CMN Resolution No. 2835 on Providing Client Registration Information and Disclosing Financial Charges for Overdraft Facilities

RESOLUTION NO. 002835

Dispenses with the provision of client registration information and the disclosure of financial charges charged on overdraft facilities.

The CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on May 30, 2001, considering the provisions of Article 4, item VIII, of the aforementioned law,

RESOLVES:

Article 1. Establish that financial institutions and other institutions authorized to operate by the Central Bank of Brazil must provide their clients, upon request, with registration information related to them.

Paragraph 1. The registration information referred to in the main text must:

I - be provided within a maximum period of fifteen days from the date of the request, based on data relating to at least the twelve months immediately preceding that date;

II - refer to the history of all operations contracted with the client, registered until the business day prior to the request;

III - comprise:

a) the client's data, as established in Article 1, item I, of Resolution No. 2,025 of November 24, 1993, as amended by Resolution No. 2,747 of June 28, 2000;

b) the monthly average balance maintained in a checking account;

c) the history of loan, financing, and leasing operations, containing the contract date, the transacted value, and the due dates and respective payment dates;

d) the monthly average balance of financial applications and other investment modalities maintained at the institution or administered by it.

Paragraph 2. The information provided for in this article may be provided to third parties, provided that it is formally authorized, on a case-by-case basis, by the client.

Article 2. The institutions referred to in the previous article are obligated to provide their individual clients with information regarding the charges and other fees charged on current account credit operations - overdraft facilities - with the data appearing, in addition, on the free monthly statement referred to in Article 1, item VI, of Resolution No. 2,303 of July 25, 1996, as amended by Article 2 of Resolution No. 2,747 of 2000.

Sole Paragraph. The information provided for in this article must cover the period of charge incidence, the effective interest rate actually charged, and the amounts debited each month.

Article 3. Financial institutions referred to in Article 1 of this Resolution are permitted to provide information in a consolidated manner, provided that the name of the institutions comprising the conglomerate appears in the respective document.

Article 4. The Central Bank of Brazil is authorized to adopt measures and issue complementary regulations as necessary, including determining the provision of other information related to the provisions of this Resolution.

Article 5. This Resolution enters into force on the date of its publication.

Article 6. Resolution No. 2,808 of December 21, 2000, is hereby repealed.

Brasília, May 30, 2001

Arminio Fraga Neto
President