Circular No. 3432 — Provisions on the Constitution and Operation of Consortium Groups — BCB — BR

CIRCULAR NO. 003432

Dispõe sobre a constituição e o funcionamento de grupos de consórcio.

The Collegiate Board of the Central Bank of Brazil, in an extraordinary session held on February 3, 2009, based on Articles 6 and 7 of Law No. 11,795, of October 8, 2008,

DECIDED:

Article 1. The constitution and operation of consortium groups are governed by the provisions of this circular.

Article 2. A consortium participant is considered excluded if they:

I - express, in writing, the intention not to remain in the group;

II - fail to fulfill the financial obligations stipulated in the contract.

Sole Paragraph. The exclusion of a contemplated participant is prohibited.

Article 3. The following may be the subject of a consortium group:

I - movable goods or a set of movable goods;

II - real estate;

III - services or a set of services.

Sole Paragraph. The group may only be formed with the object of goods or services from one of the categories listed in this article, observing the segregation provided for in Article 5, item XIII, letter "a", items 1 and 2, for movable goods.

Chapter I

OF THE PARTICIPATION CONTRACT IN A CONSORTIUM GROUP, BY ADHERENCE

Article 4. The consortium group regulations must:

I - be registered at the registry office for titles and documents in the locality where the administrator's headquarters is located;

II - be archived at the administrator's headquarters, with an authenticated copy maintained at the administrator's branches and at the premises of affiliated companies, if any, available to consortium participants and the Central Bank of Brazil.

Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, of October 8, 2008, and must include, at minimum:

I - the complete identification of the contracting parties;

II - the description of the good, set of goods, service, or set of services to which the contract refers and its respective price, adopted as the reference for the value of the credit and the ordinary contributions of the consortium participants, as well as the applicable criterion for its update;

III - information, where applicable, regarding the participant's involvement in a group with credits of differentiated values;

IV - the administration fee;

V - the eventual existence of a reserve fund and its respective fee;

VI - the duration of the contract and the maximum number of active consortium shares in the group;

VII - the financial obligations of the consortium participant, including those that may be established as a result of:

a) insurance contracting;

b) expenses incurred with deeds, taxes, fees, evaluation, and registration of the guarantees provided;

c) advance payment of the administration fee;

d) purchase and delivery of the good, at the consortium participant's request, in a market different from that stated in the contract;

e) delivery, at the consortium participant's request, of a second copy of the document;

f) the collection of a retention fee on resources not sought by consortium participants or excluded participants;

VIII - the contractual obligations, the non-compliance with which by the parties entails the application of a fine;

IX - the periodicity for holding the ordinary general assembly;

X - the conditions for competing for contemplation by lottery and its form, as well as the rules for contemplation by bid;

XI - the possibility or not of advance payment by a non-contemplated consortium participant, if applicable, and the advance payment of funds by a contemplated consortium participant, as well as the conditions for these advances;

XII - the right of the contemplated consortium participant to dispose, for the acquisition of the good, set of goods, service, or set of services, of the value of the credit distributed in the assembly of the respective contemplation, plus the net financial earnings proportional to the period in which the value of the credit was applied, understood between the date it was made available until its use;

XIII - the faculty of the contemplated consortium participant to:

a) acquire, from a supplier, seller, or service provider of their choice:

motor vehicle, aircraft, vessel, machines, and equipment, if the contract refers to any good mentioned in this item;
any movable good or set of movable goods, new, excluding those mentioned in item 1, if the contract refers to a movable good or set of movable goods not mentioned in that item;
any real estate, built or under construction, including land, or alternatively opt for construction or renovation, provided it is in a municipality where the administrator operates or, if authorized by the administrator, in a different municipality, if the contract refers to real estate;
service, if the contract refers to a service;

b) acquire the real estate linked to a real estate development, as provided in the contract, if so referenced;

c) settle the total financing, in their ownership, under the conditions provided in the contract, of goods and services that can be acquired through the credit obtained;

d) receive the value of the credit in cash, upon settlement of their obligations to the group, if they have not yet used the respective credit 180 days after contemplation;

XIV - the procedure to be observed for the acquisition and payment of the good, set of goods, service, or set of services to which the contract refers, with a fixed deadline within which the administrator must make the payment to the supplier, observing the provisions of Article 12;

XV - the guarantees that will be required of the contemplated consortium participant for the acquisition of the good, set of goods, service, or set of services, and the procedures to be adopted in the event of their substitution;

XVI - the provisions to be observed for the transfer of rights and obligations arising from the contract;

XVII - the conditions of contractual non-compliance that entail:

a) the exclusion of the consortium participant from the group;

b) the cancellation of contemplation, as per Article 10;

XVIII - information regarding the conditions for receiving the refund of values paid by excluded participants, including any applicable deductions on the received values;

XIX - the consortium participant's authorization for the making of deposits of the resources referred to in Article 27 and the data related to the corresponding deposit account, if they have one;

XX - the information that the consortium participant, including if excluded from the group, is obligated to keep their registration information updated with the administrator, especially address, phone number, and data related to the deposit account, if they have one;

XXI - the registration number and the registry office for titles and documents where the consortium group regulations were registered, as per Article 4.

Chapter II

OF THE APPLICATION OF THE GROUP'S RESOURCES

Article 6. The resources of consortium groups, collected by administrators, must be obligatorily deposited in a multiple bank with commercial portfolio, commercial bank, or savings bank.

§ 1. The consortium administrator must perform daily control of the movement of the accounts comprising the liquidity of the consortium groups, including bank deposits, with a view to reconciling global receipts, for analytical identification by consortium group and by contemplated consortium participant whose resources related to the credit are financially applied.

§ 2. The resources referred to in the main text can only be invested in federal public securities registered in the Special Settlement and Custody System (Selic), in investment funds, and in investment funds in shares of investment funds constituted in the form of open-end condominiums, classified as short-term funds and referenced funds, as per CVM Instruction No. 409, of August 18, 2004, and subsequent amendments, of the Securities and Exchange Commission (CVM), prohibiting the investment of resources:

I - of the administrator itself in the same investment fund;

II - in exclusive funds;

III - in funds intended exclusively for qualified investors.

Chapter III

OF THE CONSTITUTION OF THE GROUP

Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes:

I - the existence of sufficient resources, on the date of the first ordinary general assembly, to carry out the number of contemplations by lottery provided contractually for the period, considering the highest value credits of the group;

II - the verification of the proponents' payment capacity, regarding the financial obligations assumed with the group and the administrator.

§ 1. The formation of groups in which credits are of differentiated values is admitted, observing that the lowest value credit, in force or defined on the date of the group's constitution, cannot be less than 50% (fifty percent) of the highest value credit.

§ 2. For cases of groups resulting from the merger of other groups, a difference greater than that established in § 1 is admitted, provided that the procedure meets the provisions of Article 35, item II.

§ 3. The number of shares in the group, fixed on the date of its constitution, cannot be altered throughout its duration.

§ 4. The percentage of shares of the same consortium participant in the same group relative to the maximum number of active consortium shares in the group is limited to 10% (ten percent).

