Legislative advances in the regulation of pre-printed signatures and electronic signatures in the Nicaraguan legal system
Due to recent technological trends influencing business, financial and any other type of business, new methods and tools have been developed that facilitate the agility of administrative and business processes through access to the use of signatures pre-printed and electronic signatures.
In Nicaragua, the development of the legal system that regulates digital signatures begins with Law No. 729 “Electronic Signature Law”, published on August 30, 2010, in La Gaceta, Diario Oficial No. 165, then its rules and regulations published November 8. , 2011, in La Gaceta, Diario Oficial No. 211. This document establishes that the certified electronic signature will have the same legal value as the handwritten signature as long as the willingness of the parties to carry out the legal activity by this means is demonstrated and the electronic signature will not be used in the event of family law, personal acts, provisions by cause of death and acts carried out in the formalities required by law.
On May 19, 2015, the Superintendence of Banks and Other Financial Institutions approved the “Regulation on pre-printed signatures in contracts containing financial operations”, Resolution No. CDSIBOIF-890-1-MAY19-2015, published in La Gaceta, Diario Oficial N° 116 of June 23, 2015. This regulation on banking law authorized banks and other financial entities to use the pre-printed signature of their legal representative or the natural person previously authorized to sign the document. This document establishes that the pre-printed signature can only be used in the following contracts:
- Personal credit agreements in which no guarantee is agreed, including credit card transactions;
- Bank account contracts (savings and current);
- Term deposit certificate opening contracts;
- mandatory motor third party liability insurance policies; Compulsory civil liability insurance policies for motor vehicles registered abroad; and;
- Mass insurance and micro-insurance operations covered by the regulations governing these matters.
In the case of Microfinance Institutions, on October 27, 2020, the National Microfinance Commission approved the “Regulation on the use of the pre-printed signature in Contracts and its annexes in Microfinance Operations”, Resolution n° CD-CONAMI-021-01OCT27-2020, published November 11, 2020, in La Gaceta, Diario Oficial No. 209. This document establishes that the pre-printed signature can only be authorized in contracts, payment plans and the informative summary of transactions related to microfinance for an amount equal to or less than 1,000.00 USD or its equivalent in crdobas, in which no guarantee of real estate rights is agreed.
Currently, Resolution No. CD-SIBOIF-890-1-MAY19-2015 on “Regulation on pre-printed signatures in contracts containing financial transactions” has been repealed by Resolution No. CD-SIBOIF-1317-1JUN14-2022 , “Regulation on -printed or electronically printed signature in documents containing financial operations or services”, approved on June 14, 2022 by the Superintendence of Banks and Other Financial Institutions and published on July 1, 2022 in La Gaceta, Diario Oficial n ° 121, which authorizes financial institutions to use pre-printed or electronically printed signatures in documents containing financial transactions or services in order to accelerate the attention brought to users of the financial system and to improve the commercialization of products massive investment financiers.