Clear responsibilities are established for developers and Software that distribute them.
On December 20, bulletin No. 16492-03 was submitted to the Chamber of Deputies, which regulates consumer loan applications and assigns responsibility to companies for criminal acts committed through their platforms.
The bill establishes a regulatory framework for the operation and distribution of financial applications through Digital Store Software, to prevent the commission of crimes through them, establish clear responsibilities for developers and Software that distribute them, and protect the rights and data of users.
The initiative defines key concepts such as: Financial Application, Financial Developer, Device, User and Digital Store Software. Likewise, a principle of general legality is made explicit for the operation of these applications, obliging the software that distributes them to verify that they comply with current legislation, establishing a statute of joint liability in case of infringement and prohibiting liability exemption clauses for the software for infringements committed by the applications.
Additionally, the motion establishes that, for the creation of a financial developer account, the Digital Store Software will require, at least, the following information:
1. The identity of the natural or legal person who creates it, as well as its domicile in Chile;
2. If you are a natural person, your criminal record; and
3. A contact through which you can be communicated by the authorities.
In addition, the initiative establishes obligations and prohibitions for financial developers, among which is the obligation to comply with tax obligations and responsibility for damage caused by their applications on the devices on which they are downloaded. Likewise, it requires the classification of applications as financial services and the confidential management of user information for its protection.
The project also incorporates rules and restrictions for Financial Applications, among which stands out the obligation to obtain authorization from the Financial Market Commission for their distribution, the need for these applications to be clearly identified as “Financial Application” for users, and the prohibition of loans with terms of less than 120 days. Furthermore, it emphasizes that communications with users must be carried out exclusively through the application, with logs of interactions, and strict restrictions are placed on the information that applications can access on users’ devices. Finally, the automatic extinction of the debt is contemplated in cases of commission of crimes against the debtor or his family, guaranteeing protection in situations of serious harm.
Finally, he added that the violation of any of the provisions will be sanctioned by the Financial Market Commission with fines of 500 to 15,000 UF, without prejudice to other penalties that may apply for other crimes committed.
2023-12-29 18:10:32
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