El SalvadorLey de Regulación de los Servicios de Información sobre el Historial de Crédito de las Personas, authorization and duties of credit-history information agencies
Decreto Legislativo No. 695 of 2011 (Ley de Regulación de los Servicios de Información sobre el Historial de Crédito de las Personas) arts. 5, 8, 12, 17(g) and (j), 19(e) and (f) and 31 (authorization and duties of credit-history information agencies)
In force since .
A data brokers rule binding public and private bodies.
- Instrument type
- an act of a legislature
- Obligation class
- Licensing, Retention, Prohibition
- Audit expectation
- on_request
- Who audits it
- Regulator
What it requires
- If you want to operate an agency that collects and supplies consumers' credit-history data, obtain authorization from the Superintendencia del Sistema Financiero first, and do not operate without it; a private agency must hold at least one hundred fifty thousand US dollars of share capital, fully subscribed and paid in cash.
- If you run a credit-history information agency, let the Superintendencia del Sistema Financiero audit your computer system, delete negative credit-history data permanently within three years of its entry into your database, and do not market your databases as a whole or hand over all the credit information they hold.
These lines are LexLint's reading of the law's text.
What record it asks for
Logging duty
Articles 5, 8, 12, 17, 19 and 31 set authorization, a public register of agencies, a computer-system audit by the Superintendencia, deletion periods and prohibitions. None of the cited provisions requires an agency to keep a log of its own.
- Kind
- None
- As of
What this law does
The credit-history law requires a legal person to obtain authorization from the Superintendencia del Sistema Financiero before it operates a credit-history data information agency. The credit-history law makes the Superintendencia del Sistema Financiero the body that authorizes and revokes authorization of the agencies and keeps a register of them. The credit-history law makes the register of authorized agencies public, open to consultation by any person or institution.
The credit-history law requires a private information agency to hold a minimum share capital of one hundred fifty thousand US dollars, fully subscribed and paid in cash. The credit-history law prohibits an information agency from operating without the prior authorization of the Superintendencia del Sistema Financiero. The credit-history law prohibits an information agency from marketing its databases as a whole or handing over all the credit information they hold.
The credit-history law requires an information agency to allow the Superintendencia del Sistema Financiero to audit its computer system. The credit-history law requires an information agency to delete negative credit-history data permanently no later than three years after the data entered its database. The credit-history law orders the suspension of an agency's authority to operate for up to ninety days when it repeats a very grave infraction.
When LexLint raises it
When your app profile says your app processes personal data.
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