Chapter IV

OF CONTEMPLATION

Article 8. Contemplation by bid can only occur after contemplation by lottery or if the latter is not carried out due to insufficient resources.

Article 9. Contemplation in consortium groups by means of an embedded bid is admitted, thus considered the offer of resources, for contemplation purposes, through the use of part of the value of the credit provided for distribution in the respective assembly.

§ 1. The value of the winning bid must:

I - be entirely deducted from the credit provided for distribution in the contemplation assembly, making available to the consortium participant resources corresponding to the value of the resulting difference;

II - be destined to the deduction of future installments, composed of portions of the common fund and the linked charges provided in the contract, examples of which are the administration fee and the reserve fund;

III - be accounted for in a specific account.

§ 2. In the offering of bids with resources from the Service Time Guarantee Fund (FGTS), the provisions issued by the FGTS Curator Council and by the Federal Savings Bank, as the operator agent of the FGTS, must be observed.

Article 10. The ordinary general assembly of the group may determine the cancellation of the contemplation of the consortium participant who, having not used the respective credit, remains delinquent for the period defined in the contract.

Chapter V

OF THE USE OF CREDIT

Article 11. The administrator must make the respective credit available to the contemplated consortium participant until the third business day after contemplation, with the said resources remaining deposited in a linked account, applied in accordance with the provisions of Article 6, until the last business day prior to the use in the contractual manner.

Article 12. The administrator must make the payment for the good, set of goods, service, or set of services to which the contract refers, within a timeframe compatible with that practiced in the market for cash sales or as agreed between the contemplated consortium participant and the seller or supplier of the good, observing the other conditions established in this article.

§ 1. In the event that the consortium participant, after the respective contemplation, has paid with their own resources any value for the acquisition of the good, set of goods, service, or set of services, they are entitled to receive the value of this credit in cash, up to the same amount, observing the contractual provisions.

§ 2. The administrator may only transfer resources to third parties for the payment of the good, set of goods, service, or set of services, after having been formally notified by the contemplated consortium participant of their option, with guarantees satisfied, if applicable, and upon presentation of the documents related in the contract as mandatory, observing that:

I - the formal communication must include:

a) the complete identification of the contemplated consortium participant and the seller or supplier of the good or service provider, with the address and the number inscribed in the Register of Natural Persons (CPF) or in the National Register of Legal Entities (CNPJ);

b) the characteristics of the good, set of goods, service, or set of services subject to the option and the payment conditions agreed upon between the contemplated consortium participant and the seller or supplier;

II - the transfer of resources to third parties, as an advance, without prejudice to the observance of the provisions of this article, is conditioned upon the formalization of the contract between the supplier or seller of the good or service and the administrator, who assumes total responsibility for the operation, including regarding the adequate accounting of the transferred value and the respective obligation in its balance sheet accounts.

§ 3. If the contemplated consortium participant acquires a good, set of goods, service, or set of services at a price lower than the value of the respective credit, the difference must be used, at the consortium participant's discretion, for:

I - payment of financial obligations, linked to the good or service, observing the total limit of 10% (ten percent) of the value of the credit subject to contemplation, regarding expenses with property transfer, taxes, notarial registrations, registration institutions, and insurance;

II - settlement of future installments as established in the contract;

III - return of the credit in cash to the consortium participant when their financial obligations to the group are fully settled.

Article 13. The use of the group's resources and the earnings from their applications can only be effected through identification of the payment purpose:

I - in favor of the supplier who sold the good or provided the service to the contemplated consortium participant, as per a document attesting to the operation;

II - in favor of active consortium participants or excluded participants;

III - in favor of the administrator, in other payments made in accordance with this circular.

Chapter VI

OF PAYMENTS

Article 14. The constitution of a reserve fund is permitted, the resources of which can only be used for:

I - coverage of eventual insufficiency of resources of the common fund;

II - payment of insurance premiums to cover delinquency of installments of contemplated consortium participants;

III - payment of bank expenses exclusively the responsibility of the group;

IV - payment of expenses and costs for adopting judicial or extrajudicial measures aimed at receiving the group's credit;

V - contemplation by lottery, provided that the use of the reserve fund for the purposes provided for in items I to IV is not compromised.

Article 15. The administrator is permitted, provided it is contractually stipulated, to charge the consortium participant at the time of their adherence to a consortium group:

I - the first installment;

II - the advance of resources related to the administration fee.

§ 1. If the group is not constituted within ninety days, from the first business day following this period, the administrator must refund to the adherent the values charged, plus the net earnings from their financial application.

§ 2. The expenses with independent audit of the financial statements of consortium groups are the responsibility of the consortium administrator.

Article 16. The administrator must keep the consortium participant informed regarding the due dates of the group's installments and the holding of the respective assemblies, through a regularly distributed calendar or similar instrument.

Article 17. Installment differences are:

I - the amounts collected less or more in relation to the price of the good, set of goods, service, or set of services referenced in the contract, in force on the date of the respective ordinary general assembly;

II - those verified in the balance of the common fund that passes from one assembly to another, resulting from an alteration in the price of the good, set of goods, service, or set of services referenced in the contract, occurring in the same period, as per the provisions of Article 18.

Article 18. Whenever the price of the good, set of goods, service, or set of services referenced in the contract is altered, the amount of the common fund balance that passes from one assembly to another must be altered in the same proportion, and the corresponding value converted into a percentage of the price of the good or service, observing the following:

I - in the event of a price increase, any deficiency in the common fund balance must be covered by resources from the group's reserve fund or, if non-existent or insufficient, by apportionment among the group participants;

II - in the event of a price reduction, the excess of the common fund balance must be accumulated for the next assembly and compensated in the subsequent installment through apportionment.

§ 1. In the occurrence of the situation referred to in item I, a charge for a portion related to the administrator's remuneration on the transfers of the reserve fund and on the apportionment among the group participants is due, as well as the compensation of this portion in the occurrence of the provisions of item II.

§ 2. The portion of the installment related to the reserve fund cannot be subject to supplementary charge or compensation, in the occurrence of the provisions of this article.

§ 3. The amounts paid by the consortium participant as per the provisions of this article must be recorded separately in their checking account.

Article 19. The value related to the installment difference must be charged or compensated until the second installment immediately following the date of its verification.

Article 20. The debtor balance comprises the unpaid value of the installments and installment differences, as well as any other unpaid financial responsibilities, provided in the adherence contract.

Article 21. The administrator must immediately adopt the legal procedures necessary for the execution of the guarantees if the contemplated consortium participant delays payment of more than one installment.

Article 22. In the event of the retrieval of the good, judicially or extrajudicially, the administrator must alienate it.

§ 1. The collected resources must be destined to the payment of overdue installments, future installments, and unpaid obligations provided contractually.

§ 2. Any positive balance existing must be returned to the consortium participant.

§ 3. Any negative balance existing remains the responsibility of the consortium participant.

Article 23. The difference in life insurance indemnity, if any, after the consortium participant's debtor balance has been amortized, must be immediately delivered by the administrator to the beneficiary indicated by the shareholder or, in their absence, to their successors.

