CMN Resolution No. 4507 — Defines Conditions for Refinancing Operations Contracted by Rural Producers under Article 1 of Law No. 12,096 of November 24, 2009

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 July 28, 2016, considering the provisions of Article 4, item VI, of Law No. 4,595 of 1964, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, and Article 5 of Law No. 10,186 of February 12, 2001,

R E S O L V E S:

Article 1. Financial institutions are authorized to refinance operations contracted under the protection of Article 1 of Law No. 12,096 of November 24, 2009, observing the following conditions:

I - beneficiaries: natural persons, resident and domiciled in Brazil, who are rural producers and whose investment is destined for the agricultural and livestock sector, and their cooperatives, with headquarters and administration in Brazil;

II - covered operations: operations contracted until December 31, 2015, destined for production, financial leasing, or acquisition of agricultural capital goods and associated working capital; and acquisition of trucks, provided that the beneficiary is a natural person included in item I;

III - object of refinancing: the sum of the amortization installments to be refinanced, with the parties choosing this number of installments, observing the following conditions:

a) in the case of operations with monthly amortization periodicity:

1. if the number of remaining installments is greater than or equal to 24 (twenty-four), the first 6 (six), 12 (twelve), or 24 (twenty-four) amortization installments may be refinanced, counted from the approval of the refinancing operation by the National Bank for Economic and Social Development (BNDES);

2. if the number of remaining installments is greater than or equal to 12 (twelve) and less than 24 (twenty-four), the first 6 (six) or 12 (twelve) amortization installments, or the remaining installments, may be refinanced, counted from the approval of the refinancing operation by BNDES;

3. if the number of remaining installments is less than 12 (twelve), the first 6 (six) amortization installments, or the remaining installments, may be refinanced, counted from the approval of the refinancing operation by BNDES;

b) in the case of operations with semi-annual amortization periodicity:

1. if the number of remaining installments is greater than or equal to 4 (four), 1 (one), 2 (two), or 4 (four) first amortization installments may be refinanced, counted from the approval of the refinancing operation by BNDES;

2. if the number of remaining installments is less than 4 (four), 1 (one), 2 (two), or 3 (three) first amortization installments may be refinanced, counted from the approval of the refinancing operation by BNDES;

c) in the case of operations with annual periodicity: the first or the first two amortization installments may be refinanced, counted from the approval of the refinancing operation by BNDES;

IV - financial charges: Long-Term Interest Rate (TJLP) plus 4.6% (four whole and six tenths percent) per annum;

V - repayment term: at the discretion of BNDES;

VI - formalization deadline: at any time, at the discretion of the Financial Institution.

§ 1. The object of refinancing referred to in item III will compose a new sub-credit, the value of which will be fully deducted from the outstanding balance of the original credit on the 15th (fifteenth) day of the month of approval of the refinancing by BNDES.

§ 2. During the period in which the refinanced amortization installments would originally have been paid, interest on the outstanding balance of the original credit will be due at the originally agreed periodicity.

§ 3. Until the start of its amortization, interest on the new sub-credit will be capitalized or due, at the discretion of BNDES.

§ 4. The following operations may not be refinanced:

I - those that have been the object of an advance of honor by the Investment Guarantee Fund (FGI) or by other guarantee funds;

II - those that are in a grace period;

III - with less than 6 (six) months of term remaining.

§ 5. Only one refinancing may be carried out per operation.

§ 6. The other originally agreed conditions will be maintained.

§ 7. The new sub-credit resulting from the refinancing carried out under the terms of this article will not be subject to economic subsidy by the Union.

Article 2. This Resolution enters into force on the date of its publication.

Ilan Golfajn
President of the Central Bank of Brazil