Circular No. 1939 — Regulates provisions of Law No. 8,004/90 regarding financing transfers and balance settlements in the SFH, Law No. 8,088/90 on new cruzados usage, and Law No. 8,100/90 on FCVS coverage

CIRCULAR NO. 001939

TO FINANCIAL AGENTS OF THE HOUSING FINANCE SYSTEM (SFH)

REGULATES THE PROVISIONS OF LAW NO. 8,004, OF 14.03.90, WHICH DEALS WITH FINANCING TRANSFERS AND BALANCE SETTLEMENTS WITHIN THE HOUSING FINANCE SYSTEM (SFH), OF LAW NO. 8,088, OF 31.10.90, WHICH AUTHORIZES THE USE OF NEW CRUZADOS IN PAYMENTS OF THE SPECIES, AND OF LAW NO. 8,100, OF 05.12.90, WHICH GOVERNS THE COVERAGE OF THE SALARY VARIATION COMPENSATION FUND (FCVS).

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION ON 17.04.91, BASED ON ARTS. 4 OF DECREE NO. 97.548, OF 01.03.89, 24 OF LAW 8,004, OF 14.03.90, 20 OF LAW NO. 8,088, OF 31.10.90, AND 4 OF LAW NO. 8,100, OF 05.12.90, AND TAKING INTO ACCOUNT THE PROVISIONS OF ARTS. 3 AND 5 OF LAW NO. 8,004, OF 14.03.90, AND 3 OF LAW NO. 8,100, OF 05.12.90, DECIDED:

ART. 1. IN THE EARLY SETTLEMENT OF HOUSING FINANCING CONTRACTS THROUGH THE PAYMENT OF AN AMOUNT EQUIVALENT TO THE TOTAL VALUE OF THE DUE MONTHLY INSTALLMENTS, AS AUTHORIZED BY PARAGRAPH 1 OF ART. 5 OF LAW NO. 8,004, OF 14.03.90, THE VALUE OF THE MONTHLY INSTALLMENT WILL INCLUDE, IN ADDITION TO THE INTEREST PROVIDED FOR IN PARAGRAPH 1 OF ART. 24 OF LAW NO. 8,177, OF 01.03.91, ONLY THE ADJUSTMENTS THAT SHOULD COMPOSE THAT AMOUNT ON THE DATE OF SETTLEMENT.

PARAGRAPH 1. FOR THE PURPOSES OF THIS ARTICLE, THE VALUE OF THE MONTHLY INSTALLMENT IS UNDERSTOOD AS THE SUM OF THE CHARGES DUE MONTHLY BY THE BORROWER, INCLUDING THE PORTION REFERRED TO HOUSING INSURANCE, ARISING FROM THE SET OF OBLIGATIONS COMPONENTS OF THE OPERATION.

PARAGRAPH 2. NO ADJUSTMENT OR SALARY ADVANCE WHOSE REPASS, IF THE CONTRACT WERE TO BE REGULARLY AMORTIZED, WOULD OCCUR ONLY ON A DATE LATER THAN ITS EARLY SETTLEMENT, SHALL BE COMPUTED IN THE CALCULATION OF THE VALUE OF THE MONTHLY INSTALLMENT.

PARAGRAPH 3. EXCLUSIVELY FOR THE PURPOSES OF SETTLEMENT UNDER THIS ARTICLE, IN DETERMINING THE VALUE OF THE MONTHLY INSTALLMENT, THE PROVISIONS OF ARTS. 23 AND 24, PARAGRAPH 1, OF LAW NO. 8,177, OF 01.03.91, SHALL NOT BE APPLIED UNTIL 30.04.91.

PARAGRAPH 4. THE APPLICATION OF THE PROVISIONS OF THE PREVIOUS PARAGRAPH TO BORROWER CONTRACTS IS ASSURED UNTIL 28.06.91, FOR CONTRACTS THAT, UNTIL 30.04.91, FORMALIZE WITH THE FINANCIAL AGENT THE INTENTION TO EFFECT THE CORRESPONDING EARLY SETTLEMENT THROUGH A REQUEST THAT CHARACTERIZES THE PROPERTY SUBJECT TO SETTLEMENT.

ART. 2. THE "PRO RATA DIE" UPDATE OF THE ACCOUNTING BALANCE DUE OR THE MONTHLY INSTALLMENT OF THE HOUSING FINANCING, FOR THE PURPOSES OF TRANSFER OR SETTLEMENT ESTABLISHED IN ARTS. 3 AND 5 OF LAW NO. 8,004, OF 14.03.90, SHALL BE CARRIED OUT BASED ON THE BASIC REMUNERATION INDICES OF SAVINGS DEPOSITS, USING, IN THE MONTH OF SETTLEMENT, THE ACCUMULATED VARIATION OF THE DAILY REFERENCE RATE - TRD IN THE PERIOD.

