at the same disposal. Voluntary provisions are
that exceed those that banks must maintain for
provision of the law or by regulation of the Commission.
When a bank makes contributions to subsidiaries
or to support the business or assign capital to a branch in the
exterior, its effective equity will be calculated by applying the
general rules of consolidation established by the
Commission.
The Commission, for the purpose of determining the
effective patrimony, may establish, by means of a
general character, adjustments or exclusions of items of
assets or liabilities, including risk mitigators, that
affect its value.

Article 66 bis.- Banks must maintain a
additional basic capital equivalent to 2.5% of its assets
weighted by risk, net of provisions required, by
on the minimum effective equity that is required of
in accordance with the provisions of article 66.
In case of non-compliance with the above, the bank must
be subject to the provisions of the final paragraph of the article
56, as long as said deficit is not remedied, without prejudice to
the other powers that, in this regard, may exercise the
Commission.

Law 21130
Art. 1 ° N ° 59
DO 12.01.2019

Article 66 ter.- The Central Bank of Chile, in
Considering the phase of the economic cycle, you may
determine the activation of a capital charge

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DFL 3, HACIENDA (1997)

additional basic counter-cyclical character, applicable
generally to all banking companies incorporated or
authorized to operate in the country. For this efects,
will specially summon the Minister of Finance to the session
respective, in accordance with the provisions of article 19 of
Law No. 18,840, constitutional organic of the Bank
Central Chile.
Law 21130
Adopted the resolution by the Council, the Central Bank of Art. 1 ° N ° 59
Chile, after a favorable report from the Commission, will establish the DO 12.01.2019
Additional core capital requirement between 0% and 2.5%
of risk-weighted assets, net of provisions
required, as well as the period that banks will have to
meet this requirement, which may not be less than
six months from its imposition. Also, the
The Commission shall establish, by means of a general rule,
the other conditions necessary for the implementation and
supervision of the requirement described in this
Article.
In case of not finding out the additional basic capital to
referred to in this article within the period established by the
Central Bank, the provisions of the final paragraph
of article 56, until said capital is constituted in
its entirety.
Likewise, the Board of the Central Bank of Chile
will determine the deactivation of the additional requirement
described in this article and the period in which it
must materialize, following the procedure described
in the preceding paragraphs. The agreement must be
communicated to the Commission to establish, through
founded resolution, the other conditions in which
the deactivation will materialize.

Article 66 quáter.- The Commission will determine,
by means of a general rule, and with prior agreement
favorable from the Board of the Central Bank of Chile, the
factors and methodology that make it possible to establish whether a bank
or group of banks can be rated as important
systemic. Such factors may include the
size, market share, interconnection with
other financial entities, the degree of substitution in the
provision of financial services or any other
objective criterion that is considered relevant for said purpose. Law 21130
By means of a founded resolution, and prior agreement
Art. 1 ° N ° 59
favorable from the Central Bank of Chile, the Council of the
DO 12.01.2019
Commission will rate the quality of a bank as systemic.
By the same act, or later and subject to the same
procedure, you may impose one or more of the following
requirements, as long as it maintains this condition:
a) Add between 1.0 to 3.5 percentage points to the
core capital over risk-weighted assets, net
of provisions required, above the minimum requirement
8% general referred to in article 66.
b) Addition of up to 2.0 percentage points to capital
basic over total assets, net of provisions
required, above the general minimum requirement of 3%
referred to in article 66.
c) That the technical reserve established in article

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DFL 3, HACIENDA (1997)

65 is applicable since the deposits and other sums to
referred to in that standard exceed one and a half times their
effective equity.
d) That the margin of interbank loans
established in article 84 No. 1, penultimate paragraph,
it is lowered to 20% of the effective equity.
Subject to the same qualification procedure provided
In this article, the Council of the Commission will determine
if a bank is no longer considered important
systemic, in which case it will be exempted from the
demands that would have been imposed by virtue of said
qualification.

Article 66 quinquies.- The Commission may impose
patrimonial requirements additional to those established
in the previous articles, by means of a founded resolution and
with the favorable vote of at least four Commissioners, to
those banks that, as a result of the process of
supervision, present, in the opinion of the Commission, risks
not sufficiently covered with the requirements foreseen in
said precepts. Such requirements may be
satisfied by basic capital, in addition to the already
constituted in compliance with the provisions of this
law, or with the instruments referred to in the
letters b), c) and d) of Article 66, as authorized by the
Commission. In any case, the patrimonial requirement that is
imposed on a bank may not exceed 4% of its assets
risk-weighted, net of required provisions.
For the purposes of the provisions of this article, Art. 1 ° N ° 59
The Commission shall establish, through a standard of character
general, the general criteria and guidelines
will be taken into consideration for the determination of the
Additional capital charges described above.

Law 21130
DO 12.01.2019

Article 67.- For the purposes of determining the
risk weighting of assets, the Commission
establish standardized methodologies to cover the
relevant risks of the banking company, among them, the
credit, market and operational risk. Said
methodologies will be established by a standard of character
general, prior favorable agreement of the Bank's Board
Central Chile.
Law 21130
Without prejudice to the provisions of the preceding paragraph, Art. 1 ° N ° 60
Commission may authorize banks to use
DO 12.01.2019
proprietary methodologies to determine weighted assets
due to risk indicated in this article. For this efects,
It will be established, by means of a general rule and
prior favorable agreement of the Board of the Central Bank of
Chile, the limits, requirements and other conditions for the
use and implementation of these methodologies,
complying with the requirements established in subsection
previous. In said rule, the Commission may authorize that
the aforementioned own methodologies contemplate a
differentiated treatment in terms of provisions, with respect to
of the standard model referred to in subsection
previous.

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DFL 3, HACIENDA (1997)

Likewise, the Commission may, at any time,
represent the bank that its methodologies, or
its eventual modifications do not comply with the regulations
in force, in which case the bank must correct them within
of the term that it indicates. In case the bank does not
carry out the ordered correction, the Commission may, without
further processing, nullify the methodology
implemented, or only that part that has been
objected, as the case may be.

Article 68.- The bank that is not adjusted to
some of the proportions indicated in article 66
must be included in them within a period of sixty
days counted from when the infraction occurs
respective and may be sanctioned in accordance with
established in Title III of Law No. 21,000, which creates
the Commission for the Financial Market.
Notwithstanding the foregoing, the Commission will order
without further formality the fulfillment of the obligation of
frame indicated in the preceding paragraph, adopting the
measures that it deems pertinent in accordance with the law.

Law 21130
Art. 1 ° N ° 60
DO 12.01.2019

TITLE VIII
Bank Operations

Article 69.- Banks may carry out
following operations:
1) Receive deposits and enter into account contracts
bank current.
2) Issue bonds or debentures without special guarantee.
Likewise, and subject to the general rules
issued by the Commission, banks may issue bonds without
special guarantee, in order to allocate the funds
received from the granting of mutuals covered by guarantee
mortgage, either for general purposes, or for the
financing or refinancing the acquisition,
construction, repair or expansion of homes. Is
circumstance must be recorded in the deed of
corresponding issuance, together with the maximum term of
age of the mortgage loans that may be
financed or refinanced with a charge to said issuance and with
the conditions for early redemption of the bonds in the event
of breach of the aforementioned.
In accordance with the regulations issued by the Commission, the
issuing bank of the bonds intended to finance or
refinancing of mortgage operations must
carry out the assignment of mortgage loans
linked to that issue, being able to include for these
effects to those that have been granted within the
twelve months prior to the placement of the bonds.
Likewise, you can replace said assignment by associating the
issuance of bonds to other credits of the same nature. On
these cases, a record must be recorded
that the company will maintain subject to said
rules.
The mortgage loans referred to in the paragraphs

DFL 252
ART. 83
N ° 1
N ° 1 bis

Law 21130
Art. 1 N ° 61 a)
DO 12.01.2019

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Page 35

DFL 3, HACIENDA (1997)

above may not correspond to those indicated in the
numeral 5 of this article, without prejudice to which
shall be governed by the provisions set forth in title XIII
of this law, as applicable, including the
special procedure referred to in articles 103
And next.
The Central Bank of Chile may exercise, in relation to
with the granting of the mortgage loans to which
refers to this paragraph, the regulatory powers provided for in
Articles 92, Nos 1 and 2, and 99 of this law. Also, the
Central Bank of Chile will determine the instruments
financial resources in which the resources obtained will be maintained
by the banking company by placing these
mortgage bonds in fixed income transferable securities,
as long as these are not assigned to the respective
mutual mortgages.
They will also apply to mortgage loans and
to the bonds that are issued for their financing the norms
provided for in articles 134 and 134 bis of this law,
it being understood, for all legal purposes, that
references that make the aforementioned provisions to the
letters of credit will also apply in the case of bonds
mortgages dealt with in this paragraph, owing the
issuing institution comply with the obligations
contained in said articles regarding the portfolio of
mortgage loans linked to a certain
bond issue. The same treatment will be applicable to
the fixed income transferable securities referred to in the
previous subsection, if applicable.
3) Make loans with or without collateral.
4) Discount bills of exchange, promissory notes and others
documents that represent an obligation to pay.
5) Issue letters of credit that correspond to
loans granted under Title XIII of this law.
The obligations of the borrower in these operations are
will compute for the purposes of the limits established
Article 84, No. 1 and 4.
6) Acquire, assign and transfer bills of exchange,
subject to the rules agreed by the Central Bank of
Chile in accordance with its Organic Law.
Likewise, banks may carry out operations with Law 21130
Derivative products, such as futures, options, swaps, Art. 1 ° N ° 61 b)
forwards or other derivative instruments or contracts,
in accordance with the rules and limitations established by the Bank
Central Chile.
7) Subject to the general rules that Art. 3º Nº 8
dictated by the Commission, banks may grant credits that DO 05.06.2007
are covered by mortgage guarantee. Such
Credits will be issued by public deed that carries
clause to the order, of which a single copy will be granted
authorized to be delivered to the creditor, which will be
transferable by endorsement placed below, in the margin
or on the back of the document, indicating the name of the
assignee. For informational purposes only, the
assignment must be noted in the margin of the registration of the
mortgage.
The assignor will only be liable for the existence of the
credit.
Banks and DO 12.01.2019 may be assignees of these credits

N ° 2
RECTIFICATION
DO05.01.1998
N ° 3

N ° 3 bis

N ° 4

DO 12.01.2019
LAW 20190

N ° 4 bis
Law 21130
Art. 1 N ° 61 c) i

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DFL 3, HACIENDA (1997)

other entities regulated by special laws that
allow this type of investment. The administration of
these credits should be in these cases entrusted to a
bank or one of the mutual managing agents
mortgage referred to in article 21 bis of the
Decree with force of law No. 251 of 1931, of Companies of
Insurance, Stock Companies and Stock Exchanges, or
any other entity authorized by law to administer
endorsable mortgage loans.
Law 21130
8) Make collections, payments and transfers of
Art. 1 ° N ° 61 c)
money.
ii and iii
9) Carry out international exchange operations with DO 12.01.2019
according to the law.
N ° 5
10) Issue letters of credit.
N ° 6
11) Endorse bills of exchange or promissory notes and grant
N ° 7
Simple and joint guarantees, in national currency, with
N ° 8
subject to the rules and limitations imposed by the
Commission.
Law 21130
12) Issue bills, payment orders and drafts against its Art. 1 ° N ° 61 d)
own offices or correspondents.
DO 12.01.2019
13) Issue tickets or guarantee deposits, which
N ° 9
will be unattachable by third parties outside the contract or
the obligation they guarantee.
N ° 10
14) Receive securities and effects in custody, in the
conditions that the bank itself fixes and leases
safes for the deposit of values ​and effects. N ° 11
15) Establish subsidiaries in the country in accordance with
to articles 70 and following.
N ° 11 bis
16) Accept and execute trust commissions,
in accordance with Title XII of this law.
N ° 12
17) Serve as financial agents of institutions and
national, foreign or international companies, and
provide financial advice.
N ° 12 bis
18) Acquire, keep and dispose of, subject to the rules
established by the Central Bank of Chile, debt bonds
internal and any other kind of documents, issued in
series, representative of obligations of the State or its
institutions. Banks may acquire, keep and
dispose of gold in coin or in paste, within the margin
general that establishes the second paragraph of this article.
N ° 13
19) Acquire, keep and dispose of bonds or obligations Law 21130
of income from international institutions to which
Art. 1 ° N ° 61 e) i
the State of Chile has joined.
and ii
20) Acquire, keep and dispose of transferable securities DO 01.12.2019
of fixed income, including letters of credit issued by other N ° 14
banks, and take care of the issuance and guarantee the
placement and service of such transferable securities.
These operations will be governed by credit margins
stated in article 84, both with respect to the issuer and
of the others obliged to pay.
N ° 15
21) Banks may acquire shares or take
participation in banks or companies incorporated in the
foreigner, subject to the rules contained in the
article 76 and following.
N ° 15 bis
They may also be shareholders or have
participation in the companies referred to in the article
74.
N ° 16
22) Acquire, conserve, build and dispose of assets
roots necessary for its functioning or that of its

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Page 37

DFL 3, HACIENDA (1997)

annex services.
The bank may lease the part of the
real estate that you are not using or real estate that
required for future expansion.
23) Acquire, keep and dispose of assets
bodily furniture necessary for your service or for the
maintenance of your investments.
24) Issue and operate credit cards.
25) Act as placement agents for shares of
first issue of public limited companies being able to

