New Law Modifying Article 411 of the Commercial Code: Significant Changes for Check Users
The new law modifying Article 411 of the Commercial Code imposes changes that could have significant repercussions for check users.
Stricter Sanctions for Issuing Checks without Funds
The penalties for issuing checks without funds have increased from five to two years of imprisonment, with a fine of 20% of the check amount for amounts exceeding 5,000 dinars. Since most commercial transactions in Tunisia exceed this threshold, most operations will be affected by this legislation.
What Banks Are Required to Do
Banks are responsible for determining the limit for each uncertified checkbook based on the client's solvability. Each check leaf must indicate its maximum value, which cannot exceed 30,000 dinars.
The validity period of each checkbook is set by the bank for at least six months and must be clearly indicated on each leaf.
For checks with an amount equal to or less than 5,000 dinars, the bank is required to honor them after a seven-day delay from their presentation, unless it offers an electronic payment platform.
When a check is without funds, the bank must immediately record the presentation date on the back of the check and pay out the available funds or reserve them for the beneficiary.
The bank must also notify the drawer via a digital platform on the same day. If the situation is not regularized within seven working days, the bank is then required to issue a non-payment certificate, which details the reasons for non-payment and has consequences for the drawer.
This certificate leads to, among other things, the prohibition of the drawer from using any other checks, except those for direct withdrawal or authenticated checks.
Measures to Avoid Incarceration
The law introduces the possibility for judges to substitute imprisonment with community service for first-time offenders who issue checks without funds. In case of multiple complaints for the same reason, the drawer can also benefit from a merger of penalties, which reduces the financial sanctions.
