CMN Resolution No. 5,004 — Requirements for Offering, Contracting, and Providing Credit and Financial Leasing Services

CMN Resolution No. 5,004 establishes mandatory requirements for the offering, contracting, and provision of credit operations and financial leasing services by financial institutions in Brazil. It mandates that credit contracts contain specific transparency details, including effective interest rates, fees, and the Total Effective Cost (CET), and requires financial institutions to provide a Credit Descriptive Document to natural persons and individual entrepreneurs detailing debt evolution and payment terms. The resolution also regulates early settlement calculations using the contracted interest rate for fixed-rate operations and prohibits the registration of obligations without a formal credit instrument. It repeals several previous resolutions and enters into force on May 2, 2022, with specific provisions for post-paid payment accounts applying from July 1, 2024.

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CMN RESOLUTION NO. 5,004, OF MARCH 24, 2022

Sets forth the requirements to be observed in the offering, contracting, and provision of services for credit operations and financial leasing.

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 March 24, 2022, based on Art. 4, item VIII, of the aforementioned Law, Arts. 7 and 23, item "a", of Law No. 6,099, of September 12, 1974, and Art. 1 of Decree-Law No. 70, of November 21, 1966,

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Lineage: Amended

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Timeline

Amended 1 time · last 2023-12-21

2023-12-21BCBCMN Resolution No. 5,112 of December 21, 2023amends

Source: Banco Central do Brasil — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works