N ° 17

N ° 18
N ° 19

guarantee their placement. The shares they acquire as
consequence of the granting of this guarantee must be
disposed of within a maximum period of two years counted
from the date of acquisition. This period will be one
year for actions approved in accordance with article
106 of Decree Law No. 3,500, of 1980, of the Ministry of
Labor and Social Welfare, which establishes a New
Pensions As long as the shares are held by the bank
will not have the right to speak or vote in the meetings of
shareholders. The sale of the shares must be made
in the form, conditions and under the sanctions established
Article 84. This guarantee may not be applied to a
percentage that exceeds 35% of the subscribed and paid capital
of the issuer, and the amounts to which the guarantee or
the shares acquired by virtue of it will remain
included in the credit margins established in the
Article 84.
Law 21130
The shares that a bank acquires by virtue of this Art. 1 ° N ° 61 f) i
number may not have a market value that, in total, and ii
exceed your paid-in capital and reserves.
DO 12.01.2019
26) Provide their clients with financial services for N ° 20
account of third parties, in the form and conditions determined
the Commission. In the case of services provided or
commissioned by institutions subject to the control of
another supervisory entity, the authorization must be
granted by all of them as a general rule
joint.
Law 21130
27) Provide the securities transportation service.
Art. 1 ° N ° 61 g) i
The set of investments that the bank makes in and ii
the classes of goods referred to in Nos. 15, 21, 22 and DO 12.01.2019
23 may not exceed the total of their paid-in capital and
N ° 5
Bookings.
The bank that acquires goods in excess of the provisions
in the previous paragraph, will be sanctioned with a fine of
10% on the excess of the investment made for each month
calendar to keep it. Without prejudice to the procedure
sanction that is substantiated for the imposition of said
fine, the bank must adhere to the limits
established in the preceding paragraph within a period of ninety
days. If he does not do so, one of the
the constraints or sanctions established in title III of
Law No. 21,000, which creates the Commission for the Market
Financial.
Law 21130
Art. 1 ° N ° 61 h)
DO 12.01.2019

TITLE IX

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DFL 3, HACIENDA (1997)

Paragraph 1. Subsidiary Companies in the Country

Article 70.- Banks can establish in the country
subsidiary companies designed to carry out the following
operations or functions:

Law 21130
Art. 1 N ° 62 a)

a) Securities dealers; stockbrokers; companies DO 12.01.2019
general fund administrators referred to by law
N ° 20,712, on Administration of Third Party Funds and
Individual Wallets; securitization of securities and
insurance brokers governed by the decree with force of
Law No. 251 of the Ministry of Finance, of 1931, of
Insurance Companies, Corporations and Stock Exchanges
Commerce. The companies that carry out the operations to which
referred to in this letter will be governed by law
applicable to such matters, will be audited by the
Commission and must be subject to the conditions that it
establish for the development of said activities through
general rules.
Law 21130
For the purposes of the consolidation of the parent bank Art. 1 ° N ° 62 b) i
with its subsidiaries, the Commission may request
DO 12.01.2019
directly to these your financial statements and review in
they all operations, books, records, accounts,
documents or information that allow you to know your
solvency.
LAW 20190
The Commission, by means of a general rule,
Art. 3º Nº 9
will impart to insurance brokerage companies, which are DO 05.06.2007
subsidiaries of banks or persons related to the bank that
Law 21130
act as insurance brokers, instructions for Art. 1 ° N ° 62 b)
to guarantee the independence of their actions and the
ii
safeguarding the right of the insured to decide on DO 12.01.2019
contracting insurance and choosing the intermediary,
it is especially forbidden for banks to condition the
granting of credits to the contracting of insurance
that they offer, the debtor being able to freely contract
the policy in any of the entities that
commercialize, under the requirement that the
same coverage conditions and is considered as
beneficiary of the insurance to the bank or whoever it designates.
Law 21130
b) Buy and sell tangible personal property or
Art. 1 N ° 62 b)
real estate only to carry out leasing operations, iii
with or without purchase option, in order to grant
DO 12.01.2019
total or partial financing; perform factoring,
Law 20448
financial advice, custody or transportation of securities,
Art. 9 N ° 3
collection of credits and the provision of services
DO 13.08.2010
financial statements that the Commission, by means of a standard
have generally estimated that they complement the turn of
banks. In these cases, the Commission shall establish,
by means of general rules, the conditions of the
exercise of the referred turns.
Law 21130
Banks may also establish subsidiaries such as
Art. 1 ° N ° 62 c)
real estate companies, which, in their constitution and
DO 12.01.2019
operation, will be subject to the rules of this law and the
Law No. 19,281, which establishes rules on Leasing of
Homes with a Promise of Sale. They may also
manage and invest the resources and funds

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Page 39

DFL 3, HACIENDA (1997)

referred to in article 54 of said law, in accordance with the
demands that are established in it.

Article 70 bis.- Banks may establish in the
country subsidiary pension advisory companies to which
refers to Decree Law No. 3,500, of 1980, of the Ministry
of Labor and Social Security, which establishes the New System
of Pensions. These entities will also be supervised
by the Superintendency of Pensions, in accordance with
provided in the aforementioned decree law.
The Commission and the Superintendency of Pensions,
by means of a joint general rule, they will impart to DO 12.01.2019
pension advisory companies, which are subsidiaries
of banks, instructions aimed at guaranteeing the
independence of their performance, being them especially
banks are not allowed to condition the granting of loans
to the contracting of pension advisory services to
through a bank-related advisor.

Article 71.- Subsidiary companies may not
acquire shares or take participation in other
companies, unless the Commission considers that the investment
is essential for the development of your business and always
that does not exceed at any time 5% of the paid capital of
the company in which said investment is made.
The Commission, as a general rule, may
authorize banks to directly carry out any of the
the activities referred to in letter b) of article Law 21130
70.

Article 72.- To establish subsidiary companies or
directly carry out the activities referred to in the
letter b) of article 70, the bank must collect the
following requirements:
i) Comply with the capital requirements set forth in N ° 11 bis
Article 66 refers;
ii) That he is not qualified in the last two
categories in general application processes
established by the Commission. The
rules contained in articles 59 et seq.
iii) That at least one study of
economic-financial feasibility in which the DO 12.01.2019 is considered
market, the characteristics of the entity, the activity
projected and the conditions in which it will develop
according to various contingency scenarios. The Commission
will analyze the feasibility study and will be able to do
present your reservations about serious inconsistencies or errors
flagrant that, in his opinion, exist.

Law 21130
Art. 1 N ° 62 d)
DO 12.01.2019

Law 21130
Art. 1 N ° 63 a)

Law 21130
Art. 1 N ° 63 b)
DO 12.01.2019

DFL 252
ART. 83
N ° 11 bis
Art. 1 N ° 64 a)
DO 12.01.2019
Law 21130
Art. 1 N ° 64 b)
DO 12.01.2019

DFL 252
ART. 83
Law 21130
Art. 1 N ° 65 b)
DO 12.01.2019
Law 21130
Art. 1 N ° 65 a)

Law 21130

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DFL 3, HACIENDA (1997)

Art. 1 N ° 65 a)
The bank may participate as a minority in a DO 12.01.2019
company that has any of the objects indicated in the
preceding articles, unless the Commission denies the
authorization basing its resolution on the fact that the others
partners or shareholders do not meet the conditions that
required by article 28.

Law 21130
Art. 1 N ° 65, a) and
c)
DO 12.01.2019
LAW 20190
Art. 3º Nº 10

Article 73.- The Commission will have a term of ninety DO 05.06.2007
days from the submission of the application for
pronounce on the constitution of the companies to
referred to in the preceding articles, or of the exercise
direct of the corresponding activities. If the Commission
request additional information, said period will be
it will extend to one hundred and twenty days. To reject the request
The Commission shall issue a resolution based on the fact that
The requirements established by law have not been met.
In the case of entities classified in the category
III, according to the provisions of article 60, may also
base the resolution on the existence of deficiencies in its
management that does not enable it to access the new
activity.
Law 21130
If the requesting bank is in the category Art. 1 ° N ° 66
I of management and solvency, according to what is indicated in the
DO 12.01.2019
Article 60, the request for authorization shall be understood
approved if the Commission does not expressly reject it within
of the sixty days following the date of your
presentation, basing its resolution on the fact that no
fulfilled the legal requirements. If the Commission does not dictate
the refusal resolution within the legal term, it may be
require the application of positive administrative silence
in the manner indicated in article 64 of Law No.
19,880, which establishes the Bases of the Procedures
Administrative that govern the Acts of the Bodies of the
State Administration.

Paragraph 2. Giro Support Societies

Article 74.- Banks may, also, prior
authorization from the Commission, and complying with the requirements
general that for the specific object she establishes
by means of a general rule, be shareholders or have
participation in a company whose sole purpose is one of
the following:
a) Provide services aimed at facilitating the
fulfillment of the purposes of financial entities.
b) That through them the financial institutions Art. 1 ° N ° 67 a)
can carry out certain bank transfer operations DO 12.01.2019
with the public, except to raise money.

DFL 252
ART. N ° 83
15 bis
Law 21130

The banking support companies that carry out

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Page 41

DFL 3, HACIENDA (1997)

activities related to the means of payment may
provide services to broadcasters and media operators
of payment described in the second paragraph of article 2 of the
present law.
The banking support companies that are
referred to in the preceding paragraph may use means
technological, electronic or any other resulting
suitable for facilitating trade establishments
can expressly accept the conditions of
contracting that they propose for the operation of
means of payment with provision of non-bank funds and
similar, which must be objective, competitive,
transparent and non-discriminatory. These conditions
must be informed to the commercial establishments
with due anticipation and publicity, trying
ensure adequate knowledge of its meaning, scope and
effects.
The Commission shall determine, through a standard of character
general, the conditions and requirements for the constitution
of subsidiaries in accordance with the provisions of this paragraph.

Article 75.- The Commission will be in charge of
audit of the companies referred to in the
Articles 70 and 74, and will be empowered to dictate the
general rules to which said companies must
hold their operations according to the turn they make.

Law 20950
Art. 9 N ° 3
DO 29.10.2016

Law 21130
Art. 1 N ° 67 b)
DO 12.01.2019

Law 21130
Art. 1 ° N ° 68
DO 12.01.2019

TITLEX
Operations Abroad

Article 76.- Banks may open branches or
representative offices abroad, carry out
investments in shares of banks established in the
foreign or in shares of companies incorporated therein that
have any of the money orders authorized by articles 70,
71, 72 and 74. The opening of branches or offices of
representation will require authorization from the Commission.
The other referred investments will need,
additionally, the authorization of the Central Bank of Chile.
For these purposes, once its pronouncement has been issued, the
The Commission will forward the information to the Central Bank of
Chili.

Article 77.- To obtain authorization from the
Commission, the bank must meet the following
requirements:
a) Comply with the capital requirements established
refer to articles 66, 66 bis and 66 ter.

Law 21130
Art. 1 ° N ° 68
DO 12.01.2019

DFL 252
ART. 83 bis
Law 21130

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DFL 3, HACIENDA (1997)

b) That he is not qualified in the last two Art. 1 ° N ° 69 b)
categories in the general qualification processes
implementation established by the Commission. They will apply to
effect of the rules contained in articles 59 and
following; in the case of institutions classified in
category III, the Commission may reject the
request, based on the existence of deficiencies in its management
that do not enable it to access the new activity;
c) That at least one study of
economic-financial feasibility in which the DO 12.01.2019 are considered
economic conditions of the country where the
investment, operation and characteristics of the
financial market in which the entity will be installed, the
projected activity and the conditions in which it is
will unfold according to various scenarios of
contingency. The Commission will analyze the study of
feasibility and you can make your reservations about
serious inconsistencies or flagrant errors that, in their
opinion, exist;
d) That the country in which the investment will be made or is Art.
the office will open offers inspection conditions that DO 12.01.2019
allow you to appreciate the risk of your operations. Whether
authorizes a bank to establish an office or carry out
an investment in a given country cannot be refused
to another, unless the
country situation;
e) That, if the company involves partners or
shareholders with a percentage equal to or greater than 10% of the
capital of it, meet the requirements required by the
Article 28.

DO 12.01.2019

Law 21130
Art. 1 N ° 69 a)

Law 21130
1 ° N ° 69 a)

Law 21130
Art. 1 ° N ° 69 c)
DO 12.01.2019
LAW 20190
Art. 3º Nº 11

Article 78.- The Commission, by means of a regulation
DO 05.06.2007
general character, will determine the antecedents that
must be submitted to prove compliance with the
requirements indicated in the previous article. Any
Completion that the Commission deems necessary shall
requested within 45 days. The pronouncement
definitive must be given within 90 days
from the presentation of the application. The Commission shall
communicate confidentially to the banking company and the Bank
Central de Chile the cause of the pronouncement when it
be negative.
Law 21130
Banks may avail themselves of the procedure of
Art. 1 N ° 70 a)
authorization established in the following paragraphs when, i, ii and iii
in addition to the requirements indicated above,
DO 12.01.2019
gather in a copulative way those indicated below
DFL 252
continuation:
ART. 83 bis
i) That the bank exceeds by one percentage point the
effective equity that is required of it in accordance with the
articles 66, 66 bis and 66 ter;
ii) That the bank is rated first or Art. 1 ° N ° 70 b)
second category in the qualification processes of
general application established by the Commission. I know

Law 21130
DO 12.01.2019

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DFL 3, HACIENDA (1997)

the rules contained in the articles
59 and following;
Law 21130
iii) That the investment in question is the opening Art. 1 ° N ° 70 c) i
of a branch or the acquisition of shares of a company and ii
foreign companies that represent the majority of its capital. If the DO 12.01.2019
participation is equal or minority, the Commission
should consult the supervisory body of the
respective country the antecedents referred to in the article
28 with respect to non-resident partners or shareholders in
Chile and the company's senior executives;
Law 21130
iv) That the country in which the investment will be made or
Art. 1 N ° 70 d) i
the office will open has risk conditions
and ii
rated in the first category, according to
DO 12.01.2019
methodologies and publications of rating companies
international names that appear on a payroll registered in the
Commission, or there is an agreement with the
supervision of the respective country.
LAW 20190
Art. 3º Nº 12
In the case contemplated in the preceding paragraph, the
DO 05.06.2007
periods indicated in the preceding one will be reduced to the
Law 21130
half and the resolution that denies the authorization will be
Art. 1 ° N ° 70 e)
founded and claimable in accordance with articles 69 and DO 12.01.2019
70 of Law No. 21,000, which creates the Commission for the
Financial Market.
Law 21130
The bank that obtains authorization to open a
Art. 1 ° N ° 70 f)
branch or a subsidiary or to invest in companies in the
DO 12.01.2019
exterior in accordance with the procedure established in subsection
second of this article, you must maintain, during the
term of one year from the granting of the
authorization, the effective equity referred to in the
same arrangement.

