CMN Resolution No. 4050 — Directing Deposit Credit for Assistive Technology Acquisition

The Central Bank of Brazil, pursuant to Article 9 of Law No. 4,595 of December 31, 1964, makes public that the National Monetary Council, in a session held on January 26, 2012, based on Article 2 of Law No. 10,735 of September 11, 2003, and considering Article 1 of the same Law, as amended by Provisional Measure No. 550 of November 17, 2011,

R E S O L V E D:

Art. 1 Multiple banks with commercial portfolios, commercial banks, and Caixa Econômica Federal are authorized, for the purpose of complying with the requirement set forth in Resolution No. 4,000 of August 25, 2011, to grant credit to natural persons who have a monthly income equal to or less than ten minimum wages, provided that the credit is proven to be exclusively destined for the acquisition of goods and services of assistive technology intended for persons with disabilities, according to the conditions established in this Resolution.

§ 1 The goods and services referred to in the main text are those defined in an act of the Executive Branch.

§ 2 The institutions referred to in the main text must require a declaration from the beneficiaries of the operations, in writing or by electronic declaration, informing that:

I - the good or service to be acquired is included in the list of goods and services defined in the act cited in § 1;

II - the good or service will not be used for the purpose of commercialization; and

III - the sum of the value of the operation with the balance of others of the same kind does not exceed the limit established in Article 2, item II.

Art. 2 The operations referred to in Article 1 must observe the following conditions:

I - effective interest rates not exceeding 2% per month (two percent per month);

II - maximum value, per beneficiary, of R$30,000.00 (thirty thousand reais);

III - term of the operation not less than 120 days; and

IV - credit opening fee not exceeding 2% (two percent) of the value of the credit granted.

Sole Paragraph. Exceptionally, the contracting of operations for a term shorter than that provided for in item III is admitted, in which case the limit for the credit opening fee established in item IV must be reduced in the same proportion.

Art. 3 The operations referred to in Article 1 that are overdue and unpaid may be computed for the fulfillment of the requirement, observing the following percentages:

I - 100% (one hundred percent) in the first year after maturity; and

II - 50% (fifty percent) in the second year.

Art. 4 The requirement arising from the capture of interbank deposits linked to microfinance operations (DIM) may be fulfilled with operations for the acquisition of goods and services referred to in Article 1.

Art. 5 The operations referred to in Article 1 cannot be computed for the fulfillment of the minimum percentage provided for in Article 6 of Resolution No. 4,000 of 2011, relating to guided productive microcredit, including in the case of requirements arising from the capture of DIM.

Art. 6 The Central Bank of Brazil is authorized to adopt the necessary measures for the execution of the provisions of this Resolution.

Art. 7 This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini

President of the Central Bank of Brazil