CMN Resolution No. 4925 of June 24, 2021, amending Resolution No. 4,676 of July 31, 2018, and Resolution No. 3,919 of November 25, 2010

CMN RESOLUTION NO. 4,925, OF JUNE 24, 2021

Amends Resolution No. 4,676, of July 31, 2018, which establishes the general conditions and criteria for contracting real estate financing by financial institutions and other institutions authorized to operate by the Central Bank of Brazil and regulates the allocation of resources captured in savings deposits, and Resolution No. 3,919, of November 25, 2010, which establishes the charging of fees for the provision of services by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

The Central Bank of Brazil, in accordance with Art. 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on June 24, 2021, based on Arts. 3, item V, and 4, items VI, VIII, and IX, of the aforementioned Law, and Art. 7 of Decree-Law No. 2,291, of November 21, 1986,

RESOLVES:

Art. 1. Resolution No. 4,676, of July 31, 2018, shall enter into force with the following amendments:

"Art. 8-A. The charging of a fee for the provision of property valuation or revaluation services offered for residential properties offered as collateral by natural persons in real estate financing operations and loans secured by real estate is permitted, in the following cases:

I - contracting of a new operation;

II - substitution of collateral;

III - request for portability;

IV - reclassification of the operation;

V - review of insurance coverage value; or

VI - extension, renewal, novation, composition, consolidation, and transfer of debt.

§ 1. The charge referred to in the main text is limited to the costs and expenses actually incurred in the property valuation or revaluation service.

§ 2. The charge referred to in the main text is conditioned on:

I - prior consent of the borrower or credit applicant regarding the valuation or revaluation service, formally expressed;

II - prior information to the borrower or credit applicant regarding:

a) the maximum charge value; and

b) the possibility of charging even in the event that the operation causing the valuation or revaluation is not contracted by decision of the borrower or credit applicant, formally expressed;

III - delivery to the borrower or credit applicant of a statement of the valuation report or equivalent document, containing the technical analysis referred to in Art. 11-A, item I; and

IV - making available to the borrower or credit applicant a statement discriminating the costs and expenses actually incurred in the valuation or revaluation.

§ 3. The receipts and documents related to the statement referred to in § 2, item IV, must remain available to the Central Bank of Brazil for a period of five years, preferably in electronic format.

§ 4. The charge referred to in the main text may not include:

I - an amount exceeding the maximum value referred to in § 2, item II, letter 'a', even if the costs and expenses actually incurred are higher than this value;

II - costs and expenses not directly related to the valuation or revaluation of the property; and

III - costs and expenses related to the provision of the valuation or revaluation service in the event that the operation is not contracted by decision of the financial agent.

§ 5. For the purposes of § 4, item II, costs and expenses concerning the following are considered not directly related to the valuation or revaluation service, among others:

I - service channels, including branches;

II - advertising and marketing activities of any kind;

III - personnel, except those directly responsible for the valuation and revaluation of collateral, whether outsourced or not;

IV - machinery and equipment;

V - maintenance and contracting of computerized systems, except those related to collateral valuation;

VI - correspondents in the country; and

VII - other activities related to credit origination." (NR)

"Art. 11-A. For the purposes of this Resolution, property valuation comprises:

I - the technical analysis performed to estimate the value of a real estate asset, based on its specifications, characteristics, costs, fruits, rights, and purpose; and

II - the legal analysis performed to determine risks that may impact the viability of using the real estate asset as collateral, including confirmation of ownership, free disposal of the property, and the absence of encumbrances or impediments." (NR)

Art. 2. Resolution No. 3,919, of November 25, 2010, shall enter into force with the following amendment:

"Art. 5.
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§ 3. The provisions of item VI of the main text do not apply to credit operations secured by residential real estate, which must observe specific regulation." (NR)

Art. 3. This Resolution enters into force on June 1, 2022.

Roberto de Oliveira Campos Neto

President of the Central Bank of Brazil