CMN Resolution No. 4762 — Amends Resolution No. 4,292 of December 20, 2013, regarding the portability of credit operations

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 November 27, 2019, based on Articles 4, items VI and VIII, of the aforementioned Law, Article 7 of Decree-Law No. 2,291 of November 21, 1986, Article 33-E of Law No. 9,514 of November 20, 1997, and Article 95 of Law No. 13,097 of January 19, 2015,

R E S O L V E D:

Art. 1º Resolution No. 4,292 of December 20, 2013, shall enter into force with the following alterations:

“Art. 1º Financial institutions must guarantee the portability of their credit operations carried out with natural persons, including individual entrepreneurs, upon receipt of resources transferred by another financial institution, observing the procedures established in this Resolution.

§ 1º For the purposes of this Resolution, it is considered:

I - portability: transfer of a credit operation from the original creditor institution to the proposing institution, at the debtor's request;

II - original creditor institution: the financial institution that is the creditor in the credit operation subject to portability;

III - proposing institution: the financial institution receiving the credit operation subject to portability;

IV - debtor: natural person(s) holder(s) of the credit operation subject to portability;

V - overdraft: revolving credit limit linked to a checking deposit account; and

VI - maximum coverage value: the maximum amount of resources that the proposing institution undertakes to transfer to the original creditor institution with a view to effecting the portability of the overdraft balance.

§ 2º In the case of individual entrepreneurs, the portability of credit operations eligible for contracting by natural persons must be ensured.” (NR)

“Art. 3º ........................................................

§ 1º In the event that the installment value of the credit operation subject to portability at the proposing institution is higher than the installment value at the original creditor institution, the proposing institution must obtain the debtor's formal and specific manifestation of consent to the increase in the installment value.

§ 2º In the case of portability of the overdraft balance, the value of the operation at the proposing institution cannot be higher than the balance owed informed by the original creditor institution.

§ 3º Portability is admitted for a credit modality different from that contracted with the original creditor institution, in which case the restriction regarding the term of the operation established in the main text does not apply.” (NR)

“Art. 5º ........................................................
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§ 3º In the case of portability of the overdraft balance, the proposing institution must include in the credit proposal referred to in item III the maximum coverage value.” (NR)

“Art. 6º ........................................................

§ 1º ............................................................
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II - the remaining term and the due date of the last installment of the credit operation subject to portability, not applicable in the case of an overdraft operation; and
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§ 4º If the overdraft balance subject to portability, on the date of receipt of the information referred to in item I of § 1º, is higher than the maximum coverage value, the proposing institution may not effect the portability.” (NR)

“Art. 11. .......................................................

Sole Paragraph. The other real estate credit operations subject to portability may be reclassified into the SFH, provided that they observe the granting criteria and the general and specific conditions established in the regulation and current legislation for this system.” (NR)

“Art. 15. Financial institutions must provide the debtor with a Credit Descriptive Document, including, at a minimum, the following information:
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§ 1º In overdraft operations, in addition to the information referred to in items I, II, IV and V of the main text, the credit limit granted to the debtor must be informed.

§ 2º The Credit Descriptive Document must be:

I - made available, continuously, through electronic service channels; and

II - provided:

a) immediately, through in-person service channels; and

b) within one business day, counted from the date of the request, through other service channels.” (NR)

“Art. 15-A. The original creditor institution may require financial reimbursement for the origination cost of the credit operation subject to portability, which cannot be passed on to the debtor.

§ 1º The reimbursement referred to in the main text shall be proportional to the value of the balance owed ascertained at the time of the transfer of resources and decreasing according to the time elapsed since the operation, with its settlement falling to the proposing institution.

§ 2º The Central Bank of Brazil may establish the necessary operational measures for the compliance with the provisions of this article by the original creditor institution, including limiting the requirement for reimbursement based on the modality, the balance owed, and the time elapsed since the operation.” (NR)

Art. 2º The provisions of Resolution No. 4,292 of 2013 apply, insofar as applicable, to the portability of credit operations carried out with legal entities.

Art. 3º The following provisions of Resolution No. 4,292 of 2013 are repealed:

I - the sole paragraph of Article 1º; and

II - the sole paragraph of Article 3º.

Art. 4º This Resolution enters into force:

I - on June 1, 2020, regarding the provisions of Article 2º; and

II - on April 1, 2020, regarding the remaining articles.

               Roberto de Oliveira Campos Neto President of the Central Bank of Brazil