CMN Resolution No. 4847 on the Emergency Credit Access Program in the Receivables Guarantee Modality (Peac-Maquininhas)

Resolution No. 4,847

CMN RESOLUTION NO. 4,847, OF AUGUST 24, 2020

Provides for the Emergency Credit Access Program in the Receivables Guarantee Modality (Peac-Maquininhas), established by Law No. 14,042, of August 19, 2020.

The Central Bank of Brazil, under Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on August 24, 2020, based on Article 4, item VI, of the aforementioned Law, and Article 29 of Law No. 14,042, of August 19, 2020,

R E S O L V E D:

Article 1. This Resolution provides for operations contracted by financial institutions within the scope of the Emergency Credit Access Program in the Receivables Guarantee Modality (Peac-Maquininhas).

Article 2. For the purpose of verifying compliance with the eligibility criteria for individual microentrepreneurs, micro-enterprises, and small businesses as provided in Article 10, sole paragraph, item II, of Law No. 14,042, of August 19, 2020, participating financial institutions may use internal verification processes, including consultation with information systems, databases, and registries containing information on receivables from payment arrangements and credit operations guaranteed through them, observing, until November 2, 2020, the regulations of Resolution No. 4,707, of December 19, 2018.

Article 3. Participating financial institutions may only accept as collateral for credit operations the institution of fiduciary assignment of receivables to be constituted in payment arrangements whose cash flow is settled in a compensation and settlement system authorized to operate by the Central Bank of Brazil.

Article 4. Credit operations carried out within the scope of Peac-Maquininhas may only be contracted by participating financial institutions after consultation with the information referred to in Article 11, §§ 1, 2, and 3, of Law No. 14,042, of 2020, which may be obtained from the Central Bank of Brazil, in accordance with Articles 12 and 27, item IV, of that Law, with prior and express authorization of the contracting parties.

§ 1. The outstanding balance and due installments of the credit operation shall be calculated according to:

I - the French Amortization System (Price Table) monthly, with an annual calculation base of 360 (three hundred and sixty) days; or

II - the Constant Amortization System (SAC) monthly, with an annual calculation base of 252 (two hundred and fifty-two), 360 (three hundred and sixty), or 365 (three hundred and sixty-five) days.

§ 2. Participating financial institutions may submit credit operations to the National Bank for Economic and Social Development (BNDES), in the capacity of the Union's financial agent, only after the contracting, with the borrower, of the credit operation and its guarantee.

Article 5. In the event of default of an operation contracted within the scope of Peac-Maquininhas, financial institutions shall bear any amount exceeding the principal balance plus interest on the date of default.

§ 1. The interest mentioned in the main text is limited to the rate referred to in Article 20, § 1, item II, of Law No. 14,042, of 2020.

§ 2. In the event of default provided for in the main text, the Union's financial agent shall bear the non-receipt of the difference between the rate provided in Article 19, § 3, item II, and the rate provided in Article 20, § 1, item II, of Law No. 14,042, of 2020.

Article 6. Credit operations carried out within the scope of Peac-Maquininhas shall observe the regulations of:

I - Resolution No. 4,707, of 2018, until November 2, 2020; and

II - Resolution No. 4,734, of June 27, 2019, from November 3, 2020.

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

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