ART. 3. IN SETTLEMENTS CARRIED OUT UNDER THE AEGIS OF LAW NO. 8,004, OF 14.03.90, ONLY THE ADJUSTMENTS PROVIDED FOR IN THIS CIRCULAR SHALL BE EFFECTED, AND ANY OTHER INCREASE IN THE VALUE DETERMINED FOR PAYMENT - SUCH AS DAILY INTEREST ON THE BALANCE DUE - AND THE CHARGING OF FEES FOR PROVIDING VALUES FOR THE PURPOSES OF SETTLEMENT ARE PROHIBITED, UNLESS THE PROVISIONS OF CIRCULAR NO. 1,734, OF 23.05.90, ARE MET.

ART. 4. FOR CONTRACTS GOVERNED BY THE SALARY EQUIVALENCE PLAN BY PROFESSIONAL CATEGORY, THE DATE OF THE LAST ADJUSTMENT, IN THE CASE OF FULL OR PARTIAL MODALITY, IS CONSIDERED THE MONTH IN WHICH THE LAST ADJUSTMENT APPLIED TO THE MONTHLY INSTALLMENT ARISING FROM BASE DATE OR ANY OTHER INCREASE, PASSED ON DUE TO A LEGAL PROVISION, BECAME EFFECTIVE.

ART. 5. THE SALARY VARIATION COMPENSATION FUND - FCVS WILL ONLY SETTLE THE REMAINING BALANCE DUE OF CONTRACTS ENTERED INTO WITHIN THE HOUSING FINANCE SYSTEM (SFH) WHEN IT IS:

I - FIRST FINANCING IN ANY LOCALITY: AT THE END OF THE TERM, IN THE EARLY SETTLEMENT AS ESTABLISHED IN THE "CAPUT" OF ART. 5 OF LAW NO. 8,004, OF 14.03.90, OR IN THE EARLY SETTLEMENT AS ESTABLISHED IN PARAGRAPH 1 OF THE SAME PROVISION;

II - OTHER FINANCINGS IN LOCALITIES DIFFERENT FROM THE FIRST IN THE EARLY SETTLEMENT AS ESTABLISHED IN THE "CAPUT" OF ART. 5 OF LAW NO. 8,004, OF 14.03.90.

PARAGRAPH 1. THE PROVISIONS OF ITEMS I AND II OF THIS ARTICLE ALSO APPLY TO FINANCINGS WHERE CONTRIBUTIONS TO THE FCVS WERE MAINTAINED AFTER THE DEADLINE FOR THE ALIENATION OF A PREVIOUSLY ACQUIRED HOUSING PROPERTY IN THE SAME LOCALITY.

PARAGRAPH 2. IF THE CASE OCCURS OF A BORROWER APPEARING AS A CO-DEBTOR IN A CONTRACT ENTERED INTO PREVIOUSLY, IT WILL NOT BE CONSIDERED AS HAVING MORE THAN ONE FINANCING.

PARAGRAPH 3. FOR THE PURPOSES OF THIS ARTICLE, THE DATE OF THE ORIGINAL FINANCING CONTRACT WILL BE CONSIDERED, EVEN IF THERE HAS BEEN A SUBROGATION OF THE DEBT, PROVIDED IT IS REGULAR.

ART. 6. THE RIGHT TO SETTLEMENT BASED ON THE PROVISIONS OF THE "CAPUT" OR PARAGRAPH 1 OF ART. 5 OF LAW NO. 8,004, OF 14.03.90, IS ALSO ASSURED FOR FINANCING GRANTED TO A BORROWER:

I - OWNER OF A PROPERTY ENCUMBERED WITH A LIFE ESTATE CLAUSE, IN THE SAME LOCALITY, ON A DATE PRIOR TO THE GRANTING OF THE FINANCING SUBJECT TO FCVS COVERAGE;

II - MARRIED, WHEN EITHER SPOUSE OWNS ANOTHER PROPERTY, ACQUIRED BEFORE MARRIAGE, IN THE SAME LOCALITY AS THE PROPERTY FINANCED TO THE COUPLE;

III - CO-OWNER OF A PROPERTY RECEIVED THROUGH INHERITANCE, IN THE SAME LOCALITY AS THE FINANCED PROPERTY;

IV - WHOSE PREVIOUS FINANCING IS COVERED UNDER PARAGRAPH 3 OF ART. 3 OF LAW NO. 8,004, OF 14.03.90, AND THE TRANSFER HAS BEEN REGISTERED, UNTIL 14.03.90, IN A NOTARY OFFICE.

ART. 7. CONSTITUTES A SINGLE FINANCING FOR THE PURPOSES OF ART. 5 OF LAW NO. 8,004, OF 14.03.90, AND ART. 3 OF LAW NO. 8,100, OF 05.12.90, THE OPERATIONS INVOLVING:

I - FINANCED PROPERTY ENCUMBERED WITH MORE THAN ONE MORTGAGE;

II - MORE THAN ONE FINANCING LINKED TO A SINGLE PROPERTY.

ART. 8. BORROWERS HOLDING MORE THAN ONE PROPERTY FINANCED BY THE SFH IN DIFFERENT LOCALITIES, WHO EFFECTED THE SETTLEMENT OF ONE OF THEM PRIOR TO THE EFFECTIVENESS OF CIRCULAR NO. 1,866, OF 14.12.90, BY HALF OF THE ACCOUNTING BALANCE DUE, MAY EFFECT THE SETTLEMENT OF THE REMAINING OLDEST FINANCING BY THE CRITERION OF DUE INSTALLMENTS.

