Circular No. 2395 on Construction Material Financing from Savings Deposits for Housing

CIRCULAR NO. 002395

Dispõe sobre o financiamento de material de construção no direcionamento dos depósitos de poupança destinados a financiamentos habitacionais e dá outras providências.

A Diretoria do Banco Central do Brasil, em sessão realizada em 21.12.93, com base no disposto no art. 57 da Resolução nº 1.980, de 30.04.93,

DECIDED:

Art. 1º Establish that the exigibility of housing financing referred to in Article 6, Paragraph 1, of the Regulation annexed to Resolution No. 1,980, with the wording given by Resolution No. 2,019, of 18.10.93, and Article 3, item I, of Resolution No. 1,981, of 30.04.93, with the wording given by Resolution No. 2,029, of 25.11.93, may be met through the granting of financing for the acquisition of construction materials or expansion of housing on a lot owned by the applicant for financing or whose regular possession is held by them.

Paragraph 1 The contracting of the financing referred to in this article shall be carried out through the opening of credit to the final consumer or to the construction material merchant.

Paragraph 2 In the opening of credit to the construction material merchant, the total amount of resources must be passed on to the final consumers.

Paragraph 3 The financing referred to in this article shall observe the following conditions:

I - minimum term of 24 (twenty-four) months;

II - maximum effective remuneration of 12% a.a. (twelve percent per year);

III - unit value not exceeding 2,000 (two thousand) Standard Financing Units (UPF);

IV - guarantee at the discretion of the financial agent.

Paragraph 4 The financial agent must keep the following documents related to the financing referred to in this article available to the Central Bank of Brazil:

I - technical responsibility report from a professional qualified by the Regional Council of Engineering, Architecture and Agronomy (CREA), attesting to the effective and correct use of the acquired material;

II - one copy of the invoices related to the acquisition of construction materials containing the buyer's name and the address of the property to be constructed or expanded;

III - copy of the document proving ownership or possession of the lot mentioned in the technical responsibility report and in the invoices.

Paragraph 5 It is the responsibility of the financial agent to verify the effective destination of the resources as provided in this article, and, in case any irregularity is found, to provide for the early settlement of the operation.

Art. 2º This Circular enters into force on the date of its publication.

Brasília, December 22, 1993

Cláudio Ness Mauch
Director of Norms and Organization of the Financial System