Circular No. 1950 — Clarifies FCVS coverage scenarios, waives notary registration requirement for regularization of contracts transferred without financial agent consent, and revokes requirement regarding installment revision

CIRCULAR NO. 001950

TO THE FINANCIAL AGENTS OF THE HOUSING FINANCE SYSTEM

CLARIFIES THE COVERAGE SCENARIOS OF THE FCVS, WAIVES THE REQUIREMENT FOR NOTARY REGISTRATION FOR THE REGULARIZATION OF CONTRACTS TRANSFERRED WITHOUT THE CONSENT OF THE FINANCIAL AGENT, AND REVOKES THE REQUIREMENT REGARDING THE REVISION OF INSTALLMENTS.

WE COMMUNICATE THAT THE BOARD OF DIRECTORS OF THE CENTRAL BANK OF BRAZIL, IN A SESSION ON 24.04.91, BASED ON ARTS. 24 OF LAW NO. 8,004, OF 14.03.90, AND 4 OF LAW NO. 8,100, OF 05.12.90, DECIDED:

ART. 1. AMEND ARTS. 5, 6, ITEM IV, AND 11, SOLE PARAGRAPH, OF CIRCULAR NO. 1,939, OF 17.04.91, WHICH SHALL ENTER INTO FORCE WITH THE FOLLOWING WORDING:

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

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

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

SOLE PARAGRAPH 1. THE PROVISIONS IN ITEMS I AND II APPLY, EQUALLY, TO FINANCINGS OF A PROPERTY IN WHICH THE BORROWER IS THE OWNER OF ANOTHER PROPERTY, PROVIDED THAT THE LATTER:

A - HAS NOT BEEN THE OBJECT OF FINANCING WITHIN THE SFH;

B - IF FINANCED WITHIN THE SFH, HAS BEEN SETTLED WITHOUT BURDEN ON THE FCVS OR WITH BURDEN ON THE FCVS ON A DATE PRIOR TO OBTAINING THE NEW FINANCING.

SOLE PARAGRAPH 2. IF THE BORROWER APPEARS AS A CO-DEBTOR IN A CONTRACT CONCLUDED PREVIOUSLY, IT SHALL NOT BE CONSIDERED AS HAVING MORE THAN ONE FINANCING.

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

ART. 6 ........................................................
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IV - WHERE THE PREVIOUS FINANCING IS COVERED UNDER ART. 3, PARAGRAPH 3, OF LAW NO. 8,004, OF 14.03.90, A CASE IN WHICH IT MUST BE PROVEN THAT THE TRANSACTION OCCURRED BY THE DATE OF THE ENACTMENT OF SAID LAW.

ART. 11 .......................................................
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SOLE PARAGRAPH. FOR THE PURPOSES OF PROVING THE PROVISIONS OF THIS ARTICLE AND IN CASES OF TRANSFER OF CONTRACTS OF THIS KIND, THE DOCUMENT MENTIONED IN ART. 9 SHALL BE REQUIRED FROM THE ACQUIRER."

ART. 2. REPEAL ART. 6 OF CIRCULAR NO. 1,940, OF 17.04.91, WHICH DEALS WITH THE IMPOSSIBILITY OF REVISION OF THE INSTALLMENT/INCOME RELATIONSHIP IN FINANCING CONTRACTS ENTERED INTO UNDER THE FULL MODALITY OF THE SALARY EQUIVALENCE PLAN BY PROFESSIONAL CATEGORY - PES/CP IF THE PROPERTY IS VACANT, RENTED, OR TEMPORARILY OCCUPIED BY THE BORROWER.

ART. 3. THIS CIRCULAR ENTERS INTO FORCE ON THE DATE OF ITS PUBLICATION.

BRASÍLIA (DF), APRIL 26, 1991

GUSTAVO JORGE LABOISSIÈRE LOYOLA
DIRECTOR