Article 79.- If the Commission does not issue a resolution
denial of the requests referred to in the
previous articles within the corresponding period, the
requesting bank may require the application of the
positive administrative silence in the manner indicated in the
Article 64 of Law No. 19,880, which establishes Bases of
the Administrative Procedures that govern the Acts of
the Bodies of the State Administration.

Article 80.- The Chilean bank and the companies in which
This participant will be subject to the following rules:

Law 21130
Art. 1 ° N ° 71
DO 12.01.2019

DFL 252
ART. 83 bis

1) The bank incorporated in Chile may only invest
up to 40% of your cash assets in banks or companies
established in the same country.
2) If it is a bank, the sum of the deposits,
loans and other credits that Chilean banks
shareholders keep in it, either directly or
through other people, may not exceed 25% of the
effective equity of the foreign bank. The Chilean bank
You can only carry out operations that mean endorsing,
to secure or guarantee obligations of banks or companies
in which he participates abroad, in the cases and in the

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DFL 3, HACIENDA (1997)

form determined by the rules issued on the matter
by the Central Bank of Chile or the Commission, in use of their
respective powers.
3) It will be the obligation of the Chilean bank to provide
the Commission and the Central Bank of Chile information on DO 12.01.2019
the bank or foreign company in which it participates,
periodically or whenever the Commission
requires it. The foregoing is without prejudice to the obligation
imposed by articles 9 and 10 of Law No. 18,045, of
Stock market.
4) The Chilean bank will have the obligation to obtain
the necessary safeguards so that the credits or
guarantees that the institutions in which it participates in the
foreigner grant to related debtors, directly or
through other persons to the ownership or management of the
participating bank, are subject to the established limits
in this law for Chilean banks. It will also have the
Obligation to obtain such safeguards so that the
credits to persons domiciled or residents in Chile are
subject to the limits contemplated in article 84, No.
1 and the rules of article 85.
The branches of Chilean banks abroad are
They shall also be governed by the rules of article 81.
Without prejudice to the sanctions contemplated in the
Title III of Law No. 21,000, which creates the Commission for
the Financial Market, or the measures that are applicable
pursuant to article 81, the breach of any of
the foregoing regulations by the Chilean bank or the
bank, branch or company established or in which it participates in
the foreigner, who puts the stability of the house at risk
parent company, will empower the Commission to order the bank
Chilean, by means of a well-founded resolution, to dispose of all
shares you own in the bank or foreign company or
close or dispose of the branch or office in which the
committed the offense, within the period determined, that
it may not be less than ninety days.

Article 81.- The branches or offices of
representation that banks incorporated in Chile open
abroad in accordance with articles 76 and
following, will be subject to the control of the
Commission. The bank that determines to close or close a
branch or representative office abroad,
must give notice to the Commission with at least 90 days
in advance of the projected closing date. The
Commission may request the bank to present a
plan to close the branch abroad that warrants
duly the interests of its clients.
Branches abroad will be subject to ART. 31 bis
following provisions:

Law 21130
Art. 1 ° N ° 72 a)

Law 21130
Art. 1 N ° 72 b) i
and ii
DO 12.01.2019

Law 21130
Art. 1 N ° 72 c)
DO 12.01.2019

DFL 252
Law 21130
Art. 1 N ° 73 a)

1) For the purposes of the margins that Chilean law DO 01.12.2019
or that of the country in which the branch operates establish,
each branch must be assigned a capital that will be
deducted from the basic capital of its parent company in Chile.
This capital allocation will be included in the

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DFL 3, HACIENDA (1997)

investment limit established by Article No. 1
80. The Commission may, by means of a standard of character
In general, establish the consolidation of the margins of
credit from banks with their branches abroad.
2) The provisions contained in Art. 1 ° N ° 73 b) will be applicable
in articles 66, 66 bis and 66 ter, 69 No. 11, 80, No. 4, DO 12.01.2019
84, Nos. 5 and 6, and 155.
3) They may grant credits to people with domicile or Art. 1 ° N ° 73
residence in Chile, provided they are subject to the limits DO 12.01.2019
contemplated in article 84, Nos. 1, 2 and 4, and at
rules of Article 85. However, these provisions do not
they will govern for credits to their parent company.
4) For the purposes of operations between a
branch abroad and its parent company, both will be
considered as independent entities. For
Consequently, the obligations that this law imposes on the State
Chile and the Central Bank of Chile in Title XV no
they will never be applicable to these branches.

Law 21130
to them.
Law 21130
c)

Article 82.- The Commission will exercise oversight
of the banks or companies that Chilean banks establish
abroad, provided that, according to article 86 of
Law No. 18,046, on Public Limited Companies, said banks
or companies have the character of a subsidiary of the Chilean bank.
To establish the circumstances that determine the quality
As a subsidiary, all Chilean banks or their subsidiaries that
participate in an institution will be considered as a
single entity.
Law 21130
The supervision of the banks or companies to which
Art. 1 ° N ° 74 a) i
referred to in the preceding paragraph will be exercised in accordance with and ii
the agreements that have been signed with the
DO 12.01.2019
supervision of the country in which they are installed. These conventions
may authorize the auditing institutions to
share, reciprocally, reserved information of
companies that operate in both countries and are
linked by being a controller of the other. The conventions
must stipulate that the reserved information
provided to foreign auditors, it should be
subject to the same reservation established by Chilean law. On
the case of information protected by bank secrecy is
proceed in accordance with the provisions of article 5 No.
5 of Law No. 21,000, which creates the Commission for the
Financial Market.
Inc. 6
Law 21130
Art. 1 N ° 74 b)
DO 12.01.2019

Article 83.- The Commission may dictate rules of
general character, setting patrimonial requirements and
provisions on type of operations, guarantees, subjects
credit, global limits and margins of
diversification by country for credit operations
carried out, from Chile abroad, by the entities
subject to its control. The Commission in use of its
faculties will also establish the methodology on
provisions for risk.
Without prejudice to its general powers, the

Law 21130
Art. 1 N ° 75 a)

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DFL 3, HACIENDA (1997)

The Commission will supervise said operations in order to
preserve the solvency and stability of these entities.
To adopt or modify such standards, the Commission
must obtain a favorable prior agreement from the Bank
Central Chile.

DO 12.01.2019
Law 21130
Art. 1 ° N ° 75 b)
DO 12.01.2019
Law 21130
Art. 1 N ° 75 c)
DO 12.01.2019

Credit Limitations

Article 84.- Every bank will be subject to the
following limitations:
1) You may not grant credits, directly or
indirectly to the same natural or legal person, for
a sum that exceeds 10% of your effective equity. I know
will rise to 15%, if the excess corresponds to credits, in
Chilean or foreign currency, intended to finance
fiscal public works executed by the system of
concession contemplated in the decree with force of law No.
164, of 1991, of the Ministry of Public Works, provided that
are guaranteed with the special pledge granting
public work contemplated in said legal body, or that in the
respective credit operation concur two or more
banks that have signed a credit agreement with the
builder or concessionaire of the project. By regulation
jointly issued between the Ministry of Finance and the
Ministry of Public Works will determine the capital
minimum, guarantees and other requirements that will be required
the construction company to carry out these operations in
this last case.
It may, however, grant said credits up to Art. 3º Nº 13 a)
30% of its effective equity, if that exceeds 10% i, ii)
corresponds to credits secured by guarantees on
movable or immovable tangible property of equal value or Law 21130
higher than said excess. However, they will be considered
also the guarantees constituted by pledge of letters of DO 01.12.2019
change, promissory notes or other documents, that meet the
following characteristics:
a) That they are representative of credits that
correspond to the price payable in installment of goods that
are exported, and
b) That have been issued or accepted by a bank or
national or foreign financial institution and, in all
case, represent for them an unconditional obligation
of payment.

DFL 252
ART. 84

LAW 20190

DO 05.06.2007
Art. 1 ° N ° 76 a) i

LAW 20190
Art. 3º Nº 13 b)
DO 05.06.2007

They will also serve as a guarantee:
a) The documents issued by the Central Bank of
Chile or by the State and its agencies, excluding
their companies;
b) Public offering financial instruments
issued in series that are classified in one of
the two lowest risk categories by two companies
classifiers of those indicated in Title XIV of the Law

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DFL 3, HACIENDA (1997)

No. 18,045, of the Stock Market;
c) Bills of lading, provided that the bank DO05.01.1998
is authorized to freely dispose of the merchandise Law 21130
that it matters, and
d) Letters of credit issued by banks of the
exterior that are rated in the highest
category by an international rating company that
appears on the payroll referred to in article 78.
Said letters of credit must be irrevocable and payable.
to its single presentation.

RECTIFICATION

Art. 1 N ° 76 a)
ii
DO 12.01.2019

In the case of credits in foreign currency for
exports, the guaranteed limit may reach
up to 30% of the bank's effective equity.
LAW 19769
The Commission shall issue a general rule
Art. 4º Nº 4
Regarding the valuation of the guarantees for the
DO 07.11.2001
purposes of this article.
Law 21130
Loans that a bank grants to another bank governed by Art. 1 ° N ° 76 a)
by this law, they may not exceed 30% of the patrimony
iii
creditor bank cash.
DO 12.01.2019
Regarding the total credits that a bank grants to Law 21130
set of people or entities that belong to the same Art. 1 ° N ° 76 a)
business group, according to the definition established in the
iv
Title XV of Law No. 18,045, on the Securities Market,
DO 12.01.2019
These may not exceed 30% of the effective equity of the
creditor bank. For these purposes, the
loans indicated in the previous paragraph.
Law 21130
If a bank grants credits in excess of the
Art. 1 N ° 76 a) v
limits set on this number, you will be penalized with a
DO 12.01.2019
fine equivalent to 10% of the amount of said excess.
Law 21130
Art. 1 N ° 76 a)
2) You will not be able to grant credits to natural persons or vi
legal entities directly or indirectly linked to the
DO 12.01.2019
ownership or management of the bank on more favorable terms
in terms of terms, interest rates or guarantees that the
granted to third parties in similar operations. Set
of such credits granted to the same group of people
thus linked, it may not exceed 5% of the equity
cash. This limit will be increased up to 25% of your
effective equity, if what exceeds 5% corresponds to
secured credits according to what is indicated in subsection
previous. In no case will the total of these credits
granted by a bank may exceed the amount of your
effective equity.
LAW 20190
It will correspond to the Commission to determine, by rule of Art. 3º Nº 13 c)
general character, natural or legal persons who
DO 05.06.2007
should be considered linked to the ownership or management of the
Bank.
Law 21130
In the same way, the Commission will dictate rules for
Art. 1 N ° 76 a)
establish whether certain natural or legal persons vii and viii
make up the same group of linked people, taking
DO 12.01.2019
For this, especially take into account whether there is a
or more of the following circumstances:
a) Business, capital or financial relationships
administration that allow one or more of them to exercise
a significant and permanent influence on decisions
of the others;
b) Well-founded presumptions that the credits granted

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DFL 3, HACIENDA (1997)

one will be used for the benefit of another, and
c) Well-founded assumptions that various persons
maintain relationships of such a nature that they
made a unit of economic interests.
The fact that a company is a debtor to a bank
incorporated abroad, among whose partners or
shareholders include other companies or whose shares are
the bearer, will presume that it is linked to
the effects of this number.
A natural person will not be considered linked by the
just owning up to 1% of the bank's shares,
nor if you only owe him a sum of no more than 3,000
development units.
The financial statements of banking institutions
will indicate in separate items the set of credits
linked to this precept.
Any violation of the provisions of this number will be
sanctioned with a fine of 20% of the credit granted.
3) You may not grant, directly or indirectly,
any credit in order to qualify a person
to pay the bank for shares of its own issuance. Yes
Contravening this provision will pay a fine equal to the
credit value.
4) In no case may a banking company
grant, directly or indirectly, credits to a director,
or to anyone who works in it as
general attorney. Nor can you grant credits to
spouse or civil partner or minor children
under parental authority of such persons, nor to the companies
in which any of them is part or has
participation. For the application of this precept, the
The Commission may establish, through a standard of character
general, that are excluded from the limitation, the
companies in which such persons have an interest
that does not exceed a certain percentage.
People who start working in a bank not Art. 1 ° N ° 76 a)
may assume their functions as long as they do not adjust their
credit situation with said company to the rules of this DO 12.01.2019
precept.
The bank that violates the rules of this number or
allows its violation, you must pay a fine equal to the
value of credit or excess, as appropriate.

Law 20400
SINGLE Art.
DO 27.11.2009

Law 21130
ix

5) You can only acquire the goods that expressly
authorizes this law.
This limitation will not apply:
a) When you receive goods in payment of overdue debts and
provided that the value of these goods does not exceed 20% of their
effective equity. If a person delivers goods in payment
related to the ownership or management of the bank, it must
obtain prior authorization from the Commission;
Law 21130
b) When they are acquired at a judicial auction in payment of Art. 1 ° N ° 76 a) x
past due debts previously contracted in your favor.
DO 12.01.2019
In these cases, the bank must dispose of the assets

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DFL 3, HACIENDA (1997)

within a period of one year from the date of
acquisition. In the case of shares, these must be
sold on a formal secondary market, within the deadline
maximum of six months from its acquisition. Without
However, the Commission may authorize that the sale
is carried out in public bidding.
However, the Commission, through rules of a nature DO05.01.1998
Generally, it may establish that, in justified cases, the
bank has an additional term of up to eighteen
months for the sale of the assets. It will be a requirement
to enjoy the extension, have written off the DO 12.01.2019
value of the good.
The violation of the prohibition established in this
number will be sanctioned with a fine equal to the value of the xii
acquired goods. To the bank that does not dispose of such assets
within the term and in the appropriate way, you will be
will apply a fine equal to 10% of the acquisition value
updated in accordance with the standards established by the

RECTIFICATION
Law 21130
Art. 1 N ° 76 a)
xi
Law 21130
Art. 1 N ° 76 a)
DO 12.01.2019

Commission, for each calendar month that you maintain them.
6) You will not be able to commit your responsibility for
obligations of third parties, but in cases expressly
established in this law or in the regulations on
document brokerage.
You will not be able to mortgage or pledge your assets
physical, except those acquired payable in installment and, as such
case, only to guarantee the payment of the unpaid balance of the
price. This prohibition shall not apply to gold coins or
in pasta.
Violation of the provisions of this number
will produce the absolute nullity of the act, without prejudice to
general financial penalties.
Without prejudice to the sanctioning procedure initiated
for the imposition of the fines indicated in paragraphs
precedents, the bank that violates the established limits
in this article should be framed within the
corresponding margins in a period not exceeding ninety
days. If it does not do so, one of the
the constraints or sanctions established in title III of
Law No. 21,000, which creates the Commission for the Market
Financial.