ART. 9. FINANCIAL AGENTS MUST REQUIRE FROM THE BORROWER OR PRINCIPAL DEBTOR A DECLARATION, SIGNED UNDER THE PENALTIES OF THE LAW, TO BE COMPARED WITH THE NATIONAL REGISTER OF BORROWERS OF THE HOUSING FINANCE SYSTEM, REGARDING SETTLEMENTS ALREADY EFFECTED UNDER LAW NO. 8,004, OF 14.03.90, AND OTHER PROPERTIES THAT MAY EVENTUALLY BE OWNED, IN THE MUNICIPALITY OR OUTSIDE IT.

SINGLE PARAGRAPH. FINANCIAL INSTITUTIONS MUST KEEP THE DOCUMENT MENTIONED IN THIS ARTICLE AVAILABLE TO THE CENTRAL BANK OF BRAZIL AND THE MANAGER OF THE FCVS.

ART. 10. THE PAYMENT PROVIDED FOR IN ART. 13 OF LAW NO. 8,088, OF 31.10.90, MAY BE EFFECTED IN NEW CRUZADOS, IN CRUZEIROS, OR WITH RESOURCES FROM ACCOUNTS LINKED TO THE WORK TIME GUARANTEE FUND - FGTS, AS AUTHORIZED BY PARAGRAPH 2 OF THE SAME ARTICLE.

SINGLE PARAGRAPH. THE USE OF RESOURCES IN NEW CRUZADOS OWNED BY CO-OWNERS, A PARTNER, AND THOSE BLOCKED IN THE NAME OF A MINOR DESCENDANT IS ADMITTED, AS WELL AS RESOURCES FROM ACCOUNTS LINKED TO THE WORK TIME GUARANTEE FUND - FGTS OF THE OWNER AND/OR CO-OWNERS OF THE PROPERTY, INCLUDING A PARTNER.

ART. 11. THE SETTLEMENT OF FINANCING CONTRACTS TRANSFERRED WITHOUT THE INTERVENTION OF THE FINANCIAL AGENT, AS ESTABLISHED IN PARAGRAPH 3 OF ART. 3 OF LAW NO. 8,004, OF 14.03.90, MAY BE EFFECTED BY THE NUMBER OF DUE INSTALLMENTS OR BY HALF OF THE BALANCE DUE, AND THE FACULTY PROVIDED FOR IN THE PREVIOUS ARTICLE MAY BE USED.

SINGLE PARAGRAPH. FOR THE PURPOSES OF PROVING THE PROVISIONS OF THIS ARTICLE, THE DOCUMENT MENTIONED IN ART. 9 MUST BE REQUIRED FROM THE BENEFICIARY.

ART. 12. THE RELEASE OF RESOURCES FROM THE WORK TIME GUARANTEE FUND - FGTS BY THE FEDERAL SAVINGS AND LOAN ASSOCIATION (CAIXA ECONÔMICA FEDERAL) TO FINANCIAL AGENTS, FOR THE PURPOSES PROVIDED FOR IN ART. 10, SHALL BE MADE THROUGH THE TRANSFER OF OWNERSHIP OF NEW CRUZADOS DEPOSITED WITH THE CENTRAL BANK, IN THE NAME OF THE FUND, DUE TO THE PROVISIONS OF ART. 9 OF LAW NO. 8,024, OF 12.04.90.

SINGLE PARAGRAPH. ONLY AFTER THE UTILIZATION OF THE TOTALITY OF RESOURCES IN NEW CRUZADOS MAY RESOURCES IN CRUZEIROS EXISTING IN THE NAME OF THE FUND BE RELEASED TO FINANCIAL AGENTS BY THE FEDERAL SAVINGS AND LOAN ASSOCIATION (CAIXA ECONÔMICA FEDERAL).

ART. 13. THE TRANSFER AND SETTLEMENT REFERRED TO IN THIS CIRCULAR SHALL BE PROCESSED BY FINANCIAL AGENTS AS SOON AS THE REQUIREMENTS FOR SUCH REQUIRED BY LAW NO. 8,004, OF 14.03.90, ARE MET, WITH THE IMMEDIATE RELEASE OF THE MORTGAGE, IN THE CASE OF SETTLEMENT.

ART. 14. NON-COMPLIANCE WITH THE NORMS CONSOLIDATED IN THIS CIRCULAR SHALL BE CONSIDERED A SERIOUS OFFENSE, SUBJECTING THE INFRACTING INSTITUTION AND ITS ADMINISTRATORS TO THE SANCTIONS PROVIDED FOR IN THE LEGISLATION IN FORCE.

ART. 15. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

ART. 16. CIRCULARS NOS. 1,866, OF 14.12.90, AND 1,921, OF 26.03.91, ARE HEREBY REPEALED.

BRASÍLIA (DF), APRIL 17, 1991

GUSTAVO JORGE LABOISSIÈRE LOYOLA
DIRECTOR