Article 24. In the event of substitution of the good referenced in the contract, the following charging criteria must be applied:

I - the installments of contemplated consortium participants, future or overdue, remain at the previous value, being updated only when there is an alteration in the price of the new good, set of goods, service, or set of services to which the contract refers, in the same proportion;

II - the installments of consortium participants not yet contemplated must be calculated based on the price of the new good, set of goods, service, or set of services to which the contract refers on the date of substitution and subsequent alterations, observing that:

a) the paid installments must be updated, on the date of substitution, according to the new price, with the resulting value added to or subtracted from the installments due, depending on whether the new price is higher or lower, respectively, than originally provided in the contract;

b) having paid an amount equal to or greater than the new price in force on the date of the extraordinary general assembly, the consortium participant has the right to acquisition, after their contemplation exclusively by lottery, and to the return of the amount collected in excess, regardless of contemplation, to the extent of the group's resource availability.

Art. 25. In the event of group dissolution:

I - for the reasons cited in Article 35, item IV, letters "a" and "b", the future contributions to be paid by members who have been selected (contemplated) on their respective due dates, excluding the portion related to the reserve fund, must be adjusted according to the provisions of the contract;

II - for the reason cited in Article 35, item IV, letter "c", the procedure provided for in Article 24, main paragraph, and item I, must be applied.

Sole paragraph. The amounts collected must be returned monthly, in accordance with the procedures defined in the respective assembly, under equal conditions for active members and excluded participants, according to cash availability, by pro rata distribution based on the amortized percentage of the good's price, valid on the date of the extraordinary general assembly for the dissolution of the group.

Chapter VII

ON THE CLOSURE OF THE GROUP

Art. 26. The communication referred to in Article 31 of Law No. 11,795, of 2008, observing the term established therein, must also be sent to the following participants containing information regarding:

I - to excluded participants who have not used or redeemed their respective credits, that they are available for receipt in cash;

II - to active members, that the remaining balances in the common fund and, if applicable, in the reserve fund, available for return in cash, are at their disposal, distributed proportionally to the value of their respective installments paid.

Art. 27. The closure of the group must be preceded by the consortium administrator making a deposit of the remaining values not yet returned to members and excluded participants, as referred to in Article 26, if previously authorized by them, in the respective checking or savings accounts indicated in the adherence contracts, if the member possesses one, communicating the completion of the deposit, maintaining the documentation proving the procedures adopted.

§ 1º The values transferred to the administrator as unclaimed resources by members and excluded participants must be listed individually, containing, at minimum, name, CPF or CNPJ registration number, value, group and quota numbers, and the beneficiary's address.

§ 2º The pending receipt values subject to judicial collection are also subject to the procedures provided for in the main paragraph, thirty days after the communication referred to in Article 31 of Law No. 11,795, of 2008.

Art. 28. After the accounting closure of the group, regarding resources pending receipt from delinquent members, after exhausting all collection means admitted in law, the administrator must write off the unreceived values.

Art. 29. During the period between the holding of the last selection assembly and the closure of the group, except in the case of intervention or extrajudicial liquidation of the consortium administrator, the transfer of the respective group, as well as its resources to another consortium administrator, is prohibited.

Art. 30. The assignment of debt related to unclaimed resources presupposes prior authorization from the members, prohibiting its transfer to a company not part of the consortium system.

Chapter VIII

ADHERENCE TO ONGOING GROUPS

Art. 31. A member admitted to an ongoing group must make full payment of obligations within the remaining term for the group's termination.

Chapter IX

ON GENERAL ASSEMBLIES

Art. 32. The ordinary general assembly will be held on a day, time, and location informed by the administrator, in a single call.

Art. 33. Consortium administrators, in ordinary general assemblies of the groups, must make available to members the financial statements of the respective group and the complete and updated list with the name and address of all active members of the group to which they belong, providing a copy whenever requested and presenting, when applicable, a document formalizing the member's disagreement with the disclosure of this information, as well as providing any other information related to the group, when requested.

Art. 34. In the first ordinary general assembly of the group, the administrator must:

I - prove the existence of sufficient resources to ensure the economic-financial viability of the group, in accordance with Article 7;

II - promote the election of members' representatives for the group, with an unpaid mandate, employees, partners, managers, directors, and proxies with management powers of the administrator or companies affiliated with it cannot run for election, promoting a new election, in the next general assembly, to replace the representatives in case of resignation, selection, exclusion from participation in the group, or other situations that generate impediment, after the occurrence or knowledge of the fact by the administrator;

III - provide all necessary information so that members can decide on the most suitable financial application modality for the collected resources, as well as on the need or not for an individualized account for the group;

IV - register in the minutes the name and address of the responsible parties for the contracted external audit and, in case of change, note in the minutes of the following assembly the data related to the new auditor.

Sole paragraph. The member may withdraw from the group due to non-observance of the provisions of the main paragraph, provided that they have not run for selection, in which case the values paid by them for any reason, plus the net financial earnings from their financial application, will be returned.

Art. 35. It is the responsibility of the extraordinary general assembly of members, among other matters, to deliberate on:

I - substitution of the consortium administrator, with communication of the decision to the Central Bank of Brazil;

II - merger of the consortium group into another of the same administrator;

III - extension of the group's duration term, with or without suspension of installment payments for an equal period, in the occurrence of events that excessively burden members or other events that hinder the fulfillment of their obligations;

IV - dissolution of the group:

a) in the occurrence of irregularities in compliance with legal provisions regarding the administration of the consortium group or the clauses established in the contract;

b) in cases of exclusions in numbers that compromise the selection of members within the term established in the contract;

c) in the event of discontinuation of production of the good referenced in the contract;

V - substitution of the good, in the event of discontinuation of production of the good referenced in the contract;

VI - any other matters of interest to the group, provided they do not conflict with the provisions of this circular.

Sole paragraph. The administrator must convene an extraordinary general assembly, within a maximum period of five business days after knowledge of the change in the identification of the good referenced in the contract, for the deliberation referred to in item V.

Art. 36. The extraordinary general assembly must be called by the administrator, who undertakes to do so within a maximum period of five business days, counted from the date of request by at least 30% (thirty percent) of the group's members.

Art. 37. The calling of the extraordinary general assembly must be made by sending to all group participants a letter, with Acknowledgment of Receipt (AR), telegram, or electronic correspondence, with up to eight business days' prior notice of its holding, which must obligatorily contain information regarding the day, time, and location where the assembly will be held, as well as the matters to be deliberated.

Sole paragraph. The term referred to in the main paragraph will be counted including the day of the assembly's holding and excluding the day of dispatch of the letter, telegram, or electronic correspondence.

Art. 38. In general assemblies:

I - participants with payments up to date, their legal representatives, or duly constituted proxies may vote;

II - assemblies that will be installed with any number of group members, legal representatives, or duly constituted proxies, decisions will be taken by a simple majority of the votes of those present, with blank votes not being counted.

§ 1º For the purposes of the provision of item II, members who, meeting the conditions of item I, send their votes by letter, with AR, telegram, or electronic correspondence, are considered present.

