On Tuesday, November 7, 2023, Law No. 769, Law for the Promotion and Regulation of Microfinance, approved on June 9, 2011, was first amended by Law No. 1,168, Law for the Amendment of Law No. 769, Law for the Promotion and Regulation of Microfinance, published in La Gaceta No. 201.
The purpose of the amendment is to modify Articles 1, 3, 4, 6, 9, 9, 12, 12, 18, 18, 19, 20, 23, 24, 42, 52, 53, 57, 73 and 78 of the 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 IMFs, basic requirements for registration, regulation and supervision, coordination with other regulatory and supervisory bodies, constitution and organization of IMFs, minimum capital stock, capital reserve, prohibitions, determination of interest rates, obligation of registration.
Additionally, Articles 54, 79, 80, 82 and 83 of Law No. 769 are repealed. Those related to surpluses of non-profit MFIs, appointment of the Board of Directors of CONAMI, regulatory period for the issuance of general rules by the Board of Directors of CONAMI and the transformation of non-profit legal entities into corporations.
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