Circular No. 3.711

The Board of Governors of the Central Bank of Brazil, in a session held on 23 and 24 July 2014, based on the provisions of arts. 9 and 10, item IX, of Law No. 4.595, of 31 December 1964, and in arts. 3, § 2 and 15 of Resolution No. 4.193, of 1 March 2013,

R E S O L V E S :

Art. 1 The arts. 24, 26, 27 and 28 of Circular No. 3.644, of 4 March 2013, shall henceforth be in force with the following wording:

"Art. 24. .....................................................

§ 1 ........................................................

• IV - present a sum of current exposures with the same counterparty lower than:

  • a) R$600,000.00 (six hundred thousand reais), when the counterparty is a natural person; or

  • b) R$1,500,000.00 (one million and five hundred thousand reais), when the counterparty is a small-sized legal entity under private law;

............................................................" (NR)

"Art. 26. ...................................................

• I - non-payroll personal credit, with or without a specific purpose, and financing contracted as of 6 December 2010, or renegotiated as of 11 November 2011, with an effective remaining maturity term exceeding 36 (thirty-six) months;

• II - payroll credit contracted or renegotiated as of 11 November 2011, with an effective remaining maturity term exceeding sixty months;

• III - financing for the acquisition of a motor vehicle, with an effective remaining maturity term exceeding sixty months, contracted as of 6 December 2010;

• IV - financial leasing of a motor vehicle, with an effective remaining maturity term exceeding sixty months, contracted as of 6 December 2010; and

......................................................" (NR)

"Art. 27. ..................................................

• I - non-payroll personal credit operations, without a specific purpose, with an effective remaining maturity term exceeding sixty months, contracted or renegotiated with natural persons as of 11 November 2011;

........................................................." (NR)

"Art. 28. The effective remaining maturity term mentioned in arts. 26 and 27 corresponds to the longest possible period for complete settlement of the obligation by the counterparty, including any grace period." (NR)

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

Art. 3 The sole paragraph of art. 28 of Circular No. 3.644, of 4 March 2013, is revoked.

Luiz Awazu Pereira da Silva Director of Regulation