Rule · BCB · 7 May 1997 · Circular 2754

Circular No. 2754 — Provisions on the Collection of Late Payments for Consortium Contracts

The document establishes that payments for obligations arising from adhesion contracts to consortium groups formed after the circular's publication are subject to interest of up to 1% per month and a late fee not exceeding 2% of the updated value of the overdue installments. For consortium groups formed prior to the publication date, the application of these provisions may occur by decision of the general assembly. The circular enters into force on the date of its publication.

BrazilBanco Central do Brasil

CIRCULAR NO. 002754

Provisions on the Collection of Late Payments for Consortium Contracts.

The Collegiate Board of the Central Bank of Brazil, in a session held on 07.05.97 based on Article 33 of Law No. 8.177, of 03.01.91, and in light of the provisions of Law No. 9.298, of 08.01.96,

DECIDED:

Art. 1. Establish that the payment of obligations resulting from adhesion contracts to consortium groups constituted from the date of publication of this Circular is subject to interest of up to 1% per month (one percent per month) and a late fee not exceeding 2% (two percent) of the updated value of the overdue installments.

Art. 2. The application of the provisions of the preceding article to consortium groups constituted prior to the date of publication of this Circular may occur by decision of the general assembly.

Art. 3. This Circular enters into force on the date of its publication.

Brasilia, May 7, 1997

Alkimar Ribeiro Moura
Director

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Annotations and obligations

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