Carlos Felipe B.Managing partner and founder
Information before hiring and throughout the relationship
The Superintendency of Banks approved a charter of rights and responsibilities for users of fiduciary services through Circular CSB-REG-2026000020, signed on October 28 and published on October 30, 2026. The measure aims to ensure that individuals have a better understanding of the relationship they are entering into and can access clear information before, during, and after signing the contract. This is especially relevant when a real estate transaction is structured through a trust and the buyer needs to understand the roles of each participant.
Which entities is it aimed at?
The circular is addressed to financial intermediation entities that offer fiduciary services and to trust companies under the supervision of the Superintendency. Its scope must be interpreted accordingly : a company's use of the word "trust" is insufficient to conclude that it is subject to this specific instruction . Its legal basis includes Article 53 of the Constitution , regarding information for consumers and users, Monetary and Financial Law No. 183-02, and Law No. 189-11, along with Regulation No. 95-12.
Delivery in offices, websites and virtual channels
Paragraph 2 requires that the letter be made available and delivered through the physical and virtual channels of the obligated entities. Paragraphs 5 and 6 stipulate its visible and permanent display in offices and service centers, its accessibility from the main menu of the corresponding digital platforms, and the use of QR codes or other access tools. Furthermore, paragraph 8 provides for the provision of a printed copy upon request to users, beneficiaries, project representatives, and related third parties. Digital availability does not preclude the possibility of obtaining a physical copy.
Application to real estate projects and contractual documents
Paragraph 3 mandates coordination with the parties involved in real estate trusts so that project representatives can deliver the letter to the relevant third parties. It also stipulates that the letter must be delivered along with the trust agreement and any ancillary or supplementary contracts related to the administration , promotion, acquisition of real estate, or usufruct rights over trust assets. Paragraph 4 requires maintaining physical or digital evidence that the parties have read and signed the acceptance. Receiving the letter does not replace reviewing the agreement, its annexes, or the terms and conditions for property delivery.
Implementation and monitoring deadlines
Paragraph 9 establishes two deadlines, counted from the date of publication: thirty calendar days to incorporate the letter into digital channels and ninety calendar days for its implementation in physical or digital contracts. Therefore, it is important to distinguish between the approval of the measure and the expiration of each adaptation period. Paragraph 10 refers non-compliance to the applicable sanctions regime of Laws Nos. 183-02 and 189-11, Regulation No. 95-12, and the sanctions provisions of the Monetary Board; it does not establish a single fine for every situation.
What the user should check
Before committing any money, it is advisable to request the trust agreement and keep it along with the contract, attachments, receipts, and project communications. It is also wise to request a written explanation of who manages the funds, what obligations the trustee assumes, and which ones correspond to the developer or builder. If the obligated entity does not provide the information, the user can document their request and consult the entity's customer service channels and Prousuario (a consumer protection agency). The existence of a trust requires understanding the distribution of responsibilities; it does not, in itself, guarantee delivery, profitability, or repayment.