CMN Resolution No. 4882 on Charges for Late Payment of Credit Operations, Financial Leasing, and Credit Card Invoices

Resolution No. 4,882

CMN RESOLUTION
NO. 4,882, OF DECEMBER 23, 2020

Provides for the collection of charges resulting from delays in payment or settlement of obligations related to credit operations, financial leasing, and credit card invoices and other post-paid payment instruments.

The Central Bank of Brazil, under the terms of Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held from December 18 to 23, 2020, based on Articles 4, items VI and VIII, of the aforementioned Law, and Articles 7 and 23 of Law No. 6,099, of September 12, 1974,

R E S O L V E S:

Article 1. This Resolution
disciplines the collection of charges resulting from delays in payment or settlement of obligations related to credit operations, financial leasing, and credit card invoices and other post-paid payment instruments.

Article 2. In the event of delay
in payment or settlement of obligations related to credit operations, financial leasing, and credit card invoices and other post-paid payment instruments, the following charges may be collected from their clients, exclusively:

I - remunerative interest, per day of delay, on the due installment or on the outstanding debtor balance, as applicable;

II - penalty fee, in accordance with the legislation in force; and

III - default interest, in accordance with the legislation in force.

Article 3. For the purposes of
the provision of item I of Article 2, the applicable interest rate must be:

I - in the case of credit operations and financial leasing, the same rate agreed in the contract for the performance period of the operation; and

II - in the case of obligations related to credit card invoices and other post-paid payment instruments, the interest rate agreed for the revolving credit modality, except in the situation mentioned in the sole paragraph.

Sole paragraph. In the case of due installments of a credit operation contracted for installment payment of the outstanding balance of revolving credit remaining after the due date of the credit card invoice or other post-paid payment instruments, the interest rate referred to in the main text must be the same rate agreed for the performance period of that operation.

Article 4. The collection of any other remunerative or default charges for delays in payment or settlement of due obligations related to credit operations, financial leasing, and credit card invoices and other post-paid payment instruments is prohibited, beyond those provided for in this Resolution, without prejudice to the provisions of Article 395 of Law No. 10,406, of January 10, 2002 (Civil Code).

Article 5. The criteria and the
method of collection of charges resulting from delays in payment or settlement of obligations under this Resolution must be included in the contract concluded with the client.

Sole paragraph. In the case of operations linked to credit cards and other post-paid payment instruments, the respective rates must be disclosed in the statement or payment invoice made available regularly to the client.

Article 6. The Central Bank of Brazil may issue regulations and adopt the necessary measures for the execution of the provisions of this Resolution.

Article 7. The following are revoked:

I - Articles 1 to 4 of Resolution No. 4,655, of April 26, 2018; and

II - Resolution No. 4,558, of February 23,
2017.

Article 8. This Resolution enters into force
on February 1, 2021.

Bruno Serra Fernandes
President of the Central Bank of Brazil, substitute