Article 85.- To determine the limit to which
reach the credit of the same person in accordance with the
Article 84, Nos. 1 and 4, the following shall apply
rules:

Law 21130
Art. 1 N ° 76 a)
xiii
DO 12.01.2019

Law 21130
Art. 1 ° N ° 76 b)
DO 12.01.2019

DFL 252
ART. 48

a) Obligations of a debtor shall be considered, the
contracted by collective or limited partnerships in
that is a joint partner or by the companies of any
nature in which it has more than 50% of the capital or of the
profits and by individual companies of responsibility
limited in which the debtor is the holder;
Law 21130
b) If the participation in a company is higher than Art. 1 ° N ° 77 a)
2% and does not exceed 50% of capital or profits, DO 12.01.2019

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DFL 3, HACIENDA (1997)

Inclusion will be made pro rata of said participation. The
Commission, through general rules, may
exclude from this obligation companies in which, due to their
large number of partners or shareholders or other factors, may
presumed not to have a significant influence on their
decisions;
c) In the event of a plurality of debtors of the same
obligation, this will be considered joint and several with respect to
each of the obligated parties, unless stated
reliably that it is simply joint.

Law 21130
Art. 1 N ° 77 b)
DO 12.01.2019

Trust Commissions

Article 86.- Banks may carry out the
following trust commissions:

DFL 252
ART. 48

1) Accept general or special mandates to
manage third party assets.
2) Be custodians, sequesters and auditors in
any kind of business or affairs.
3) To be liquidators of commercial companies or of
any kind of business.
4) Be joint general testamentary guardians,
adjunct curators, special curators, and curators of
goods. As adjunct curators, you may
be entrusted with the administration of part or all of
the ward's assets.
The appointment of guardian may also fall on
a bank, in the cases of articles 351, 352, 360, 361,
464 and 470 of the Civil Code.
Guardianships and curatorships served by a bank are
extend only to the administration of the assets of the
ward, having to be entrusted with the personal care of
this to another curator or legal representative.
The divergences that occur between the keepers
They will be resolved by justice briefly and summarily.
The provisions of article 412 of the Civil Code are
will apply to the directors and employees of the guardian bank or
curator.
5) Be an executor with or without possession of assets and
pro-undivided administrators.
6) Be modal assignees when the mode has been
established for the benefit of third parties. In such cases
you will understand that the modal assignment always wraps
resolution clause.
The minimum remuneration that
indicates article 1094 of the Civil Code.
7) Be administrators of the assets that have been
donated or that have been left as an inheritance or
bequeathed to capable or incapable, subject to the condition that
are managed by a bank.
They may be subject to this same form of administration
the goods that constitute the rigorous legitimate, during the
incapacity of the legitimary.
The powers of the bank with respect to said assets
will be those of an adjunct curator when there is no
established otherwise in the donation or in the will.

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DFL 3, HACIENDA (1997)

8) To be administrators of assets constituted in
trust, when this has been arranged in the act
constitutive. Neither the fiduciary owner nor the
trustee, nor both together, may deprive the bank
of the administration.
If the rights, obligations and
responsibilities of the bank, it will have those of the curator
of goods.
9) Be administrators of assets encumbered with
usufruct, when it has been established in the act
constitutive. The rights and obligations of the bank will be
those indicated by the constituent and, failing that,
those that article 777 of the Civil Code confers on the node
owner when the usufructuary does not pay security.
Neither the usufructuary nor the bare owner, nor both of
together, they may deprive the bank of the administration.
10) Carry out the position of representative of the
bondholders.
Banks may excuse themselves from accepting orders
that are conferred on them and renounce them without expressing
cause even with respect to those discussed in No. 4, but they must
take urgent conservative measures.

Article 87.- In the exercise of the
powers conferred on banks by the
previous article, these will be subject to the
provisions of common law, insofar as it is not
have been modified by this law, but not
they will need to pay bail or take an oath
in cases where the laws require it.

DFL 252
ART. fifty

Article 88.- They do not constitute commissions of
trust the custody deposits they receive
banks, or special powers that have
for the purpose of attending those services, buying or
sell stocks, bonds and other securities
securities, receive dividends or interest and
represent the owners of stocks, bonds
and values ​as far as these are concerned, such as
neither those who have the collection of
credits or documents.

DFL 252
ART. 51

Article 89.- The monies on which the
trust commissions or that come from them, will be
invested according to the instructions received.
In the absence of instructions, they can only be invested in
documents issued by the Central Bank of Chile or by the
General Treasury of the Republic or, in instruments
financial offerings classified in the category
To by the Risk Classification Commission established by
Decree Law No. 3,500, of 1980, which establishes a new
pension system.
The bank will only be able to keep those monies without
invest for the time necessary to give them the
corresponding destination and, after that period, will pay DO 12.01.2019
the maximum conventional interest that governs operations

DFL 252
ART. 52

Law 21130
Art. 1 N ° 78 a) and
b)

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DFL 3, HACIENDA (1997)

not resettable.

Article 90.- In the event of declaring the start of a
liquidation procedure of a bank, the Commission or the
liquidator, with the authorization of the former, may entrust
to another banking institution the attention of commissions
of trust who were in charge of the company subjected to the
liquidation procedure.
The same will apply if a banking company, for
reasons qualified by the Commission, should not or should not
You can continue serving trust commissions.
Likewise, the Commission may entrust a bank
certain trust commissions not accepted or
renounced by another bank, if a
replacement for the one who made the order.
In such events, a bank must be designated to
meets the legal and preferential requirements of the same DO 12.01.2019
location. The resolution issued by the Commission
will constitute sufficient title for the banking company
that is designated can perform with the same powers
than the previous one, since it is reduced to writing
public.

Law 21130
Art. 1 N ° 79 a)
DO 12.01.2019
Law 21130
Art. 1 N ° 79 b)
DO 12.01.2019
Law 21130
Art. 1 N ° 79 b)

Law 21130
Art. 1 N ° 79 b)
DO 12.01.2019

Mortgage operations with letters of credit

Article 91.- The State Bank and the
other banks may grant loans, in
national or foreign currency, through the
issuance of letters of credit for the same amount
that those and their reimbursement will be made through
of anticipated dividends.
Letters of credit must be
expressed in current currency, in units
resettable or other resetting system that
authorized by the Central Bank of Chile or in currency
foreign. Those expressed in foreign currency,
in any case, they will be paid in current currency.
In order to grant these loans,
banks may carry out the following
operations:

DFL 252
ART. 86

1) Issue corresponding letters of credit
to loans secured with a mortgage.
2) Collect the fees that must be paid by
mortgage debtors and pay the interest and
amortizations to holders of bills of
credit.
3) Amortize directly or indirectly
the letters of credit that have been issued. The
indirect amortization may be by purchase,
ransom or raffle at par.
4) Buy and sell letters of credit for
own or third-party account.
These mutuals cannot be extended with

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DFL 3, HACIENDA (1997)

clause to the order or be assigned in accordance with
provided for in article 69, number 7.

Article 92.- It will correspond to the Bank
Central Chile:

DFL 252
ART.88

1) Establish the rules on
mortgage loans through issuance
of letters of credit.
2) Set the limits for banks to
the acquisition by own account of letters of
credit of its own issuance.
3) Establish rules on rescue of
letters of credit when not constituted
the guarantee in a timely manner or when the debtors
are in default and the warranty has been
devalued considerably.

Article 93.- The product of the loans
in letters of credit that are granted for
buildings or for the construction of works
destined to the best agricultural use or
industrial property, will be delivered by installments
successive, as the works progress and
the value of the
land and the cost of those and improvements
permanently attached to it.

DFL 252
ART. 89

Article 94.- Letters of credit are
they will emit forming series. They will belong to a
series those that accrue the same interest, have
equal amortization and have been issued in
identical coin.
The letters of credit issued by banks
may or may not be resettable and may be issued
registered or bearer. If they were issued
nominative, your transfer will be made
by transfer of title, signed by the
transferor and transferee, registered in a register
that the bank must carry for this
effect. The type and cut of the letters will be
determined by the issuing institution.

DFL 252
ART. 90

Article 95.- The people who hire
Loans in letters of credit will be obliged to
pay them in advance installments or dividends
established by the contract, those who will understand the
amortization, interest and commission.
Failure to pay all or part of an obligation
in letters of credit will entitle the bank
mutual to collect from the debtor the maximum of the
interest that the law allows stipulating at the time
of the actual payment.

DFL 252
ART. 91
RECTIFICATION
DO05.01.1998

Article 96.- Banks may not issue bills of exchange

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DFL 3, HACIENDA (1997)

credit but for the amount to which the
respective mortgage obligations constituted at their
favor.
DFL 252
The letters of credit issued will be noted in a
ART. 91
record kept by each issuing institution,
subjecting itself to the effect to the norms that the Commission dictates.
This body may take charge, at any time
moment, the registration process when I detect
deficiencies or irregularities in it by some
issuing entity, all without prejudice to the sanctions
that correspond in accordance with the general rules. From
the resolution of the Commission may be claimed in the form
and term provided in articles 69 and 70 of Law No.
21,000, which creates the Commission for the Financial Market.
Law 21130
Art. 1 N ° 80 a) and
b)
DO 12.01.2019

Article 97.- The bank will pay at the times
fixed the part of the principal and the interests
agreed. In the case of letters of credit from
indirect amortization, payment of interest
It will take place at the designated times and the
amortization will be made by purchase, redemption or raffle
at the same time, as it deems appropriate, of letters
for a nominal value equal to the fund of
amortization corresponding to the period
respective.
In the event of a draw, the letters to be
amortized in each period, will be determined at
luck in the previous period.
Any drawing or incineration of letters of
Credit must be made before a notary.
In the case of drawn letters of credit,
banks may not refuse to pay the capital
of them or of their readjustments or interests or
third party opposition will be accepted for payment, to
unless in the case of nominative letters
I will allege for this loss of the same letter, whose
amortization or interest will be charged.
All drawn letters stop winning readjustments
and interests from the day designated for your
amortization.

DFL 252
ART. 92

Article 98.- Amortization of bills
credit may be done in an ordinary way, since
either directly or indirectly, or in the form
extraordinary.
It is understood by ordinary amortization
direct one in which the issuer periodically
pays part of the principal and interest
agreed, whose values ​are expressed in the
respective coupon.
Indirect ordinary amortization is
one that is carried out by purchase or redemption
of letters or by lottery at the same time, up to a
nominal value equal to the sinking fund

DFL 252
ART. 93

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DFL 3, HACIENDA (1997)

corresponding to the respective period.
Extraordinary amortization consists of
the application that the issuing bank must make of the
advance payment in money that the debtor has
effected all or part of its debt, withdrawing
of circulation by purchase, redemption or raffle to
the pair, letters of credit of equal value. The
Extraordinary amortization also occurs
when the debtor prepays the whole or
part of your debt by delivering bills
of credit. These letters will be received at value
that represents the title, discounting the
partial amortizations of it, or, if
I will deal with letters whose coupons include only
interest payments will be received at par.

Article 99.- Loans in bills of
credit must be guaranteed with the first
mortgage, which cannot be extended to other
obligations in favor of the bank.
However, mortgages on
properties already taxed, provided that, deducted from
its value the previous debt, its readjustments and
interest, there will be enough margin for the
new loan does not exceed the limits you set
the Central Bank of Chile.

DFL 252
ART. 94

Article 100.- The mortgage debtor of
loans in letters can repay
extraordinarily all or part of the capital
unpaid of your debt, either in money or in letters
of the same series of the loan and whose value
nominal amount not amortized corresponds to the total or
the part of the loan that is repaid.
In these cases, to be definitively
free from any obligation to the bank for
the capital or part of the repaid capital,
you will have to pay the interest and commission
corresponding to an amortization period of
the letters of your loan for the entire amount
that he had anticipated.

DFL 252
ART. 95

Article
extraordinary
debtor may be
in the months

DFL 252
ART. 96

101.- Total or partial payment
done voluntarily by the
made at any time, except
in which the draws must take place.

Article 102.- If the mortgaged property
will experience impairments or suffer damage in a way
that does not offer sufficient collateral for the
credit security, the bank will have the right to
demand your refund. When losses or
deterioration of the property cannot be attributed to
fault of the debtor, the bank will demand a new guarantee
or increased collateral for your credit.

DFL 252
ART. 97

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DFL 3, HACIENDA (1997)

Article 103.- When the debtors do not have
paid the fees or dividends within the stipulated period and
judicially required do not pay them within the term of
ten days, the judge will order, at the request of the bank, the
auction of the mortgaged property or its delivery as a pledge
pretoria to the creditor bank.
The debtor may object, within a period of five
days, to the auction or to the delivery in pretoria pledge. His
opposition will only be admissible when it merges in any
of the following exceptions:

DFL 252
ART. 98

1) Payment of the debt;
2) Prescription;
3) Do not start the title when executed.
By virtue of this last exception, you may not
discuss the existence of the mortgage obligation, and
To be admitted for processing, it must be based on
some written antecedent and appear clothed in
plausible foundation. If these requirements do not meet,
the court will dismiss it outright.
The opposition will be processed as an incident.
The appeal of the resolutions issued in
against the defendant in this proceeding will be awarded in
the only return effect. The court of appeal may
decree at the request of a party, the suspension of the
compliance with the judgment of the first court
instance while the appeal is pending if
there are well-founded reasons for this, which will resolve in
account.
If no opposition is formulated, or it has been rejected
formulated, the property will be auctioned
mortgaged or upon delivery as a pretoria pledge to the bank
creditor, as applicable.