§ 2º Votes sent in the manner of § 1º will be considered valid, provided they are received by the administrator until the last business day preceding the day of the holding of the general assembly.

Art. 39. The administrator must draw up minutes of the general assemblies.

Chapter X

ON GENERAL PROVISIONS

Art. 40. The consortium administrator must designate a director to answer for the provision of relevant information regarding consortium activities to the Central Bank of Brazil.

Sole paragraph. The administrator must maintain adequate operational control systems that allow for the prompt examination of group operations by the Central Bank of Brazil and by the group's member representatives.

Art. 41. Non-business days, for the purpose of calculating terms provided in the regulation of consortium operations, are Saturdays, Sundays, and national holidays, as well as state and municipal holidays that affect the municipalities where the groups are constituted.

Art. 42. This circular enters into force on the date of its publication, producing effects from February 6, 2009, when Article 9 of Circular No. 2,861, of February 10, 1999, Articles 1, 3, 4, and 6 of Circular No. 3,261, of October 28, 2004, and Circulars No. 2,336, of July 14, 1993, 2,766, of July 3, 1997, 2,821, of May 20, 1998, 3,024, of January 18, 2001, 3,084, of January 31, 2002, and 3,186, of April 9, 2003, will be revoked.

Sole paragraph. The citations and legal basis of normative acts issued based on the now-revoked norms will henceforth have this circular as their reference.

Brasília, February 3, 2009.

Alexandre Antonio Tombini
Director

What changed in the obligations

Against Circular No. 2766 — Establishes the Constitution and Operation of Consortium Groups (1997-07-03)

41 new obligations · 7 changed obligations · 1 amount or limit changed · 2 deadlines changed · 7 changes of scope · 5 changes of who is bound · 30 not carried over

62 obligations are the same in both texts.

Changed (22)

Scope
Before
IX - the faculty of the contemplated consortium member, observing the provisions of art. 9º, provided compatible guarantees are presented with the respective outstanding balance: a) acquire, from a supplier or seller that best suits them: 1. motor vehicle, aircraft, vessel, agricultural machinery, and road equipment, new or used, if the adhesion contract is referenced in any of the new goods ment…
Now
XIII - the faculty of the contemplated consortium participant to: a) acquire, from a supplier, seller, or service provider of their choice: 1. motor vehicle, aircraft, vessel, machines, and equipment, if the contract refers to any good mentioned in this item;
Scope
Before
IX - the faculty of the contemplated consortium member, observing the provisions of art. 9º, provided compatible guarantees are presented with the respective outstanding balance: a) acquire, from a supplier or seller that best suits them: 2. any durable movable good or set of durable movable goods, new, except those referred to in the previous item, if the adhesion contract is referenced in a dur…
Now
XIII - the faculty of the contemplated consortium participant to: a) acquire, from a supplier, seller, or service provider of their choice: 2. any movable good or set of movable goods, new, excluding those mentioned in item 1, if the contract refers to a movable good or set of movable goods not mentioned in that item;
Scope
Before
IX - the faculty of the contemplated consortium member, observing the provisions of art. 9º, provided compatible guarantees are presented with the respective outstanding balance: a) acquire, from a supplier or seller that best suits them: 3. tourist service, if the adhesion contract is referenced in a tourist service;
Now
XIII - the faculty of the contemplated consortium participant to: a) acquire, from a supplier, seller, or service provider of their choice: 4. service, if the contract refers to a service;
What must be done
Before
Art. 3º The adhesion contract is the instrument, signed by the consortium member and the consortium administrator, that creates an obligatory legal bond between the parties and by which the consortium member formalizes their entry into a consortium group, with the conditions of the consortium opera… XI - the guarantees that will be required from the contemplated consortium member for the acquisit…
Now
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XV - the guarantees that will be required of the contemplated consortium participant for the acqui…
What must be done
Before
Art. 4º The resources of consortium groups, collected by administrators, must be deposited in a multiple bank with commercial portfolio, commercial bank, or savings bank and applied, from their availability, in accordance with current regulations.
Now
Article 6. The resources of consortium groups, collected by administrators, must be obligatorily deposited in a multiple bank with commercial portfolio, commercial bank, or savings bank.
Scope
Before
Art. 8º Contemplation is conditioned on the existence of sufficient resources in the group for the acquisition of the good, set of goods, or tourist service in which the group is referenced.
Now
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: I - the existence of sufficient resources, on the date of the first ordinary general assembly, to carry out the number of contemplations by lottery provided contractually for the period, considering the highest value credits of the group;
What must be done
Before
Paragraph 1º If the consortium member, after the respective contemplation, has paid with their own resources any value to acquire the good, set of goods, or tourist service, it is facultative for them to receive this value, up to the amount of the respective credit, observing contractual provisions.
Now
§ 1. In the event that the consortium participant, after the respective contemplation, has paid with their own resources any value for the acquisition of the good, set of goods, service, or set of services, they are entitled to receive the value of this credit in cash, up to the same amount, observing the contractual provisions.
What must be done
Before
Paragraph 3º If the contemplated consortium member acquires a good, set of goods, or tourist service with a price lower than the value of the respective credit, the difference must be used to pay due installments in the form established in the adhesion contract, or returned in cash to the consortium member if the debt with the group is fully settled.
Now
§ 3. If the contemplated consortium participant acquires a good, set of goods, service, or set of services at a price lower than the value of the respective credit, the difference must be used, at the consortium participant's discretion, for:
Scope
Before
Art. 11. The use of group resources, as well as the earnings from their applications, may only be made by identifying the purpose of the payment: I - in favor of the supplier who sold the good to the contemplated consortium member, in accordance with the fiscal document attesting the operation;
Now
Article 13. The use of the group's resources and the earnings from their applications can only be effected through identification of the payment purpose: I - in favor of the supplier who sold the good or provided the service to the contemplated consortium participant, as per a document attesting to the operation;
Who is bound
Before
Paragraph 2. Any positive balance that may exist shall be returned to the consortium member whose asset has been repossessed, holding them responsible for any negative balance, if any.
Now
§ 2. Any positive balance existing must be returned to the consortium participant.
Who is bound
Before
Art. 32. Deliberated in the extraordinary general assembly the dissolution of the group: II - if the group is dissolved for the reason present in item V of Art. 26, the procedure provided for in Art. 31, caput and item I, shall be applied, and the amounts thus collected shall be returned monthly, according to cash availability, by apportionment proportional to the amortized percentage of the asse…
