According to the observations made by the legislators, it refers to the possible amount of fines that would be applied for penalties. According to the proposal made by the cyan party, these could reach up to 1,200 minimum salaries.

This procedure refers to the elimination of the physical exchange of checks, replacing it with electronic records or images, transmitted through the payment system. Through this procedure, which includes technological innovation, the time in which banks disburse funds to companies or individuals using this financial method would be reduced.

According to the considerations, the refusal to deliver such process would be justified when the check does not have funds, does not have the signatures of the countersigner, when it is false or when the drawer, at the time of verification, determines that it is not possible to make the payment because the account is seized, embargoed or for any reason that prevents the availability of the money from the account of origin.

Another reason for penalty would be when the bank delays or delays the process of truncation of checks by demanding other requirements not provided for by law.  In the same way, a fine would be imposed when the computer system enabled for the conversation of checks is altered, intervened or interrupted.

Delivering to the client the reproduction of the digital image requested, without complying with the necessary requirements, could be another cause for sanction; as well as not delivering to the applicant the certification of the image of the check or not immediately informing the Superintendencia del Sistema Financiero (SSF) of the non-compliance with the provisions of this article by any of the institutions participating in the truncation of checks.

Translated by: A.M