Article 104.- Delivered the property as a pledge
pretoria, the bank will receive the income, income or
products of the property whatever the power in which
is found and covered the contributions, expenses of
administration and preferential liens on your credit, the
will apply to the payment of the fees owed, keeping an account
to deliver the balance to the debtor, if any. On
any time in which the debtor makes the payment of the
amounts owed to the bank, the property will be delivered. DFL 252
Once the auction is ordered, it will be announced through ART notices. 99
published four times on different days and must mediate
twenty days at least, between the first notice and the date of
the auction, in a newspaper of the commune in which it is followed
the trial and, if there is not there, in one of the capital of
the province. Publications may be made both in
business days, such as non-business days.
RECTIFICATION
Arrived on the day of the auction, it will proceed to award
DO05.01.1998
the property in favor of the highest bidder. The bank will be paid by Law 21130
your credit on the auction price.
Art. 1 N ° 81
The minimum and the other conditions of the auction will be
DO 12.01.2019
set by the judge without further recourse, at the proposal of the

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Bank; but the minimum of the first auction may not be
less than the amount of principal owed, dividends
unpaid, criminal interest, court costs and premiums
sure they recharge the debt. The expenses of the trial will be
appraised by the judge.
When a new auction is to be carried out, the number of
notices and the period that must intervene between the first
publication and auction date, will be reduced to the
half.

Article 105.- If, in addition to the bank, others
creditors have mortgages with respect to the
property, they will be notified of the resolution that
deliver the property as a pledge to the bank,
or the one arranged by the auction. If those creditors
mortgages were of preferential right to the
bank, they will enjoy their right of first refusal
to be covered with the entrances that the
property produced in the case of delivery in
pretoria pledge and without prejudice to it, or with
the proceeds of the sale of the property in case of
auction.
Creditors will be notified
personally for the first auction and for the
following by ID in the same place where
they would have practiced the first
notification, if they have not designated a
special domicile at the trial.
The credits of the Treasury and
Municipalities will enjoy the preference that
Articles 2472 and 2478 of the
Civil Code regarding bank credits,
only when it comes to taxes that affect
directly to the mortgaged property and that
are based on the real estate appraisal,
and credits in favor of the services of
paving, in accordance with the respective laws.

DFL 252
ART. 100

Article 106.- The auctioneers of
properties in lawsuits governed by the
procedure established by this law will not be
obliged to respect the leases that
affect, unless these have been granted by
public deed registered in the Curator of
Respective Real Estate in advance of the
mortgage from the bank or authorized by it.
In disposals made in
these judgments, the provisions will not apply
in numbers 3 and 4 of article 1464 of the
Civil Code and the judge will decree without further paperwork
the cancellation of the interdictions and
prohibitions that affect the alienated property,
even if they have been decreed by others
courts.
In these cases, the resulting balances
after paying the bank and the others
mortgage creditors, will be deposited

DFL 252
ART. 101

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at the order of the judge of the case to respond
of the interdictions and prohibitions decreed
by other courts and that would have been
canceled by virtue of the provisions of subsection
previous.

Article 107.- The procedure will be followed
indicated in this law, both in the case of
be about the collection against the personal debtor
of the bank as in the cases contemplated in the
Articles 1377 of the Civil Code and 758 of the Code
of Civil Procedure.

DFL 252
ART. 102

Article 108.- Initiated the procedure
judicial, the bank will designate a depositary in
the character of definitive so that, according to
with the general rules, take charge of the
mortgaged property.

DFL 252
ART. 103

Article 109.- Except in the case provided in
Article 103, disputes that may
arise between the bank and its debtors,
whatever its amount, they will be decided
briefly and summarily by the Judge of Letters in
Civil matters of the bank's domicile, with appeal
to the respective Court, court that will proceed in
the same way. The appeals deducted by the
defendant will be granted in the sole effect
returnable.
In the lawsuits that the bank continues against its
debtors, domain third parties will not be processed
that are not based on current registered titles
prior to the respective mortgage.

DFL 252
ART. 104

Article 110.- Those who falsify the letters of
credit, circulate or maliciously introduce
the territory of the Republic the counterfeit letters,
will be punished with the penalties established in paragraph
II of title IV of the second book of the Penal Code.

Article 111.- The mortgage obligations to which the
referred to in this Title shall be understood as liquid as long as
in the respective writing reference is made to the tables
debt development, approved by the Commission and
notarized at a notary's office.

DFL 252
ART. 105
Law 21130
Art. 1 N ° 82
DO 12.01.2019

DFL 252
ART. 106
Law 21130
Art. 1 N ° 83
DO 12.01.2019

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TITLE XIV
Measures for Early Regularization

Article 112.- Banking companies must
inform the Commission immediately, through the
means that it instructs by means of a standard of character
general, if any of the circumstances occurs
following:
a) Any of the
patrimonial requirements that are applicable. In the
In the case of banking companies, these requirements are
refer to those established in article 66 of the
present law.
b) Due to the effect of losses observed in the
financial information available corresponding to two or
more months in a row, it is clear that, if said
trend within the next six months, the company
audited will be in one of the situations provided
in the preceding literal.
c) There has been repeated breach of the
legal provisions, regulations issued by the
Commission, or the orders and instructions given by
is.
d) There has been repeated breach of the rules on
liquidity established by the Central Bank of Chile in
under the provisions of article 35 of the law
N ° 18,840, constitutional organization of the Central Bank of
Chile, which must be maintained by the aforementioned institutions.
e) The emergency financing of the
Central Bank of Chile in three or more months of the same year
calendar, or the expiration of any
credit of the same nature that would have been
granted within the same period.
f) Due to the decrease in its cash flows
financing, it is clear that, if said
trend within the next thirty days, the
institution will not be able to comply with the payment of its
obligations.
g) Within a period of up to twelve months,
losses that exceed 10% of paid capital and reserves.
h) It has been paid in three or more months rates of
interest to the public that exceed the averages by 20% or more
that correspond to the audited institutions of their
same species, within the last twelve months.
i) Loans have been granted to related parties,
directly or through third parties, to the property or
management of the company on more favorable terms in
in terms of term, interest rates or guarantees that the
granted to third parties in similar operations; or has
concentrated credits to said persons related by
more than once your paid-in capital and reserves.
j) Contracts for the provision of
services or acquisition or disposal of assets of
any nature with related persons, directly
or through third parties, with their property or management, and that
have been objected to by the Commission in the form

Law 21130
Art. 1 No. 84
DO 12.01.2019

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Art. 1 No. 84
DO 12.01.2019

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prior to its celebration or after it.
k) The external auditors of the company indicate
reservations about the administration or stability of
the entity as a going concern.
l) The development plan has been seriously breached
referred to in article 31.
m) If any of the deficits established in the
Article 65 is maintained for more than fifteen days.
n) The patrimonial requirement has been breached
Article 78 refers.
ñ) Any other indicative fact has been detected
financial instability or poor management.

Article 113.- Once the communication to which the
refers to the first paragraph of the preceding article, the
banking company must submit, within a period of
five consecutive days, which may be extended by the
Commission until completing ten consecutive days in total, a
regularization plan, approved by your board of directors or the one
take its place, which must contain concrete measures
that allow you to remedy the situation you are in and
ensure its normal operation. Said approval
will have, for all purposes, the character of reserved. Law 21130
Likewise, if the Commission becomes aware, Art. 1 ° N ° 84
by any means, that a banking company has
incurred in any of the events described in the article
precedent and these would not have been communicated
in due course, it may require the entity to present
of said regularization plan approved by its board of directors
or whoever takes his place, without prejudice to the
responsibilities and penalties that apply.
In its proposal, the bank must indicate the term
planned for the fulfillment of the plan, which may not
exceed six months from the notification of the
resolution approving it, unless expressly authorized by
the Commission.
The Commission must decide on the sufficiency
of the plan and may make observations or request that
Complement with any additional measures you consider
necessary, in order that within the term that she
determine, the board of directors, or whoever takes its place, present
the modified plan. The rejection of the plan must be
carried out by means of a founded resolution.
The bank must deliver reports to the Commission
periodic reports on the implementation of the
regularization, in the terms agreed in it.
During the implementation of the plan, the Commission may
make observations or require that it be complemented with
the additional measures that you consider necessary for your
success, as well as extending the approved term for its
implementation.
The Commission must disclose in a confidential and
immediately to the Financial Stability Board regarding the
content of the application and submission of a plan
of regularization by a bank in
under the provisions of this title, as well as the
approval, rejection or observations made to
this.

DO 12.01.2019

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The requirement, presentation and content of the
regularization, as well as the communication to which it refers
the first paragraph of the previous article and the reports
newspapers referred to in the fifth paragraph of this
article, will be reserved and will be
subject to the obligation established in article 28
of Law No. 21,000, which creates the Commission for the Market
Financial, without prejudice to the provisions of subsection
previous.
In the event that the Commission does not approve the
regularization that this article is about, if this one does not
was presented within the established period, or if the
banking company does not comply with the terms and conditions
approved for execution, including the deadline for
implementation, the provisions of the
Article 117.

Article 113 bis.- In the event that, as one of the
measures of the regularization plan approved by the
Commission, the need for an increase in
capital, the bank's board of directors must convene the meeting
of shareholders to agree to said increase. Board
must be held within fifteen business days
following the date of the call.
The call will indicate the term, form, conditions Art. 1 N ° 84
and modalities in which the shares will be issued and

Law 21130
DO 12.01.2019

will find out about said increase, and must have the approval
prior to the Commission. The rejection of the conditions of the
The call must be included in a grounded resolution. On
In this case, the board of directors must submit a new
call within a period of five days from
the issuance of the resolution.
If the shareholders' meeting rejects the increase in
capital as proposed, the Commission may apply
the prohibitions contemplated in article 116, without
detriment of the other measures that correspond in
conformity to this law. In case the capital increase
is approved but does not find out within the established period,
or if the Commission rejects the conditions of
call presented by the board of directors, the
regularization shall be deemed to have been breached and the Commission
may proceed in accordance with the provisions of the
Articles 116, 117 or paragraph 1 of the title
following, as applicable.

Article 114.- Without prejudice to what is established in the
Article 113 bis, in the event that any of the measures of the
regularization plan requires the approval of the
shareholders meeting, the board of directors must convene it to
its celebration within a period of fifteen days.
The summons notices established in Law No.
18,046, on Limited Companies, may be made at
counting from the date of the call, the last of
them to be published at least seven days in advance of
the date set for its celebration. The summons for
mail to the shareholders referred to in article 59 of
Said legal body must comply with the terms of the

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Art. 1 No. 84
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this article.
The meeting may be validly held within a period
lower than indicated in the preceding paragraph and without complying
with the formalities of the summons, provided that
all the shares issued with
right to vote.
In the event that the shareholders' meeting rejects the
proposal object of its call, or if approved it is not
execute within the established period, the Commission
apply the prohibitions referred to in article 116
that it deems pertinent, without prejudice to the adoption of the
other measures that correspond in accordance with the law.

Article 115.- If a banking company is in
any of the situations described in article 112,
may agree, as part of the regularization plan, a
loan for a maximum of three years term with one or more
banking companies. In case the banking company
debtor must submit to the provisions of Title XV of the
this law, said loan will be repaid after
the credits of the valistas are covered.
The conditions of these loans must be
agreed by the boards of the institutions
involved and have authorization from the Commission, without
that it is necessary to submit them to the shareholders' meeting.
No bank may grant credits of this
nature for a sum greater than 25% of its assets
cash.
These loans will be accounted for as equity
basic of the borrowing company for the purposes of the
margins established by this law. The institution
Lender may impose obligations on the debtor,
limitations and prohibitions referred to in letter e of the
Article 104 of Law No. 18,045, on the Securities Market.
The aforementioned loan can only be paid in the
to the extent that the debtor company is properly
capitalized in accordance with article 66 of this law, with
dispensing with the indicated loan.
If the loan is not paid within the term,
may be used for the following purposes:

Law 21130
Art. 1 ° N ° 84
DO 12.01.2019

a) To be previously capitalized in the event that
agree to the merger of the borrowing company with one of
lending banks. In this case, the companies
creditor banks may agree on the terms and
conditions that enable one of them for the purposes of
proceed to the merger with the debtor. Said terms and
conditions must have the prior approval of the
Commission.
b) To find out about a capital increase agreed by the
borrowing company, provided that the shares issued
they are signed by a third party. Financing conditions
of the shares will be agreed between the companies
banks that capitalize their credit and the underwriters of
they. People will not be able to pay these shares in term
linked, directly or indirectly, to the property or
management of the bank that capitalizes your credit.
c) To subscribe and pay a capital increase. In that

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case, the shares acquired by the banking companies
lenders must be disposed of in a market
formal secondary school within one hundred and eighty days
counted from the date of capitalization, unless
has distributed them among its shareholders in accordance with
the general rules. The Commission, for well-founded reasons,
may extend the aforementioned period up to the same
period. If there are no bidders in the first auction, you must
this will be repeated in each calendar month.
The acquirers of shares must comply with the
provided in articles 28, 35 bis and 36 of the present
law. The shareholders' meetings necessary to give
compliance with the provisions of this article must
have the quorum established in article 61 of the law
Nº 18,046, on Limited Companies.
In the event of a concentration operation
in the context of any of the hypotheses indicated in the
literal a), b) and c) of the sixth paragraph, will not be
applicable the provisions contained in title IV of the
Decree Law No. 211 of 1973, which establishes Standards for Defense
of Free Competition, whose consolidated, coordinated and
systematized was fixed by the decree with force of law
N ° 1, of 2004, of the Ministry of Economy, Development and
Reconstruction.
These loans may not be made by the Banco del
State of Chile, the banks that are subject to
interim administration or applying a plan of
regularization in accordance with this title, nor the
banks that have common shareholders who, directly or
indirectly, they control the majority of your actions.