Now
The amounts collected must be returned monthly, in accordance with the procedures defined in the respective assembly, under equal conditions for active members and excluded participants, according to cash availability, by pro rata distribution based on the amortized percentage of the good's price, valid on the date of the extraordinary general assembly for the dissolution of the group.
Who is bound
Before
Art. 21. Within 60 (sixty) days of the selection of all consortium members of their respective groups and the placement of credits at their disposal, the administrator, observing the following order, shall communicate: I - to consortium members who have not used their respective credit, that the same are available for receipt in cash;
Now
Art. 26. The communication referred to in Article 31 of Law No. 11,795, of 2008, observing the term established therein, must also be sent to the following participants containing information regarding: I - to excluded participants who have not used or redeemed their respective credits, that they are available for receipt in cash;
Who is bound
Before
Art. 21. Within 60 (sixty) days of the selection of all consortium members of their respective groups and the placement of credits at their disposal, the administrator, observing the following order, shall communicate: III - to other consortium members, that the remaining balances in the common fund and, if applicable, in the reserve fund, are available, proportionally to the value of their respe…
Now
Art. 26. The communication referred to in Article 31 of Law No. 11,795, of 2008, observing the term established therein, must also be sent to the following participants containing information regarding: II - to active members, that the remaining balances in the common fund and, if applicable, in the reserve fund, available for return in cash, are at their disposal, distributed proportionally to t…
What must be done
Before
At the discretion of the administrator, the accounting closure of the consortium group operations may be effected 180 (one hundred and eighty) days after compliance with the requirements of Art. 21, observing that: II - the administrator shall maintain individualized control of the transferred values;
Now
§ 1º The values transferred to the administrator as unclaimed resources by members and excluded participants must be listed individually, containing, at minimum, name, CPF or CNPJ registration number, value, group and quota numbers, and the beneficiary's address.
Scope
Before
Art. 23. The consortium member admitted to the group in substitution for the excluded participant shall be obligated to pay the contract installments, observing the following provisions: II - the installments and differences of overdue installments pending payment at the time of adherence of the substituting consortium member, and the installments already paid by the excluded member, shall be set…
Now
Art. 31. A member admitted to an ongoing group must make full payment of obligations within the remaining term for the group's termination.
Deadline
Before
Art. 24. The ordinary general assembly, whose monthly holding is mandatory, shall be held on a day, time, and location informed by the administrator, intended for the selection of consortium members, in the contractual manner, and for attending to and providing information to them, with the administrator being obliged to keep the consortium member informed about all financial operations and credi…
Now
Art. 32. The ordinary general assembly will be held on a day, time, and location informed by the administrator, in a single call.
What must be done
Before
Art. 25. In the first ordinary general assembly of the group, the administrator: III - shall make available to consortium members who have the right to vote in the general assemblies, providing a copy whenever requested, a list containing the name and complete address of the group's consortium members, presenting, if applicable, a document formalizing the consortium member's disagreement with the…
Now
Art. 33. Consortium administrators, in ordinary general assemblies of the groups, must make available to members the financial statements of the respective group and the complete and updated list with the name and address of all active members of the group to which they belong, providing a copy whenever requested and presenting, when applicable, a document formalizing the member's disagreement wi…
Amount or limit
Before
Art. 25. In the first ordinary general assembly of the group, the administrator: II - shall promote the election of at least 3 (three) consortium members who, as representatives of the group and with an unpaid mandate, will assist in the supervision of the administrator's acts in the conduct of the consortium operations of the respective group and shall have access, on any date, to all statements…
Now
Art. 34. In the first ordinary general assembly of the group, the administrator must: II - promote the election of members' representatives for the group, with an unpaid mandate, employees, partners, managers, directors, and proxies with management powers of the administrator or companies affiliated with it cannot run for election, promoting a new election, in the next general assembly, to replac…
Scope
Before
Art. 27. The extraordinary general assembly shall be convened by the administrator, who is obliged to do so within a maximum period of 5 (five) business days, counted from the date of request of at least 30% (thirty percent) of the group's consortium members, when the subject refers to those treated in items I, II, and IV of the previous article, or at least 20% (twenty percent), when the subject…
Now
Art. 36. The extraordinary general assembly must be called by the administrator, who undertakes to do so within a maximum period of five business days, counted from the date of request by at least 30% (thirty percent) of the group's members.
What must be done
Before
Art. 28. The call for the extraordinary general assembly shall be made by sending a notification letter or telegram to all participants of the group, with up to 8 (eight) business days of advance notice of its holding, counting this period including the day of the holding of the assembly and excluding the day of dispatch of the letter or telegram.
Now
Art. 37. The calling of the extraordinary general assembly must be made by sending to all group participants a letter, with Acknowledgment of Receipt (AR), telegram, or electronic correspondence, with up to eight business days' prior notice of its holding, which must obligatorily contain information regarding the day, time, and location where the assembly will be held, as well as the matters to b…
Who is bound
Before
III - for the purpose of the provision of the previous item, consortium members who, complying with the conditions of item I, send their votes by letter, with Acknowledgment of Receipt (AR), provided that these votes are received by the administrator until the last business day preceding the day of the holding of the extraordinary general assembly, are considered present.
Now
§ 2º Votes sent in the manner of § 1º will be considered valid, provided they are received by the administrator until the last business day preceding the day of the holding of the general assembly.
Deadline
Before
Art. 33. Within 60 (sixty) days after the publication of this Circular, the consortium administrator shall designate a person who will be responsible for providing all information pertinent to consortium activities to the Central Bank of Brazil and to the consortium members.
Now
Art. 40. The consortium administrator must designate a director to answer for the provision of relevant information regarding consortium activities to the Central Bank of Brazil.

