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

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,

R E S O L V E D:

CHAPTER I
OF THE OBJECT AND SCOPE OF APPLICATION

Art. 1 This Resolution sets forth the requirements to be observed in the offering, contracting, and provision of services for credit operations and financial leasing by financial institutions and other institutions authorized to operate by the Central Bank of Brazil.

CHAPTER II
OF THE REQUIREMENTS FOR CONTRACTING AND TRANSPARENCY

Art. 2 The contracting of operations referred to in Art. 1 depends on the formalization of an instrument representing the credit with the client.

Sole Paragraph. For the purposes of this Resolution, an instrument representing the credit is considered to be the contract or the credit title that represents the debt related to the credit operation or financial leasing.

Art. 3 The instrument representing credit referred to in Art. 2 must contain all information about the contracted operation, discriminating, at a minimum:

I - monthly and annual effective rates related to remuneratory interest;

II - price index or remuneration base, if agreed;

III - taxes and contributions and respective values;

IV - tariffs and other expenses and respective values;

V - Total Effective Cost (CET), in the situations specified by current legislation and regulation; and

VI - criteria and method of charging charges resulting from late payment or settlement of obligations.

Sole Paragraph. The instrument referred to in the caput must contain the method of communication to the client regarding information on the values of any charges or expenses in the case of:

I - operations where the respective values are defined only at the time of release or placement of funds at the client's disposal; or

II - the instrument provides for the possibility of increasing the respective agreed values.

Art. 4 Financial institutions must provide the natural person client, including individual entrepreneurs, with the Credit Descriptive Document of the contracted credit operation, containing, at a minimum, the following information:

I - contract number;

II - updated outstanding balance;

III - demonstration of the evolution of the outstanding balance;

IV - type of operation;

V - annual interest rate, nominal and effective;

VI - total and remaining term;

VII - payment system;

VIII - value of each installment, specifying the value of the principal and charges; and

IX - date of the last maturity of the operation.

§ 1 In overdraft operations, in addition to the information referred to in items I, II, IV, and V of the caput, the credit limit granted to the debtor must be informed.

§ 2 The Credit Descriptive Document must be:

I - continuously available on electronic service channels; and

II - provided:

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

b) within one business day, counted from the date of the request, on other service channels.

§ 3 For credit operations linked to post-paid payment accounts, the Credit Descriptive Document must: (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

I - be provided to all clients, including legal entities; (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

II - in addition to the information referred to in the caput, inform: (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

a) the total and used credit limit for each type of operation; (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

b) the original value of the debt; (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

c) the total updated value charged as interest and applicable financial charges; and (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

d) the total updated value that can still be charged as interest and applicable financial charges related to the operation; and (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

III - present the information related to each contracted credit operation, segregated by post-paid payment account, in an individual and consolidated manner. (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

§ 4 For the purposes of the consolidated presentation referred to in item III of § 3, the following information must be presented, in accordance with current regulation: (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

I - consolidated outstanding balance; (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

II - weighted average annual interest rate, nominal and effective; and (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

III - weighted average total and remaining term. (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

§ 5 For the purposes of this article, credit operations linked to post-paid payment accounts are considered to be revolving credit and invoice installment operations. (Included, from 7/1/2024, by CMN Resolution No. 5,112, of 12/21/2023.)

Art. 5 Financial institutions, regarding contracted overdraft operations, must make the following information available to the natural person client, including individual entrepreneurs:

I - contracted credit limit;

II - outstanding balance of the overdraft on the date of statement provision;

III - overdraft values used daily, in the current interest calculation period;

IV - monthly effective rate related to remuneratory interest; and

V - accumulated interest value in the calculation period, up to the date of statement provision.

Sole Paragraph. The information referred to in the caput must be made available, in a prominent manner, on the deposit account statement held by the client.

CHAPTER III
OF EARLY SETTLEMENT

Art. 6 The institutions referred to in Art. 1 must make available, in a timely manner, to the client the information and means necessary for the purposes of early settlement, total or partial, of credit operations and financial leasing.

Art. 7 The institutions referred to in Art. 1 must use the remuneratory interest rate agreed in the contract to calculate the present value of payments for the purposes of early settlement, total or partial, of credit operations and financial leasing of natural persons, including individual entrepreneurs, as well as micro-enterprises and small-sized enterprises referred to in Complementary Law No. 123, of December 14, 2006, contracted at fixed rates.

Sole Paragraph. The provision of the caput must be included in a specific contractual clause.

CHAPTER IV
GENERAL PROVISIONS

Art. 8 It is prohibited for the institutions referred to in Art. 1 to carry out or request the charging or registration of obligations related to credit operations or financial leasing without the formalization of the instrument representing the credit.

Art. 9 The institutions referred to in Art. 1 must use the same contracted remuneratory interest rate for the principal in situations where the expenses associated with the contracting of credit operations or financial leasing are financed by the institution.

Sole Paragraph. The provision of the caput does not apply to operations contracted with directed resources or with administered interest rates, such as rural credit, the Housing Financial System (SFH), and special programs of the National Bank for Economic and Social Development (BNDES).

CHAPTER V
FINAL PROVISIONS

Art. 10 The Central Bank of Brazil will adopt, within the scope of its legal attributions, the measures necessary for the execution of the provisions of this Resolution.

Art. 11 The following are revoked:

I - Resolution No. 1,044, of August 15, 1985;

II - item "b" of item IX of Resolution No. 1,559, of December 22, 1988;

III - Art. 2 of Resolution No. 2,835, of May 30, 2001;

IV - Arts. 2 and 3 of Resolution No. 3,516, of December 6, 2007;

V - Art. 15 of Resolution No. 4,292, of December 20, 2013; and

VI - Resolution No. 4,320, of March 27, 2014.

Art. 12 This Resolution enters into force on May 2, 2022.

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