Article 116.- When a bank is in any
of the situations described in article 112, the
Commission may, by means of a founded resolution, and without
prejudice to the sanctions that may be appropriate, impose
totally or partially and for a maximum period of six months,
renewable once up to the same period, once or
more of the following prohibitions:
1) Grant new credits to anyone
natural or legal linked, directly or through
third parties, to the property or management of the institution.
2) Renew for more than one hundred and eighty days any
credit.
3) Increase or limit loan guarantees
current.
4) Acquire or dispose of tangible or intangible assets
that correspond to your fixed assets or your investments
financial
5) Transfer documents from your loan portfolio.
6) Grant credits without guarantee.
7) Celebrate certain acts, contracts or
conventions or renew those in force with the people who
points to No. 1.
8) Grant new loans or acquire investments
financial assets, provided that the growth of the sum of the
loans and financial investments, in relation to the month

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immediately above, exceed the variation of the unit
promotion in the same period.
9) Grant new powers that enable to carry out
any of the acts indicated in the numbers
previous.
10) Make investments, whatever their nature,
except in instruments issued by the Central Bank of Chile
and the General Treasury of the Republic.
11) Anticipate the expiration of any obligation or
restructure liabilities without prior authorization from the
Commission. The provisions of this number will not govern
in the case of derivative operations, with respect to
which the provisions of article 140 of the
Law No. 20,720, which replaces the Current Insolvency Regime
by a Law of Reorganization and Liquidation of Companies and
People, and perfects the role of the Superintendency of
Bouquet; or in Law N ° 20,345, on Systems of
Clearing and Settlement of Financial Instruments,
as appropriate.
However, the Commission may anticipate the term of
the prohibitions imposed under this article
by means of a founded resolution, when in his opinion the
bank situation presents a sufficient recovery
that makes the maintenance of such measures unnecessary.
During the validity of these prohibitions, the
revocation or resignation of the directors of the institution
or the resignation or termination of the contract of its managers,
administrators or proxies will not produce any effect if
such acts have not been authorized by the Commission.
Likewise, if during its term a Board is called
of Shareholders to increase the capital of the institution,
merge it or sell its assets, the Commission may
modify the call period and the number of notices
that should be published for this same purpose.

Article 117.- If a banking company does not present
the regularization plan referred to in article 113,
this was rejected by the Commission, or breached any
of the measures defined by virtue of it; there is
incurred in repeated infractions or fines; I will show
rebellious to comply with the orders legally issued by
the Commission; or any event has occurred in it
serious concern that makes you fear for your financial stability,
Commission, by means of a founded resolution, may designate
a delegated inspector to whom the Commission will confer
attributions of its competence that it indicates to the effect and that of
suspend any agreement of the board of directors or act of
representatives of the institution.
Law 21130
In the same events, the Commission may, prior
Art. 1 ° N ° 84
agreement of the Board of the Central Bank of Chile,
DO 12.01.2019
designated or not the delegated inspector, appoint a
provisional administrator of the institution, who will have
all the powers of the ordinary business that the law and the
Bylaws point to the board of directors, or whoever takes their place,
and the general manager.
The provisional administrator shall have the duties and
will be subject to the responsibilities of the directors of

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Anonymous Societies. In any case, when exercising its role
the provisional administrator must precede and protect
the interests of depositors or other creditors and, in
general, the public interest associated with the stability
financial
The persons designated by the Commission as inspectors
delegates or provisional administrators, depending on the
In this case, they may be Commission officials, with
exception of the Prosecutor, or external professionals duly
qualified, subject to meeting the requirements of
suitability and technical capacity that the Commission determines
by means of a general rule.
Produced the appointment of a delegated inspector or
provisional administrator, the contracts concluded and the
other obligations contracted by the audited company
will maintain their validity and payment conditions, so they will not
may be resolved or terminated early by
unilateral decision of the creditor; be demanded in advance
its fulfillment; or make the guarantees effective
granted by said company, invoking as grounds
the aforementioned designation.
The provisions of the preceding paragraph shall not govern
in the case of derivative operations, with respect to
which the provisions of article 140 of the
Law No. 20,720, which replaces the Current Insolvency Regime
by a Law of Reorganization and Liquidation of Companies and
People, and perfects the role of the Superintendency of
Bouquet; or in Law N ° 20,345, on Systems of
Clearing and Settlement of Financial Instruments,
as appropriate.
The appointment of a delegated inspector or
provisional administrator may not have a duration
longer than one year. The designation of delegated inspector
may be renewed only for another year and that of administrator
provisional as many times as the Commission deems necessary.
The resolutions issued for this purpose will be
founded and must have the prior favorable agreement
of the Board of the Central Bank of Chile.
Likewise, in situations originating prior to
the appointment of the provisional administrator and only within
of the first year of this administration, the Commission may
suspend, by means of a grounded resolution, the application of
the margins provided in this law with respect to the company
bank that was the object of said measure or of those
institutions that have granted him credits. On
In no case may the obligation that
establishes article 65.
However, the Commission may anticipate the term of
the functions of the delegated inspector or administrator
provisional by means of a founded resolution, when in his opinion
the bank's situation presents a recovery
sufficient to make the maintenance of such
measures.
In case the Commission designates as inspector
delegate or as provisional administrator to a professional
external to the Commission, that person will be applicable
the prohibitions contained in articles 28 and 31 bis
of Law No. 21,000, which creates the Commission for the Market
Financial.

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The appointment of the delegated inspector or
temporary administrator described in this article
may be claimed in accordance with the provisions of the
Article 70 of Law No. 21,000, which creates the Commission
for the Financial Market, and will proceed without prejudice to the
sanctioning procedure that is initiated for the purposes of
determine the infractions and responsibilities that
correspond to the audited entity, its board of directors, or its
top executives.

Article 117 bis.- In cases where the Commission
has appointed provisional administrator or liquidator in a
banking company; the Commission, the temporary administrator
or the liquidator may contract, at the expense of the entity
audited, professionals in charge of initiating the
legal actions aimed at prosecuting the
criminal and civil liability of administrators,
executives and other people who, in whatever capacity, have
acted in the respective company.
Law 21130
The provisional administrator and the liquidator must Art. 1 N ° 84
periodically render an account of their management to the Commission
DO 12.01.2019
and may be removed by it, in the event that, in the opinion
of your Council, do not satisfactorily perform the assignment.

Article 118.- Without prejudice to the sanctions that
appropriate, the issuers and operators indicated in
the second paragraph of article 2 of this law that
violate the regulations issued by the Central Bank of Chile,
or that they have incurred in infractions or fines
repeated, or are rebellious to comply with the
orders legally issued by the Commission, or
present financial or management instability
deficient, or did not meet safety standards
operational requirements according to regulations and
best applicable practices in the matter, or there are
any serious event occurred that causes fear for the
fulfillment of the obligations assumed, may be
suspended from all or some of their activities by the
Commission, by means of a founded resolution issued by the
Advice, up to 90 days.
Likewise, the Commission may order in the same
resolution one or more of the following measures, depending on
corresponds:
1.
2.
3.
4.

Law 21130
Art. 1 N ° 85
DO 12.01.2019

Do not issue new payment instruments.
Do not affiliate new commercial establishments.
Do not carry out new operations.
Not receive provision of funds.

Without prejudice to the provisions of subsections
precedents, the issuer or operator that violates the rules
issued by the Central Bank of Chile must notify
the Commission as soon as it becomes aware of the fact and present,
within the deadline that she sets, a plan of
regularization in accordance with the provisions of the
Article 113 for approval. In case of not being approved

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the regularization plan described above, or
breach of the one that has been approved in accordance with
established in this article, the Commission may revoke
the authorization of existence of the issuer or operator of
means of payment, with the prior favorable agreement of the
Central Bank of Chile. Likewise, you may revoke said
authorization if the issuer or operator does not comply with the
payment obligations contracted to the public or to
the return of the provisioned monies, if applicable.
It will also correspond to the Commission to dictate the
resolutions that grant or revoke the authorization of
existence to the aforementioned entities, prior agreement
favorable from the Central Bank of Chile in case of rejection, in
conformity to the standards established by the latter in use of
their legal powers.
From the rejection to the authorization of existence, or the
revocation of said authorization, or suspension of
all or some of the activities, may be claimed from
in accordance with the provisions of articles 69 and 70 of the law
N ° 21,000, which creates the Commission for the Market
Financial.
In cases where the Commission has suspended all
or some of the activities, or revoked the authorization of
existence of an operator or issuer of means of payment, may
exercise the powers established in article 117 of
this law.

Article 119.- Eliminated.
Law 21130
Art. 1 ° N ° 85

DO 12.01.2019
TITLE XV
Forced liquidation

Paragraph I.
Of the Settlement

Article 120.- Banks may only be submitted
to a reorganization or liquidation proceeding
bankruptcy regulated by law No. 20,720, which replaces the
Insolvency Regime in force by a Law of Reorganization and
Liquidation of Companies and Persons, and perfects the role of
the Superintendency of the Branch, when they are in
voluntary liquidation. In all other cases they will be
the rules of this title are applicable, without prejudice to
the provisions of articles 116 N ° 11, 117 sixth paragraph,
and 136 of this law.

Law 21130
Art. 1 No. 86
DO 12.01.2019

Law 21130
Art. 1 No. 86
DO 12.01.2019

Law 21130
Art. 1 No. 87
DO 12.01.2019

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Article 121.- If a bank ceases to pay
of an obligation, the manager will give notice
immediately to the Commission, which shall
determine if the solvency of the institution
subsists and, if not, will adopt the
measures to be applied in accordance with
the law. The foregoing is without prejudice to the right
of the affected creditor to resort to the
Commission for this purpose.

DFL 252
ART. 118

Law 21130
Art. 1 N ° 88 a) and
b)
DO 12.01.2019

Article 122.- Repealed.

Law 21130
Art. 1 No. 89
DO 12.01.2019

Article 123.- Repealed.

Law 21130
Art. 1 No. 89
DO 12.01.2019

Article 124.- Repealed.

Law 21130
Art. 1 No. 89
DO 12.01.2019

Article 125.- Repealed.

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Art. 1 No. 89
DO 12.01.2019

Article 126.- Repealed.

Law 21130
Art. 1 No. 89
DO 12.01.2019

Article 127.- Repealed.

Law 21130
Art. 1 No. 89
DO 12.01.2019

Article 128.- Repealed.

Law 21130
Art. 1 No. 89
DO 12.01.2019

Article 129.- Repealed.

Law 21130
Art. 1 No. 89
DO 12.01.2019

Article 130.- If the Commission establishes that a
bank does not have the necessary solvency to continue
operating, or that the safety of its depositors or other
creditors demands its liquidation, will proceed to revoke the
authorization of existence of the affected banking company
and will declare it in forced liquidation. The decision of the
Commission must have the prior favorable agreement of the

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Central Bank of Chile, which must pronounce itself in a
maximum period of five bank business days counted
since the Commission provides the background information that
has considered for adoption.
In any case, it will be presumed that a bank does not have the
necessary solvency to continue operating or that the
security of your depositors or other creditors requires your
settlement when:

Law 21130
Art. 1 N ° 90
DO 12.01.2019

a) Basic capital, net of losses
accumulated during the year that appear in a state
financial, is less than 3% of the assets weighted by
risk or 2% of total assets, both net of
provisions required. Determining the assets that
should be considered for these purposes, it will be done in accordance with
what is stated in article 67.
b) The effective equity, after deducting the
accumulated losses during the year that appear in
a financial statement, is less than 5% of assets
net of provisions required and weighted by risk. The
determination of the assets to be considered for
These effects will be done in accordance with what is indicated in the
Article 67.
c) Due to the effect of accumulated losses during the
year, appearing in two financial statements
consecutive, it is clear that, if the increase
proportional of them in the following six months, the bank
will be in one of the situations provided in the
letters a) or b) preceding.
d) The banking company maintains with the Central Bank of
Chile overdue emergency credits and, when requesting your
renewal, it denies it, provided that the report of the
Commission has also been negative, for well-founded reasons.
e) The banking company has suspended the payment of its
obligations, including those corresponding to any
clearing house.
The resolution issued by the Commission shall
be founded and will also contain the designation of
liquidator, which must fall on a person who meets
the suitability and technical capacity requirements that the
Commission required by general rule. The
lack of solvency or security of depositors or
Creditors must be based on antecedents that appear from
the financial statements and other information that
ordered by the Commission.
The person or persons designated by the Commission
as liquidators of the banking company may be
Commission officials, with the exception of the Prosecutor, or
duly qualified external professionals.

Article 131.- The liquidator will have a term of three
years for the performance of his position and will have the
powers, duties and responsibilities that the legislation
indicates for liquidators of corporations.
The settlement period may be renewed for
successive periods not exceeding one year, by resolution DO 12.01.2019
founded by the Commission, in which case the liquidator must

Law 21130
Art. 1 N ° 90

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DFL 3, HACIENDA (1997)

make a publication in a newspaper of
national circulation, and which will also be included in the
institutional website of the Commission, on the progress
of the liquidation.