New in this text (41)

Article 4. The consortium group regulations must: I - be registered at the registry office for titles and documents in the locality where the administrator's headquarters is located;
Article 4. The consortium group regulations must: II - be archived at the administrator's headquarters, with an authenticated copy maintained at the administrator's branches and at the premises of affiliated companies, if any, available to consortium participants and the Central Bank of Brazil.
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… III - information, where applicable, regarding the participant's involvement in a group with credi…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… V - the eventual existence of a reserve fund and its respective fee;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… VI - the duration of the contract and the maximum number of active consortium shares in the group;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… VIII - the contractual obligations, the non-compliance with which by the parties entails the appli…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… IX - the periodicity for holding the ordinary general assembly;
XIII - the faculty of the contemplated consortium participant to: c) settle the total financing, in their ownership, under the conditions provided in the contract, of goods and services that can be acquired through the credit obtained;
XVII - the conditions of contractual non-compliance that entail: a) the exclusion of the consortium participant from the group;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XIX - the consortium participant's authorization for the making of deposits of the resources refer…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XX - the information that the consortium participant, including if excluded from the group, is obl…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XXI - the registration number and the registry office for titles and documents where the consortiu…
I - of the administrator itself in the same investment fund;
II - in exclusive funds;
III - in funds intended exclusively for qualified investors.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: II - the verification of the proponents' payment capacity, regarding the financial obligations assumed with the group and the administrator.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: § 1. The formation of groups in which credits are of differentiated values is admitted, observing that the lowest value credit, in force or defined on the date of the group's constitution, cannot be less than 50% (fifty percent) of the highest value credit.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: § 2. For cases of groups resulting from the merger of other groups, a difference greater than that established in § 1 is admitted, provided that the procedure meets the provisions of Article 35, item II.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: § 3. The number of shares in the group, fixed on the date of its constitution, cannot be altered throughout its duration.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: § 4. The percentage of shares of the same consortium participant in the same group relative to the maximum number of active consortium shares in the group is limited to 10% (ten percent).
Article 9. Contemplation in consortium groups by means of an embedded bid is admitted, thus considered the offer of resources, for contemplation purposes, through the use of part of the value of the credit provided for distribution in the respective assembly.
§ 1. The value of the winning bid must:
I - be entirely deducted from the credit provided for distribution in the contemplation assembly, making available to the consortium participant resources corresponding to the value of the resulting difference;
§ 2. In the offering of bids with resources from the Service Time Guarantee Fund (FGTS), the provisions issued by the FGTS Curator Council and by the Federal Savings Bank, as the operator agent of the FGTS, must be observed.
Article 10. The ordinary general assembly of the group may determine the cancellation of the contemplation of the consortium participant who, having not used the respective credit, remains delinquent for the period defined in the contract.
I - the formal communication must include: a) the complete identification of the contemplated consortium participant and the seller or supplier of the good or service provider, with the address and the number inscribed in the Register of Natural Persons (CPF) or in the National Register of Legal Entities (CNPJ);
I - the formal communication must include: b) the characteristics of the good, set of goods, service, or set of services subject to the option and the payment conditions agreed upon between the contemplated consortium participant and the seller or supplier;
I - payment of financial obligations, linked to the good or service, observing the total limit of 10% (ten percent) of the value of the credit subject to contemplation, regarding expenses with property transfer, taxes, notarial registrations, registration institutions, and insurance;
II - settlement of future installments as established in the contract;
III - return of the credit in cash to the consortium participant when their financial obligations to the group are fully settled.
Article 14. The constitution of a reserve fund is permitted, the resources of which can only be used for: I - coverage of eventual insufficiency of resources of the common fund;
Article 14. The constitution of a reserve fund is permitted, the resources of which can only be used for: II - payment of insurance premiums to cover delinquency of installments of contemplated consortium participants;
Article 14. The constitution of a reserve fund is permitted, the resources of which can only be used for: III - payment of bank expenses exclusively the responsibility of the group;
Article 14. The constitution of a reserve fund is permitted, the resources of which can only be used for: IV - payment of expenses and costs for adopting judicial or extrajudicial measures aimed at receiving the group's credit;
Article 14. The constitution of a reserve fund is permitted, the resources of which can only be used for: V - contemplation by lottery, provided that the use of the reserve fund for the purposes provided for in items I to IV is not compromised.
Article 15. The administrator is permitted, provided it is contractually stipulated, to charge the consortium participant at the time of their adherence to a consortium group: § 2. The expenses with independent audit of the financial statements of consortium groups are the responsibility of the consortium administrator.
II - for the reason cited in Article 35, item IV, letter "c", the procedure provided for in Article 24, main paragraph, and item I, must be applied.
Art. 27. The closure of the group must be preceded by the consortium administrator making a deposit of the remaining values not yet returned to members and excluded participants, as referred to in Article 26, if previously authorized by them, in the respective checking or savings accounts indicated in the adherence contracts, if the member possesses one, communicating the completion of the deposi…
§ 2º The pending receipt values subject to judicial collection are also subject to the procedures provided for in the main paragraph, thirty days after the communication referred to in Article 31 of Law No. 11,795, of 2008.
Art. 29. During the period between the holding of the last selection assembly and the closure of the group, except in the case of intervention or extrajudicial liquidation of the consortium administrator, the transfer of the respective group, as well as its resources to another consortium administrator, is prohibited.
Art. 30. The assignment of debt related to unclaimed resources presupposes prior authorization from the members, prohibiting its transfer to a company not part of the consortium system.

Not carried over (30)

Art. 3º The provisions of the attached Regulation may be applied to consortium groups already constituted, by decision of the general assembly.
Art. 4º The consortium groups referenced in the goods mentioned below are subject to the following duration periods: I - 180 (one hundred and eighty) months, maximum, for groups referenced in real estate;
Art. 4º The consortium groups referenced in the goods mentioned below are subject to the following duration periods: II - 100 (one hundred) months, maximum, for groups referenced in trucks, buses, tractors, road equipment, agricultural machinery and equipment, aircraft and vessels;
Art. 4º The consortium groups referenced in the goods mentioned below are subject to the following duration periods: III - 50 (fifty) months, minimum, and 60 (sixty) months, maximum, for groups referenced in automobiles, vans, and utility vehicles;
Art. 4º The consortium groups referenced in the goods mentioned below are subject to the following duration periods: IV - 36 (thirty-six) months, maximum, for groups referenced in tourist services;
Art. 4º The consortium groups referenced in the goods mentioned below are subject to the following duration periods: V - 24 (twenty-four) months, minimum, and 60 (sixty) months, maximum, for consortium groups referenced in electro-electronics;
The acquisition of the goods mentioned in items III and V may only be carried out by a participant of a group whose contracts have as their object goods referred to therein.
Paragraph 6º The interest of the group prevails over the individual interests of the consortium members.
Art. 3º The adhesion contract is the instrument, signed by the consortium member and the consortium administrator, that creates an obligatory legal bond between the parties and by which the consortium member formalizes their entry into a consortium group, with the conditions of the consortium opera… IV - the duration period of the contract;
V - the financial obligations of the consortium member, including those that may be established as a result of: b) contractual default;
V - the financial obligations of the consortium member, including those that may be established as a result of: g) collection of bank tariffs, when payment is made through a financial institution;
Paragraph 1º The administrator will define the type of guarantee according to the nature of the good - fiduciary alienation in the case of movable goods, mortgage in the case of real estate, or guarantee break insurance in the case of tourist services -, to be required from consortium members.
Paragraph 2º The administrator may require complementary guarantees proportionally to the value of the due installments, provided they are expressly stated in the adhesion contract.
Paragraph 3º The administrator will indemnify the group in the event of eventual losses resulting from the approval of insufficient guarantees, on the date of credit use or guarantee substitution, or of the release of guarantees while the consortium member has not settled their participation in the group.
Paragraph 2º The amounts received from consortium members, while not used for the purposes to which they are destined, according to contractual provision, must remain financially applied together with the resources of the group's common fund, reverting to this fund the net financial earnings from these applications.
Art. 5º The maximum number of participants of each group, on the date of its constitution, will be the result of the multiplication of the number of months fixed for its duration by the quantity of credits provided for monthly contemplation, the group may only be called for constitution after the adhesion of at least 70% (seventy percent) of the maximum quantity of participants provided for the g…
The administrator must require from the consortium member, upon adhesion to the group, a declaration of economic-financial situation compatible with participation in the group, without prejudice to the presentation of documents provided for in the adhesion contract regarding guarantees, upon contemplation.
Art. 6º The credits corresponding to the participation of the administrator, its partners, managers, directors, and agents with management functions in consortium groups administered must be attributed after the contemplation of all other consortium members of the group, unless all participants of the group formally decline this prerogative, not admitted if the beneficiary is the administrator.
Art. 12. Consortium members are obliged to pay an installment whose value will be the sum of the amounts referring to the common fund and the administration fee, observing that these values must also be identified as a percentage of the price of the good, set of goods, or tourist service referenced in the adhesion contract, and other financial obligations provided for in that contract, in the for…
Paragraph 1º Contractual provision for mandatory payment of an amount destined to the reserve fund, with identification of the purpose of these resources, is facultative.
Paragraph 2º The resources of the common fund will be used for payment of the goods, sets of goods, or tourist services acquired by contemplated consortium members and, observing contractual provisions, payment of credit in cash, returns, and restitution of resources to consortium members and excluded from their respective groups.
Art. 13. The values received related to default interest, limited to 1% (one percent) per month, and fines, limited to 2% (two percent) of the value of the overdue installment, if contractually provided, will be destined, in equality, to the group and the administrator.
The total settlement of the outstanding balance can only be obtained by the selected consortium member whose credit has been used, observing contractual provisions, thereby ending their participation in the group, with the consequent release of the guarantees offered, if applicable.
Art. 21. Within 60 (sixty) days of the selection of all consortium members of their respective groups and the placement of credits at their disposal, the administrator, observing the following order, shall communicate: II - to excluded members, that the values related to the return of amounts paid by them are available;
Art. 22. The accounting closure of the group must be effected within a maximum period of 30 (thirty) days after the delivery of all due credits, the receipt of all debts or the exhaustion of all collection means admitted in law, and, if applicable, the return of resources due to consortium members and excluded members.
At the discretion of the administrator, the accounting closure of the consortium group operations may be effected 180 (one hundred and eighty) days after compliance with the requirements of Art. 21, observing that: I - resources not sought by consortium members or excluded members and values pending receipt, subject to judicial collection, on the date of the accounting closure of the group, shall…
At the discretion of the administrator, the accounting closure of the consortium group operations may be effected 180 (one hundred and eighty) days after compliance with the requirements of Art. 21, observing that: IV - recovered values shall be apportioned proportionally among the consortium members of the respective group, and the administrator shall, within 30 (thirty) days after receipt, comm…
Art. 23. The consortium member admitted to the group in substitution for the excluded participant shall be obligated to pay the contract installments, observing the following provisions: I - the future installments shall be collected normally, in the manner contractually provided for other participants of the group;
Paragraph 1. In deliberations regarding the subjects treated in items III, IV, and V of this article, only the votes of the non-selected consortium members of the group shall be counted.
Paragraph 3. In extraordinary general assemblies, the proxies or legal representatives of the consortium members must have specific powers to deliberate on the subject contained in the call, and the administrator may only represent the consortium member if the latter grants specific powers for the event.

