On Tuesday, November 7, 2023, Law No. 769 , Law for the Promotion and Regulation of Microfinance, approved on June 9, 2011, was reformed on the first occasion by Law No. 1,168 , Law Reform Law No. 769 , Law for the Promotion and Regulation of Microfinance, published in La Gaceta No. 201.
The purpose of the reform is to modify articles 1, 3, 4, 6, 9, 12, 18, 19, 20, 23, 24, 42, 52, 53, 57, 73 and 78 of the aforementioned Law No. 769, which include provisions related to: object, scope, definitions, powers of CONAMI, composition of the Board of Directors of CONAMI, its powers, creation of the National Registry of MFIs, basic requirements for registration, regulation and supervision, coordination with other regulatory and supervisory bodies, constitution and organization of MFIs, minimum share capital, capital reserve, prohibitions, determination of interest rates, registration obligation.
Additionally, articles 54, 79, 80, 82 and 83 of Law No. 769 are repealed related to: surpluses of non-profit MFIs, appointment of the Board of Directors of CONAMI, regulatory period to dictate general regulations by the Board of Directors of CONAMI and the transformation of non-profit legal entities into commercial companies.
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