Article 132.- Declared the forced liquidation of a
bank, checking account deposits and other
demand deposits received and obligations to
the view that you have contracted in your financial turn,
will pay out of the funds that are in the box or
deposited in the Central Bank of Chile or invested in
representative documents of the technical reservation that
deals with Article 65, without the provisions
payment procedures or limitations governing the
forced liquidation process. For effects
contemplated in this article, it is presumed that all
funds that exist in the institution's cash register are of
those that should be used for the payments referred to in this
precept.
DFL 252
If the funds provided for in this article were
ERT. 129
insufficient, the liquidator must proceed with the higher LAW 20190
diligence and haste to make these payments and, for this
Art. 3 N ° 16
In effect, you may, of course, dispose of the other assets that
DO 05.06.2007
are necessary for it. The Central Bank of Chile
Law 21130
will need to provide you with the necessary funds to pay
Art. 1 N ° 91 a)
the creditors of the obligations referred to in this
DO 12.01.2019
Article. For this purpose, the Central Bank of Chile may,
at its choice, acquire assets of the bank or grant it
loans. The loans that the Central Bank of Chile
granted to fulfill this obligation, they will enjoy
preference over any other creditor, be they
preferred or valistas.
Law 21130
The liquidator may transfer the current accounts Art. 1 ° N ° 91 b)
and other demand deposits to another bank, which will be made DO 12.01.2019
charge of the operation of these accounts and the payment of
deposits as legal successor, until concurrence
of the funds delivered for this purpose.
If a creditor of the bank for obligations that are not
included in article 65 has obtained the payment or
the partial or total compensation of said debts, to
count from the date on which the resolution ordered is issued
forced liquidation, you will lose the right to be
pay their receivables at sight until concurrence of the payment
or compensation obtained.
Law 21130
Art. 1 ° N ° 91 c)
DO 12.01.2019

Article 133.- The liquidator will be specially
obligated to:
a) Prepare a detailed list of all the
creditors not included in the previous article, with
indication of the amount and nature of the credit and the
preferences that they enjoy, which will be maintained in all
offices of the institution and may only be exhibited at
who are creditors of the liquidation.
The liquidator must notify the

Law 21130
Art. 1 N ° 92
DO 12.01.2019

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DFL 3, HACIENDA (1997)

creditors through the email they have
registered with the entity in liquidation, and through the
publication in the Official Gazette and in a newspaper
national circulation of notices in which the
depositors and other creditors to attend the bank to
verify your credits, within a period of thirty days
counted from the publication in the Official Gazette. May
claim the content of the payroll before the judge of
civil letters of the bank's main domicile in
settlement within the same period. The claim is
will be processed as an incident.
The final payroll will establish the rights of the
creditors to receive the corresponding distributions, except
legal exceptions.
Without prejudice to the provisions of paragraph
above, made a distribution among the creditors who
appear on the payroll, the creditor who makes recognized by
judicial sentence a credit prior to the date on which the
has declared the liquidation, you will have the right to demand,
As long as funds are available, your participation in the
future distributions and you will not be able to sue creditors anymore
paid the refund of any amount, even when the
liquidation assets are not enough to cover the amount of
unpaid distributions.
Two years after the publication of the
payroll in the Official Gazette, no new
actions against the bank company declared in
liquidation for obligations prior to this one.
For the purposes of the distribution of funds that
corresponds to make the creditors of the liquidation, the
Amount of receivables that appear in the referred payroll
will be increased as follows:
1) Those in which readjustments have been agreed or
interest, or both, will continue to accrue the readjustments or
interests as agreed.
2) Those that do not accrue readjustments or interest or
stop accruing them by meeting the deadline, you will earn
current interest for non-adjustable operations.
b) Report annually on its administration to the
shareholders and creditors and render the final account in the
form provided for in Law No. 18,046, on Companies
Anonymous.

Article 134.- In the situations provided for in this
paragraph, the liquidator must tender the portfolio of bills
credit corresponding to mortgage operations
subject to Title XIII and the mortgage bonds to which it is
Article 69 number 2 refers, proceeding in the
separate from the portfolio of letters of credit or
mortgage bonds for the home of the one who
corresponds to other different purposes. They will be able to participate in
tenders other public financial institutions or
private companies, provided they agree to take over the payment of the
letters of credit or the corresponding mortgage bonds
to the portfolio in question, all subject to a
balance of said credits and obligations.
Law 21130

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DFL 3, HACIENDA (1997)

The bids to be carried out must
be convened in such a way that they can be resolved within DO 12.01.2019
the ninety days following the date on which it is notified
the resolution declaring the liquidation. If the offers
received matter that the acquirer takes charge of the payment
of the letters of credit or mortgage bonds for a
an amount equal to or greater than 90% of its nominal value,
the liquidator will proceed to transfer the corresponding
portfolio to the acquiring institution. In such a case, the value
of the letters of credit or mortgage bonds are
will reduce to the percentage offered and the institution
acquirer will be obliged to pay up to said amount,
for which it will give notice by publication in the newspaper
Official. The institution will proceed to rewrite the titles
representative of mortgage bills or bonds, with
the percentage to which they are reduced, when they are
presented for collection. In the case of securities issued in
dematerialized form, it will suffice to carry out the
respective modification in the annotations system in
corresponding account.
On the other hand, if the offers received matter that the
acquirer takes charge of the payment of the letters of credit
or mortgage bonds for an amount less than 90% of
its nominal value, the liquidator must summon the
holders of said bills or bonds to a vote for
determine if they accept the purchase offer or stay at
resulting from the liquidation. The offer will be considered
accepted if it has the favorable votes of the
creditors indicated in this subsection, who represent the
absolute majority of the unamortized value of the bills of
credit or mortgage bonds. For the purposes of summoning
At the meeting, the liquidator will publish notices in the newspaper
Official.
Within a period of fifteen days from the
publication in the Official Gazette referred to in subsection
above, holders of mortgage bills or bonds
will have the right to vote the acceptance or rejection of the
purchase offer presented in the tender, for which
They must express their option at the bank's offices
expressly indicated for this purpose. The vote must be
witnessed and scrutiny by a notary
public or other minister of faith.
If the corresponding tender does not present
no applicant, a new one will be summoned in such a way
that can be resolved within the period of ninety days
since the first one was made. In this tender,
the same rules indicated in subsection
previous.
It will be up to the Commission to dictate the other
instructions by which voting shall be governed
and resolve any matter that arises during your
discussion, acceptance or rejection.
Payments to creditors by letters of credit or
Mortgage bonds will be suspended until
transfer the mortgage portfolio or these creditors remain
subject to the results of the liquidation, if applicable. The
monies received from mortgage debtors during this
period should be made available to the bank
acquirer of the portfolio.

Art. 1 N ° 92

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DFL 3, HACIENDA (1997)

Article 134 bis.- When proceeding to transfer the
mortgage credits corresponding to the letters of
credit of title XIII or the bonds of article 69 No.
2 in accordance with the provisions of this title, the
The acquiring bank will be responsible for the total or partial payment of
letters of credit or mortgage bonds, all
subject to a balance of said credits and
obligations. The other creditors of the company may not
object to this transfer. The acquirer will enjoy
all rights, guarantees and privileges inherent or
accessories to the credits acquired.
Law 21130
The transfer will be recorded in a public deed
Art. 1 ° N ° 93
complemented by a list of assigned credits, the
DO 12.01.2019
that must be protocolized. The payroll will express the
names of debtors, primitive amounts of debtors
credits and mortgage registration data.
Real estate conservators should take note
of the transfer of these credits outside the
respective mortgage registrations, at the request of the
assignor or acquirer, with the sole merit of the deed of
assignment and protocolization of payroll.
For informational purposes only, the bank
make publications in the Official Gazette and in a newspaper
of national circulation, in which the fact is made known
if the mortgage portfolio has been transferred to another
company, indicating the date of the deed and the
notary in which it has been granted.
Notaries and real estate conservators only
may charge for the actions referred to in this
item the corresponding fixed rate, without surcharge
proportional.

Article 135.- Resolved by the Commission the

forced liquidation of a bank, will not proceed to the
executive actions that are instituted, nor will
embargoes or precautionary measures for previous obligations
to the resolution that determines the revocation of the
authorization of existence of the affected company and that the
declares in forced liquidation.

Article 136.- The resolution that orders the
forced liquidation of a bank will produce enforceability
immediate of all existing credits against him, without
prejudice of the particular rules that establish the
Articles 134 and 134 bis for letters of credit and
mortgage bonds.
As funds become available, the
liquidator, after reserving the resources to attend DO 12.01.2019
liquidation expenses, pay creditors who
enjoy preference and distribute the rest among the
common creditors, in proportion to the amount of their
respective credits.
If for any reason they cannot be paid
fully the bank's obligations, they will be

Law 21130
Art. 1 N ° 94
DO 12.01.2019

Law 21130
Art. 1 N ° 95 a)

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DFL 3, HACIENDA (1997)

covered pro rata, without prejudice to preferences
legal.
When a creditor is also a debtor of the bank, the
compensation will take place only at the time of
respective distributions of funds until concurrence of the
sums that are paid to the credit and provided that the
other legal requirements. Likewise, the
Related obligations arising from operations with products
derivatives made in accordance with the provisions of the
second paragraph of article 69, No. 6, of this law,
with respect to which it will be applied to the banking company in
forced liquidation of the provisions of the second and
following Article 140 of Law No. 20,720, which
It replaces the current bankruptcy regime by a law of
reorganization and liquidation of companies and individuals, and
perfects the role of the Superintendency of the branch. Not
Other compensations will proceed during the process of
settlement.
The Commission will deliver the settlement to the
shareholders from the moment they are fully
paid the credits of the depositors and others
creditors and covered the expenses of the liquidation.

Article 137.- In the resolution provided by the
forced liquidation of a bank, the Commission may
authorize, for the period determined, that the company
continue to operate your current bank accounts or
receipt of other demand deposits, which will be
in separate accounting and will not be subject to the
limitations contemplated in the previous article.

LAW 20190
Art. 3º Nº 17
DO 05.06.2007
Law 20720
Art. 383 N ° 4
DO 09.01.2014
Law 21130
Art. 1 N ° 95 b) i
and ii

DO 12.01.2019
Law 21130
Art. 1 ° N ° 95 c)
DO 12.01.2019

DFL 252
ART. 134
Law 21130
Art. 1 ° N ° 96
DO 12.01.2019

Article 138.- When a bank that is in
liquidation or whose shareholders' meeting has agreed
dissolution, dispose of all its assets or a part
substantial amount of them to another financial institution, said
transfer may be made by subscribing to
a public deed in which they are indicated globally,
by their amount and item, the assets that are transferred,
according to the balance in use in the banks. In the same notary's office
in which said deed has been signed, it will be protocolized
an inventory of such assets. In such a case, tradition
of the goods and their corresponding guarantees and rights
accessories, will operate fully and will not require
endorsement, notification or enrollment. However,
in the case of the transfer of ownership of goods
real estate and motor vehicles will require
corresponding inscription. The transferee may exercise
the transferor's rights, without the need to prove the
transfer, provided that he invokes a title in the name of the

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DFL 3, HACIENDA (1997)

transferor entity that has signed the public deed to
referred to in this subsection.
In the event that credits guaranteed with
mortgage, Real Estate Conservators must take Law 21130
note of the transfer of these credits apart from Art. 1 N ° 97 a) i.,
respective mortgage registrations, at the request of ii.
transferor or acquirer, with the sole merit of the deed DO 12.01.2019
of assignment and of the protocolization in which the
payroll of credits. The same will apply to credits
secured with a pledge that must be registered.
For the purposes of this article, it is understood by
substantial part of a bank's assets, which are
correspond to at least one third of the value of
accounting for them.
For informational purposes only, the bank
make publications in the Official Gazette and in a newspaper
of national circulation, in which the fact is made known
of the transfer, indicating the date of the
deed and the Notary's Office in which it was granted.
Likewise, said information must be disclosed through
from the Commission's website.

Article 139.- The provisions of this
Title will not apply if an institution
financial institution has temporarily suspended
your operations or the payment of your obligations
due to legal strike by staff or force majeure
that prevents its operation.

Article 140.- Repealed.

Second paragraph
Of Bankruptcy Crimes

Article 141.- Directors, managers or others
people who have participated in any capacity in the
bank management or administration, will be punished
with the minor prison sentence in its medium to maximum degrees
when, in the performance of their duties or on the occasion of
they, have executed or authorized, on behalf of the bank,
any of the following acts or omissions:
1) Recognized nonexistent debts.
2) Simulated disposals, to the detriment of their
creditors.
3) Committed to their business the goods received in
the performance of a custodial deposit or commission
trustworthy.
4) Carried out, in knowledge of the declaration of

DFL 252
ART. 135

RECTIFICATION
DO05.01.1998

Law 21130
Art. 1 N ° 97 b) i.,
ii.
DO 12.01.2019

DFL 252
ART. 136

Law 21130
Art. 1 N ° 98
DO 12.01.2019

Law 21130
Art. 1 No. 99
DO 12.01.2019

Law 21130
Art. 1 N ° 100
DO 12.01.2019

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DFL 3, HACIENDA (1997)

forced liquidation and without authorization of the liquidator,
any act of administration or disposition of assets in
prejudice to creditors.
5) Paid, within the fifteen days prior to the
declaration of forced liquidation, to a creditor in
detriment to others, anticipating the expiration of
an obligation.
6) Hidden, altered, falsified, or rendered useless
books or bank documents and other records
justifications for these.
7) Paid, within the sixty days prior to the
date of the forced liquidation declaration, interest
in time deposits or savings accounts with rates
considerably higher than the current average in the square
in similar institutions, or sold assets of its assets to
prices significantly lower than the market, or employee
other ruinous ways to provide funds.
8) Repeatedly violated the margins of
credit referred to in article 84, Nos 1, 2 and 4, or
those that govern the granting of guarantees or sureties, or executed
any act with the purpose of hindering, diverting or eluding
the Commission's audit, other than the
included in article 158, within the year prior to
the date of the declaration of the forced liquidation.
9) Entered contracts or other types of conventions in
damage to their heritage, to natural persons or
legal entities referred to in article 84, number 2.
10) Incurred in deficit in compliance with the
obligation imposed by article 65, during the
ninety days prior to the settlement statement
forced.
11) Maliciously executed any operation that
decrease your assets or increase your liabilities.
The crime established in this article is action
public.

Article 142.- The provisions of the previous article
It is without prejudice to civil liability that they may
affect and does not exclude the application of the rules provided
in articles 14 to 17 of the Penal Code.
If the acts that people have committed
indicated in the previous article have assigned a
penalty higher than that contemplated in it, the penalty will be applied
assigned to the most serious offense.

Article 143.- The Commission, when
any of the events described had occurred
in article 141, you must inform
of the Public Ministry the declaration of
forced liquidation, accompanied by their
background, in order to initiate the investigation
that correspond.