Against Circular No. 2336 — Federal Deregulation Program: Decree No. 99,179 of March 15, 1990. Dispenses Issuance of Certificate in Authorizations to Operate in the Consortium System and Adopts Other Measures (1993-07-14)

126 new obligations · 1 changed obligation · 1 change of who is bound · 4 not carried over

1 obligation is the same in both texts.

Changed (2)

Who is bound
Before
THE REGULATIONS REFERRED TO IN THIS ARTICLE MUST BE FILED AT THE ADMINISTRATOR'S HEADQUARTERS, AT THE DISPOSAL OF THE CENTRAL BANK, MAINTAINING A CERTIFIED COPY IN THE ADMINISTRATOR'S BRANCHES AND IN THE DEPENDENCIES OF AN AFFILIATED COMPANY, IF ANY.
Now
Article 4. The consortium group regulations must: II - be archived at the administrator's headquarters, with an authenticated copy maintained at the administrator's branches and at the premises of affiliated companies, if any, available to consortium participants and the Central Bank of Brazil.
What must be done
Before
"ART. 1. THE CONSORTIUM ADMINISTRATOR MUST KEEP AT THE DISPOSAL OF THE CONSORTIUM MEMBERS WITH VOTING RIGHTS IN THE GENERAL MEETINGS, ORDINARY AND EXTRAORDINARY, OF EACH GROUP AN UPDATED LIST CONTAINING THE NAME AND COMPLETE ADDRESS OF ALL PARTICIPANTS IN THE RESPECTIVE GROUP, PROVIDING A COPY WHENEVER REQUESTED."
Now
Art. 33. Consortium administrators, in ordinary general assemblies of the groups, must make available to members the financial statements of the respective group and the complete and updated list with the name and address of all active members of the group to which they belong, providing a copy whenever requested and presenting, when applicable, a document formalizing the member's disagreement wi…

New in this text (126)

