CMN Resolution No. 4147 — Establishes a rural credit line with resources from the Constitutional Financing Funds of the Northeast (FNE) and North (FNO) for the settlement of rural credit operations for working capital and investment

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4.595 of December 31, 1964, makes public that the National Monetary Council, in a session held on October 25, 2012, considering the provisions of Article 4, item VI, of Law No. 4.595 of 1964, Article 1 of Law No. 10.177 of January 12, 2001, and Article 5 of Law No. 12.716 of September 21, 2012,

R E S O L V E D:

Article 1. A rural credit line is established with resources from the Constitutional Financing Funds of the Northeast (FNE) and North (FNO) for the settlement of rural credit operations for working capital and investment, subject to the following conditions:

I - objectives: settlement of rural credit operations for working capital and investment contracted with shared or full risk of the National Treasury, the FNE, the FNO, or federal official financial institutions, regardless of the source of resources;

II - beneficiaries: rural producers responsible for working capital and investment operations, contracted until December 30, 2006, with an original value of up to R$100,000.00 (one hundred thousand reais), in a state of default as of June 30, 2012;

III - credit limit: up to R$200,000.00 (two hundred thousand reais) per beneficiary, provided that when the sum of the adjusted and consolidated outstanding balances of the operations to be settled, in the manner of item VII, exceeds this limit, the borrower must pay in full the amount exceeding said limit to be entitled to the credit line provided for in this article;

IV - financial charges, according to the size of the rural producer beneficiary of this credit line:

a) family farmers classified under the National Program for Strengthening Family Agriculture (Pronaf): those defined in the legislation and regulations of that Program;

b) miniproducers, their cooperatives and associations: effective interest rate of 5% p.a. (five percent per year);

c) small producers, their cooperatives and associations: effective interest rate of 6.75% p.a. (six and seventy-five hundredths percent per year);

d) medium producers, their cooperatives and associations: effective interest rate of 7.25% p.a. (seven and twenty-five hundredths percent per year);

e) large producers, their cooperatives and associations: effective interest rate of 8.50% p.a. (eight and fifty hundredths percent per year);

V - compliance bonus: operations contracted based on this credit line are entitled to the following compliance bonuses on each installment paid by the agreed due date:

a) on financial charges: 25% (twenty-five percent) for borrowers who develop their activities in municipalities in the semi-arid region of the Northeast, and 15% (fifteen percent) for borrowers in other municipalities in the area of operation of the Constitutional Financing Funds of the North and Northeast;

b) on the principal of each installment of operations up to R$35,000.00 (thirty-five thousand reais): 15% (fifteen percent) when activities are developed in Municipalities located in the area of the semi-arid Northeast and 10% (ten percent) when activities are developed in other municipalities of the North and Northeast regions;

VI - repayment: term of up to 10 (ten) years, according to the borrower's payment capacity, with the first installment due for up to 1 (one) year after the date of contracting the operation;

VII - method for calculating the credit value: the outstanding balances of the operations to be settled must be recalculated, up to the date of settlement with the contracting of the new operation, removing default charges and fines and applying normal charges without bonus and without rebate;

VIII - mandatory minimum amortization, on the date of formalization of the operation, based on the sum of the adjusted and consolidated outstanding balances in the manner of item VII:

a) when the value is up to R$35,000.00 (thirty-five thousand reais), 2% (two percent) of the calculated value; and

b) when the value is greater than R$35,000.00 (thirty-five thousand reais), 5% (five percent) of the calculated value;

IX - deadline for formalization: until December 31, 2013;

X - guarantees: those admitted for rural credit, which may be maintained, at the discretion of the financial institution, the same guarantees constituted in the financings that will be settled with the contracting of the new operation;

XI - risk of the operation: the same risk position as the operations to be settled with the credit line provided for in this article, except for operations contracted with the risk of the National Treasury, which will have the risk transferred to the respective Fund.

§ 1. Operations renegotiated based on §§ 3 or 6 of Article 5 of Law No. 9.138 of November 29, 1995, ceded to the Union under Provisional Measure No. 2.196-3 of August 24, 2001, renegotiated or not in accordance with Law No. 10.437 of April 25, 2002, are not eligible for the credit line provided for in this article.

§ 2. Financing of expenses with attorney fees and other procedural expenses is permitted with the resources of the credit line provided for in this article, limited to 10% (ten percent) of the total value to be contracted, even if, with these expenses, the limit of R$200,000.00 (two hundred thousand reais) per beneficiary is exceeded.

§ 3. When the guarantee requires the registration in a notary public of the contractual instrument of the credit line provided for in this article, the use of resources from the FNE or FNO to finance the respective expenses within the scope of the new operation provided for in this article is permitted, based on the respective protocol of the registration request and limited to 10% (ten percent) of the total value of the credit operation to be contracted, even if, with these expenses, the limit of R$200,000.00 (two hundred thousand reais) per beneficiary is exceeded.

§ 4. The borrower who defaults on the credit line provided for in this article is prohibited from taking new loans in official banks, while the situation of the respective debt is not regularized.

§ 5. For the purposes of granting the credit line provided for in this article, the outstanding balances of rural credit operations contracted with cooperatives, associations, and rural producer condominiums, including operations carried out in the group or collective modality, shall be calculated:

I - by individual credit instrument, when signed by the final beneficiary of the credit;

II - in the case of an operation that did not involve the transfer of resources to partners or associates, by the result of the division of the outstanding balances by the total number of active partners or associates of the entity;

III - in the case of rural producer condominiums, by participant identified by their Individual Taxpayer Registry (CPF), excluding spouses; or

IV - in the case of group or collective credit, by borrower stated in the credit certificate.

§ 6. The burden resulting from the adjustment of the outstanding balances provided for in item VII of the main text of this article shall be assumed according to the risk of the operation to be settled, as follows:

I - in operations with full risk of official financial institutions, the burden must be assumed by the official financial institutions themselves;

II - in operations with partial or full risk of the National Treasury, the FNE, or the FNO, the burden may be borne by the respective sources, respecting the proportion of the risk of each in the total of the operations settled based on this article.

Article 2. Financial institutions must send to the Secretariat of the National Treasury, until the 30th day of the month following the contracting, information on the volume of resources and the operations whose risk of the Union has been transferred to the Constitutional Financing Funds of the North and Northeast.

Article 3. For the purposes of the renegotiation provided for in this Resolution, the provisions of §§ 3, 4, and 5 of Article 5 of Law No. 12.716 of 2012 must also be observed.

Article 4. This Resolution enters into force on the date of its publication.

Alexandre Antonio Tombini
President of the Central Bank of Brazil