Third Paragraph
State guarantee

Law 21130
Art. 1 N ° 100
DO 12.01.2019

Law 21130
Art. 1 N ° 101
DO 12.01.2019

LAW 19806
Art. 15
DO 31.05.2002

Law 21130

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DFL 3, HACIENDA (1997)

Art. 1 No. 102
DO 12.01.2019

Article 144.- Grant the State guarantee to the
Obligations from deposits and fund-raising to
term, through savings accounts or nominative documents or
to order, of own emission of banks. Said guarantee
it will only favor natural persons.
The set of deposits and withdrawals covered by ART. 141
this guarantee that a creditor has in a bank, is
will be considered as a single obligation for the purposes
provided in this paragraph.

Article 145.- No person may be a beneficiary
of this guarantee in the same banking company for
obligations of more than 200 development units in each
calendar year. However, the total amount of benefit for
the same beneficiary may not exceed 400
units of development in each calendar year.

Article 146.- If the document in which it appears
the deposit or collection subject to guarantee
found in the name of more than one natural person,
the payment of the guarantee will be understood to be made to your
holders in proportion to their number,
regardless of any convention that
rule between them. The mere fact of being in a
document a legal person excludes it from the
warranty.
When a guaranteed obligation is stated in
a document to order, it will be presumed that the
endorsements have been made after
the date of suspension of payments of the
financial institution and that the guarantor is
the first beneficiary, unless the endorser
or the endorsee has registered the endorsement in the
respective entity.

Article 147.- Repealed

Article 148.- The guarantee and the obligations that
understand will be enforceable by resolution of the
Commission when a forced liquidation is declared
banking company. In this case, the payment will be made by the
liquidator.

Article 149.- The enforceability of the

DFL 252
Law 21130
Art. 1 ° N ° 103 a)
i and ii, and b)
DO 12.01.2019

Law 21130
Art. 1 ° N ° 104
DO 12.01.2019

DFL 252
ART. 143

LAW 20190
Art. 3 N ° 19
DO 05.06.2007

Law 21130
Art. 1 N ° 105
DO 12.01.2019

DFL 252

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DFL 3, HACIENDA (1997)

warranty includes all obligations to
referred to in article 144, contracted by
the bank, with the limitations established by article 145. Law 21130

ART. 146

Art. 1 N ° 106 a) and
b)
DO 12.01.2019

Article 150.- For the purposes of payment,
the amount of capital will be taken into consideration
of the original obligation or its last
renewal and readjustments and interest will be paid
that accrue until the date of payment.

DFL 252
ART. 147

Article 151.- It will be a condition to receive
the payment of the guarantee that the beneficiary of
she renounces to receive the balance of the
obligations or the part of them that
originated said payment. If I reject the payment of
warranty, you will retain your rights to
enforce them in liquidation.

DFL 252
ART. 148

Article 152.- Once the guarantee has been paid,
the Treasury will be subrogated by the sole ministry of
the law on the rights of the beneficiary of the
guarantee, in the part that has attended said
pay.

DFL 252
ART. 149

Article 153.- To the beneficiary of the guarantee
which, in turn, is a debtor of the entity
financial, the amount of it will be charged to the
corresponding credit, unless it is
duly guaranteed or pays surety for the
amount to reach your guarantee.

DFL 252
ART. 150

Law 21130
Art. 1 N ° 107
DO 12.01.2019

TITLE XVI
Bank Secrecy and other Rules

Article 154.- Deposit operations and
deposits of any nature received by banks
by virtue of this law will be subject to secrecy
banking and no background information can be provided
to said operations but to their owner or whoever has been
expressly authorized by him or the person who
represent legally. The one who violates the previous rule
will be sanctioned with the penalty of minor imprisonment in their
minimum to medium degrees.
The other operations will be subject to reservation and
banks under this law may only
make them known to whoever demonstrates a legitimate interest and
provided that it is not foreseeable that the knowledge of the
antecedents may cause patrimonial damage to the

DFL 252
ART. twenty
Law 21130
Art. 1 ° N ° 108 a)
DO 12.01.2019

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DFL 3, HACIENDA (1997)

client.
Law 21130
The provisions of the preceding paragraph shall not be applicable to Art. 1 ° N ° 108 b)
the cases in which the Commission, by virtue of the provisions of OJ 12.01.2019
in numeral 35 of article 5 of Law No. 21,000, which
creates the Commission for the Financial Market, must send
antecedents to the Financial Analysis Unit, being able to
in such cases send you the bank information subject to
reserve that is necessary for said Unit to evaluate
the initiation of one or more administrative procedures in
the terms indicated in Title II of Law No.
19,913, which creates the Financial Analysis Unit.
Law 21130
Likewise, in order to assess the situation of the
Art. 1 ° N ° 108 c)
bank and without prejudice to the provisions of the second paragraph DO 01.12.2019
of this article, it may give access to signatures
specialized in the details of the operations that take place there
point out and their antecedents. Said entities will remain
subject to the reserve established in the aforementioned subsection and
must be approved by the Commission and registered in the
public registry that the Commission will open to
these effects.
The ordinary and military justice, in the causes that
are knowing, they may order the referral of
those antecedents related to specific operations
that are directly related to the process, on the
deposits, deposits or other operations of any
nature made by those who have the character of
party or defendant in those cases or order their examination, if
necessary.
LAW 19806
The prosecutors of the Public Ministry, prior
Art. 15
authorization of the guarantee judge, they may also
DO 31.05.2002
examine or request that the records be released
indicated in the previous paragraph, which are related
directly with the investigations under his charge.
However, in the investigations followed by the
crimes established in articles 27 and 28 of Law No.
19,913, which creates the Financial Analysis Unit, the
prosecutors of the Public Ministry, with the authorization of the judge
of guarantee, granted by a founded resolution issued in
in accordance with article 236 of the Criminal Procedure Code,
may require the delivery of all the antecedents or
copies of documents on deposits, deposits or other
operations of any nature, of people,
de facto communities, entities or associations that are
object of the investigation and that are related to
that.
Law 20818
In any case, banks may disclose the
Art. 3 N ° 2
operations indicated in the preceding paragraphs in
DO 18.02.2015
global terms, not personalized or biased,
Law 21130
only for statistical or information purposes when
Art. 1 N ° 108 d)
there is a public or general interest committed,
DO 12.01.2019
rated by the Commission.
Except as provided in other laws that contemplate
special procedures, the antecedents subject to
secrecy or reserve required of a bank audited in
under the provisions of this article must be
delivered by it within a period of ten business days
bank, counted from the receipt of the request of the
owner or whom he authorizes, in the case of secrecy; or
well, as long as the requirements are accredited

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DFL 3, HACIENDA (1997)

established in the second paragraph of this article to
effects of the information subject to reservation. With everything yeah
so requested by the requested bank, the Commission may
extend said period for ten banking business days
additional when the nature, age and / or volume of
the information requested will justify it.
The total or partial omission in the delivery of said
antecedents may be sanctioned by the Commission of
compliance with the provisions of article 36 and following
of Law No. 21,000, which creates the Commission for the Market
Financial.

Article 155.- The institutions subject to the
Supervision of the Commission by virtue of this law
will be obliged to keep their
books, forms, correspondence, documents and
ballots. The Commission may authorize the elimination of
part of this file before that deadline and require that
certain documents or books are kept for deadlines
greater. It may also empower them to keep
mechanical or photographic reproductions of this
documentation to replace the originals.
The term will be counted from the date of the last entry ART. 19
operated in them or from the date they have been extended, Law 21130
as appropriate.
In no case may the books or
instruments that have a direct or indirect relationship with
any pending matter or litigation.
The Commission may authorize banking companies
to return canceled checks to the drawer.

Law 21130
Art. 1 No. 108 e)
DO 12.01.2019

DFL 252

Art. 1 N ° 109 a)
i and ii
DO 12.01.2019

Law 21130
Art. 1 N ° 109 b)
DO 12.01.2019

Article 156.- Banks will be subject to
following deposit expiration system,
deposits or any other credit in favor of
third parties derived from their financial activity, including
expressly those from dividends paid to their
shareholders:
DL 2,099
Two years after the respective account ART.
has not had movement or has not been charged the
Tenth
credit by the holder, the banking company will form a Fourth
list in the following January, which will be set in its
primary residence. May be omitted from the list
debts less than the equivalent of one unit of
promotion. Those that individually exceed the equivalent of
five development units must be published in the newspaper
Official on one day of the following March.
Law 21130
After three years have elapsed since the month of January in which Art. 1 N ° 110 a)
corresponding to form the list, the corresponding credit DO 12.01.2019
It will expire and all rights Law 21130 will expire.
of the holder, the financial institution having to find out the Art. 1 N ° 110 b)
corresponding amounts, less the expenses of
DO 12.01.2019
publication, where appropriate, in the Regional Treasury or
Provincial that corresponds to your main domicile.
The provisions of this article shall not apply:
a) To deposits and fund-raising for an indefinite term or

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DFL 3, HACIENDA (1997)

with automatic renewal clause;
b) To the ballots or guarantee deposits;
c) To the sums received by travelers checks, and
d) In cases where there is retention, pledge or
Garnishment on the corresponding monies.

Article 156 bis.- Savings accounts for children
and girls, offered by banks, cooperatives or other
financial institutions governed by this law, may be
opened by the ascendants in a straight line up to the
second degree of consanguinity or by whoever has the
personal care of the child by court order,
regardless of who has parental authority
this.
Law 21130
Likewise, the administration of said accounts will fall on Art. 1 N ° 111
in that of those mentioned in the previous paragraph that has DO 12.01.2019
signed the respective opening contract and in its holder,
in the case of an adult minor, the
contractor limit the administration of the account to his
holder until the date in which it reaches the majority of
age.

TITLE XVII
Criminal sanctions

Article 157.- The directors and managers of a
institution audited by the Commission, by virtue of this
law that knowingly made a false statement
on the ownership and composition of the capital of the
company, or approved or submitted an adulterated balance sheet or
false, or disguised your situation, especially the sums
advance to directors or employees, will be punished with
minor imprisonment in its medium to maximum degrees and a fine of
one thousand to ten thousand monthly tax units.

DFL 252
ART. 26
Law 21130
Art. 1 N ° 112 a)

Article 158.- The founding shareholders, directors, i and ii, and b)
managers, officials, employees or external auditors of DO 12.01.2019
an institution subject to the control of the
Commission, by virtue of this law that alter or disfigure
data or antecedents in the balance sheets, books, states,
accounts, correspondence or any other document that
hide or destroy these elements, in order to
hinder, divert or evade the control that
it corresponds to exercise the Commission in accordance with the law,
The penalty of minor imprisonment will be applied to them in their medium grades
to max.
DFL 252
The same penalty will be applied to them if, for the same purpose, ART. 26 bis
provide, subscribe or present those elements of judgment Law 21130
altered or disfigured. This provision does not exclude
Art. 1 ° N ° 113
application of the rules provided for in articles 14 to
a), b), c) and d)
17 of the Penal Code.
DO 12.01.2019

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DFL 3, HACIENDA (1997)

Article 159.- If a bank
omitted to count any kind of
operation affecting equity or
responsibility of the company, its manager
general or whoever takes his place will be sanctioned
with minor seclusion in its medium to maximum degree.

DL 1,638
ART. 5th

Article 160.- Whoever obtains credits
of credit institutions, public or
private, supplying or providing
false or maliciously incomplete data
about your identity, activities or status
situation or assets, causing damage
to the institution, will suffer the penalty of imprisonment
lower in its medium to maximum degrees.

DFL 252
ART. 45 bis

Article 161.- The directors, managers,
administrators or attorneys-in-fact who, without written authorization
of the Commission, agree, execute or have executed
any of the acts prohibited under article
116 of this law, will be punished with imprisonment
lower in its medium to maximum degrees.

Article 162.- The behaviors that make up the
crimes typified in this law may, in addition, be
sanctioned by the Commission in accordance with Title III
of Law No. 21,000, which creates the Commission for the Market
Financial.

Law 21130
Art. 1 No. 114
DO 12.01.2019

Law 21130
Art. 1 ° N ° 115
DO 12.01.2019

Law 21130
Art. 1 ° N ° 115
DO 12.01.2019

Transitory Articles

Article 1.- The banks that are
in operation as of the publication date of
Law No. 19,528, must maintain a
ratio of your basic capital to your assets
of at least 3% and between your assets
cash and its risk-weighted assets of
8%.
Banks that, on the same date, did not
maintain any of these proportions, they must
present to the Superintendency a plan of
adequacy that includes a maximum period of two
years. The sanction contemplated in article 68
will be applied to them in relation to the proportion
respective when there is a deficit with respect to the
plan accepted by the Superintendency.

Law No.
19,528
ART. 1st
Transit.

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DFL 3, HACIENDA (1997)

Article 2.- Banks and companies
financial institutions in operation as of the date of
publication of Law No. 19,528 must complete
the minimum capital that corresponds to them according to
with articles 50 and 114, within three
years counted from the same date.

Law No.
19,528

Article 3.- The general rules on
consolidation of financial statements that
it corresponds to dictate to the Superintendency, in
by virtue of what is stated in article 66 and in
use of their powers, they must enter into force
within a period of 180 days, counted from the
date of publication of Law No. 19,528.

Law No.
19,528

Article 4.- Savings cooperatives and
credit that, as of November 27, 1986, have
state subject to the control of the
Superintendency of Banks and Institutions
Financial, will continue to be subject to it as long as
maintain deposits or deposits received from
public or its partners. They will be applicable to
said cooperatives the provisions of Title
I of this law.
Notwithstanding the foregoing, the
modification, dissolution and liquidation of these
Cooperatives will be subject to the General Law of
Cooperatives and will intervene in such acts
exclusively the authorities that the referred
law states.

Law 18,576
ART. 5th
Transit

Sign up, take reason and publish yourself.- EDUARDO FREI
RUIZ-TAGLE, President of the Republic.- Eduardo Aninat
Ureta, Minister of Finance.
What I transcribe to you for your knowledge.Greetings to you, Manuel Marfán Lewis, Undersecretary of
Tax authorities.

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ART. 5th
Transit.