The exclusion of a contemplated participant is prohibited.
The group may only be formed with the object of goods or services from one of the categories listed in this article, observing the segregation provided for in Article 5, item XIII, letter "a", items 1 and 2, for movable goods.
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… I - the complete identification of the contracting parties;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… II - the description of the good, set of goods, service, or set of services to which the contract …
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… III - information, where applicable, regarding the participant's involvement in a group with credi…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… IV - the administration fee;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… V - the eventual existence of a reserve fund and its respective fee;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… VI - the duration of the contract and the maximum number of active consortium shares in the group;
VII - the financial obligations of the consortium participant, including those that may be established as a result of: a) insurance contracting;
VII - the financial obligations of the consortium participant, including those that may be established as a result of: b) expenses incurred with deeds, taxes, fees, evaluation, and registration of the guarantees provided;
VII - the financial obligations of the consortium participant, including those that may be established as a result of: c) advance payment of the administration fee;
VII - the financial obligations of the consortium participant, including those that may be established as a result of: d) purchase and delivery of the good, at the consortium participant's request, in a market different from that stated in the contract;
VII - the financial obligations of the consortium participant, including those that may be established as a result of: e) delivery, at the consortium participant's request, of a second copy of the document;
VII - the financial obligations of the consortium participant, including those that may be established as a result of: f) the collection of a retention fee on resources not sought by consortium participants or excluded participants;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… VIII - the contractual obligations, the non-compliance with which by the parties entails the appli…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… IX - the periodicity for holding the ordinary general assembly;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… X - the conditions for competing for contemplation by lottery and its form, as well as the rules f…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XI - the possibility or not of advance payment by a non-contemplated consortium participant, if ap…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XII - the right of the contemplated consortium participant to dispose, for the acquisition of the …
XIII - the faculty of the contemplated consortium participant to: a) acquire, from a supplier, seller, or service provider of their choice: 1. motor vehicle, aircraft, vessel, machines, and equipment, if the contract refers to any good mentioned in this item;
XIII - the faculty of the contemplated consortium participant to: a) acquire, from a supplier, seller, or service provider of their choice: 2. any movable good or set of movable goods, new, excluding those mentioned in item 1, if the contract refers to a movable good or set of movable goods not mentioned in that item;
XIII - the faculty of the contemplated consortium participant to: a) acquire, from a supplier, seller, or service provider of their choice: 3. any real estate, built or under construction, including land, or alternatively opt for construction or renovation, provided it is in a municipality where the administrator operates or, if authorized by the administrator, in a different municipality, if the…
XIII - the faculty of the contemplated consortium participant to: a) acquire, from a supplier, seller, or service provider of their choice: 4. service, if the contract refers to a service;
XIII - the faculty of the contemplated consortium participant to: b) acquire the real estate linked to a real estate development, as provided in the contract, if so referenced;
XIII - the faculty of the contemplated consortium participant to: c) settle the total financing, in their ownership, under the conditions provided in the contract, of goods and services that can be acquired through the credit obtained;
XIII - the faculty of the contemplated consortium participant to: d) receive the value of the credit in cash, upon settlement of their obligations to the group, if they have not yet used the respective credit 180 days after contemplation;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XIV - the procedure to be observed for the acquisition and payment of the good, set of goods, serv…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XV - the guarantees that will be required of the contemplated consortium participant for the acqui…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XVI - the provisions to be observed for the transfer of rights and obligations arising from the co…
XVII - the conditions of contractual non-compliance that entail: a) the exclusion of the consortium participant from the group;
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XVIII - information regarding the conditions for receiving the refund of values paid by excluded p…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XIX - the consortium participant's authorization for the making of deposits of the resources refer…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XX - the information that the consortium participant, including if excluded from the group, is obl…
Article 5. The consortium participation contract, by adherence, must expressly state the conditions of the consortium operation, as well as, clearly and explicitly, the rights and duties of the contracting parties, embodied and applicable to each share, observing the provisions of Law No. 11,795, o… XXI - the registration number and the registry office for titles and documents where the consortiu…
Article 6. The resources of consortium groups, collected by administrators, must be obligatorily deposited in a multiple bank with commercial portfolio, commercial bank, or savings bank.
§ 1. The consortium administrator must perform daily control of the movement of the accounts comprising the liquidity of the consortium groups, including bank deposits, with a view to reconciling global receipts, for analytical identification by consortium group and by contemplated consortium participant whose resources related to the credit are financially applied.
§ 2. The resources referred to in the main text can only be invested in federal public securities registered in the Special Settlement and Custody System (Selic), in investment funds, and in investment funds in shares of investment funds constituted in the form of open-end condominiums, classified as short-term funds and referenced funds, as per CVM Instruction No. 409, of August 18, 2004, and su…
I - of the administrator itself in the same investment fund;
II - in exclusive funds;
III - in funds intended exclusively for qualified investors.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: I - the existence of sufficient resources, on the date of the first ordinary general assembly, to carry out the number of contemplations by lottery provided contractually for the period, considering the highest value credits of the group;
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: II - the verification of the proponents' payment capacity, regarding the financial obligations assumed with the group and the administrator.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: § 1. The formation of groups in which credits are of differentiated values is admitted, observing that the lowest value credit, in force or defined on the date of the group's constitution, cannot be less than 50% (fifty percent) of the highest value credit.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: § 2. For cases of groups resulting from the merger of other groups, a difference greater than that established in § 1 is admitted, provided that the procedure meets the provisions of Article 35, item II.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: § 3. The number of shares in the group, fixed on the date of its constitution, cannot be altered throughout its duration.
Article 7. The economic-financial viability of the consortium group, as per Article 16 of Law No. 11,795, of 2008, presupposes: § 4. The percentage of shares of the same consortium participant in the same group relative to the maximum number of active consortium shares in the group is limited to 10% (ten percent).
Article 8. Contemplation by bid can only occur after contemplation by lottery or if the latter is not carried out due to insufficient resources.
Article 9. Contemplation in consortium groups by means of an embedded bid is admitted, thus considered the offer of resources, for contemplation purposes, through the use of part of the value of the credit provided for distribution in the respective assembly.
§ 1. The value of the winning bid must:
I - be entirely deducted from the credit provided for distribution in the contemplation assembly, making available to the consortium participant resources corresponding to the value of the resulting difference;
II - be destined to the deduction of future installments, composed of portions of the common fund and the linked charges provided in the contract, examples of which are the administration fee and the reserve fund;
III - be accounted for in a specific account.
§ 2. In the offering of bids with resources from the Service Time Guarantee Fund (FGTS), the provisions issued by the FGTS Curator Council and by the Federal Savings Bank, as the operator agent of the FGTS, must be observed.
Article 10. The ordinary general assembly of the group may determine the cancellation of the contemplation of the consortium participant who, having not used the respective credit, remains delinquent for the period defined in the contract.
Article 11. The administrator must make the respective credit available to the contemplated consortium participant until the third business day after contemplation, with the said resources remaining deposited in a linked account, applied in accordance with the provisions of Article 6, until the last business day prior to the use in the contractual manner.
Article 12. The administrator must make the payment for the good, set of goods, service, or set of services to which the contract refers, within a timeframe compatible with that practiced in the market for cash sales or as agreed between the contemplated consortium participant and the seller or supplier of the good, observing the other conditions established in this article.
§ 1. In the event that the consortium participant, after the respective contemplation, has paid with their own resources any value for the acquisition of the good, set of goods, service, or set of services, they are entitled to receive the value of this credit in cash, up to the same amount, observing the contractual provisions.
§ 2. The administrator may only transfer resources to third parties for the payment of the good, set of goods, service, or set of services, after having been formally notified by the contemplated consortium participant of their option, with guarantees satisfied, if applicable, and upon presentation of the documents related in the contract as mandatory, observing that:
I - the formal communication must include: a) the complete identification of the contemplated consortium participant and the seller or supplier of the good or service provider, with the address and the number inscribed in the Register of Natural Persons (CPF) or in the National Register of Legal Entities (CNPJ);
I - the formal communication must include: b) the characteristics of the good, set of goods, service, or set of services subject to the option and the payment conditions agreed upon between the contemplated consortium participant and the seller or supplier;

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Not carried over (4)

ART. 1. IN AUTHORIZATIONS TO OPERATE IN THE CONSORTIUM SYSTEM, CERTIFICATES OF AUTHORIZATION WILL NOT BE ISSUED, FROM THE DATE OF PUBLICATION OF THIS CIRCULAR, BECOMING SUITABLE FOR RELEVANT PROOF:
PARAGRAPH 2. ADMINISTRATORS MUST OBSERVE, IN THEIR OPERATIONS, THE TERMS, LIMITS AND CONDITIONS AUTHORIZED, AS WELL AS THE PLAN REGULATIONS, VALID AS PROOF OF ALREADY GRANTED AUTHORIZATIONS THE EXISTING CADASTRAL RECORDS IN SISBACEN.
ART. 3. THE SUBMISSION TO THE CENTRAL BANK OF BRAZIL OF COPIES OF DRAFTS OF THE CONSORTIUM REGULATIONS, THE ADHERENCE PROPOSAL OR CONTRACT, THE GUARANTEE CONTRACTS AND THE BREAKAGE OF GUARANTEE INSURANCE IS WAIVED.
"ART. 35. THE CONSORTIUM MEMBER WHO LATELY PAYS THE INSTALLMENTS IS SUBJECT TO THE CHARGES REFERRED TO IN ITEMS III AND IV OF ARTICLE 23 OF THESE REGULATIONS."

“Not carried over” means the sentence has no counterpart in this text; the rule can still be in force in another text.

Circular No. 3432 — Provisions on the Constitution and Operation of Consortium Groups

CIRCULAR NO. 003432

Lineage: Superseded

Timeline

What changed in the obligations