CMN Resolution No. 5,055 of December 15, 2022, amending Resolution No. 4,676 of July 31, 2018, regarding real estate financing conditions and savings fund allocation

CMN RESOLUTION NO. 5,055, OF DECEMBER 15, 2022

Amends Resolution No. 4,676, of July 31, 2018, which provides for 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.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in a session held on December 15, 2022, based on Articles 4, items VI and VIII, of the aforementioned Law, and Article 26-A of Law No. 12,810, of May 15, 2013,

R E S O L V E D:

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

“Article 7º-A. Credit rights received as collateral by financial institutions and other institutions authorized to operate by the Central Bank of Brazil relating to financing operations for real estate production must be registered in a registration system operated by a financial asset registrar entity.

Sole paragraph. The release of resources related to financing for real estate production may only occur after the registration referred to in the main text is completed.” (NR)

“Article 7º-B. The instrument by means of which the contracting of the collateral referred to in Article 7º-A is formalized must contain:

I - the unequivocal specification of the credit rights given as collateral, discriminating those constituted and those to be constituted;

II - the provision for the sending, by the debtor of the financing for real estate production, of a notification, to the buyers and prospective buyers of the real estate units whose production is financed, regarding:

a) the constitution of the collateral and the repercussions of this transaction on buyers and prospective buyers;

b) the financial agent responsible for issuing the payment instruments for the financial obligations related to the sales contract or promise of sale;

c) the method of monitoring, through an electronic interface provided by the registrar entity referred to in Article 7º-A, of information regarding the evolution of the debt related to the sales contract or promise of sale, including paid, overdue, and due installments;

d) the method for issuing receipts of discharge of financial obligations related to the sales contract or promise of sale through an electronic interface provided by the registrar entity referred to in Article 7º-A; and

e) the means of access to the electronic interface referred to in items “c” and “d”; and

III - the specification of the terms of the notification referred to in item II.

Sole paragraph. Credit rights are considered:

I - constituted: those arising from sales contracts or promises of sale regarding the autonomous units of a real estate development subject to financing for real estate production; and

II - to be constituted: those of future existence, associated with the autonomous units not yet traded of a real estate development subject to financing for real estate production.” (NR)

“Article 7º-C. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil may only provide financing for real estate production of developments subject to the allocation regime referred to in Law No. 4,591, of December 16, 1964.” (NR)

“Article 25-B. The provisions of Articles 7º-A, 7º-B, and 7º-C apply to financing operations for real estate production contracted from one hundred and twenty days after the date of the first authorization for the exercise of the activity of registration or centralized deposit of real estate receivables by the Central Bank of Brazil.

Sole paragraph. The Central Bank of Brazil will publish the date from which the provisions referred to in the main text will apply.” (NR)

Article 2. Resolution CMN No. 4,909, of May 27, 2021, is hereby revoked.

Article 3. This Resolution enters into force on January 1, 2023.

Roberto de Oliveira Campos Neto

President of the Central Bank of Brazil