CMN Resolution No. 5,112 of December 21, 2023

CMN RESOLUTION
NO. 5,112, OF DECEMBER 21, 2023

Amends Resolution No. 4,549, of January 26, 2017, which provides for the financing of the outstanding balance of credit card bills and other post-paid payment instruments, CMN Resolution No. 5,004, of March 24, 2022, which provides for the requirements to be observed in the offer, contracting, and provision of services of credit operations and financial leasing, and CMN Resolution No. 5,057, of December 15, 2022, which provides for the portability of 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 December 21, 2023, based on Arts. 4, items VI, VIII, and IX of the aforementioned law, 20, § 1, of Law No. 4,864, of November 29, 1965, 1 of Decree-Law No. 70, of November 21, 1966, 33-E of Law No. 9,514, of November 20, 1997, 7 and 23, item “a”, of Law No. 6,099, of September 12, 1974, 1, item II, of Law No. 10,194, of February 14, 2001, 1, § 1, of the Complementary Law No. 130, of April 17, 2009, 27, § 3, and 28, § 3, of Law No. 14,690, of October 3, 2023, and having in view the provisions of Art. 7 of the Law No. 12,865, of October 9, 2013,

R
E S O L V E S:

Art.

1. Resolution No. 4,549, of January 26,
   2017, shall enter into force with the following alterations:

“Art. 2-A For the purposes of the provisions of Art. 28 of Law No. 14,690, of October 3, 2023, the following are considered:

I - credit operation for financing the outstanding balance of the credit card bill and other post-paid payment instruments: credit operations for revolving credit and billing installment plans linked to the respective post-paid payment account, including as a result of the provisions of Art. 2;

II - interest: remunerative interest charged in the granting of the credit operations referred to in item I;

III - financial charges: late payment and interest charges charged as a result of delay in payment or settlement of obligations related to credit operations referred to in item I, as well as any fees and commissions applicable to the credit operation; and

IV - original debt value: the balance of revolving credit or billing installment plan operations granted to finance the outstanding balance of the bill, linked to the respective post-paid payment account, which must be calculated every time a new credit operation is granted to finance the outstanding balance of the bill.

Sole Paragraph. When the remaining balance of revolving credit is financed through a credit line for installment payments linked to the respective post-paid payment account, including as a result of the provisions of Art. 2:

I - the original debt value shall be considered the initial amount of the revolving credit operation that was migrated to the billing installment plan operation linked to the respective post-paid payment account; and

II - the total amount charged as interest and financial charges applicable to the credit operation shall be calculated from the date of start of the revolving credit operation that was migrated to the billing installment plan linked to the respective post-paid payment account.” (NR)

“Art. 2-B The original debt value, as well as the total amount charged as interest and financial charges applicable to each credit operation for financing the outstanding balance of credit card bills and other post-paid payment instruments referred to in Art. 2-A, regarding each credit operation granted, must be detailed in the respective statements and bills of the post-paid payment account, in accordance with current regulations.” (NR)

“Art. 2-C The renegotiation of the credit operations referred to in Art.
2-A is guaranteed at any time, provided that the total amount charged as interest and financial charges applicable to each renegotiation does not exceed the original debt value of the initial operation that was renegotiated, deducting the interest and charges that have already been paid.” (NR)

“Art.
2-D The provisions of Arts. 2-A, 2-B, and 2-C apply only to operations carried out after the 90 (ninety) day period referred to in § 1 of Art. 28 of Law No. 14,690, of 2023, regardless of the date of signing the credit card contract or post-paid payment instrument.” (NR)

Art.
2. CMN Resolution No. 5,057, of December 15,
2022, shall enter into force with the following alterations:

“Art. 2 ............................................................................................................

.........................................................................................................................

VI - maximum coverage value: maximum amount of resources that the proposing institution commits to transfer to the original creditor institution for the settlement of the outstanding balance and effective portability of the overdraft check or the outstanding balance of the bill of a post-paid payment instrument;

VII

• outstanding balance of the bill of a post-paid payment instrument: consolidated outstanding balance of revolving credit operations and billing installment plans linked to the respective post-paid payment account; and

VIII - consolidated credit operation: credit operation that consolidates all credit operations subject to the outstanding balance of the bill of a post-paid payment instrument in the original creditor institution.” (NR)

“Art. 6 ............................................................................................................

.........................................................................................................................

§ 2 In the case of portability of the outstanding balance of an overdraft check or the outstanding balance of the bill of a post-paid payment instrument, the value of the operation at the proposing institution cannot be higher than the outstanding balance reported by the original creditor institution.

................................................................................................................”
(NR)

“Art. 7 ............................................................................................................

.........................................................................................................................

§ 3 In the case of portability of the outstanding balance of an overdraft check or the outstanding balance of the bill of a post-paid payment instrument, the proposing institution must include the maximum coverage value in the credit proposal referred to in item III of the main text.

§ 4 In the case of a request for portability of the outstanding balance of the bill of a post-paid payment instrument, the credit proposal referred to in item III of the main text must be carried out through a single consolidated credit operation.” (NR)

“Art. 7-A For the purposes of portability of the outstanding balance of the bill of a post-paid payment instrument, the original creditor institution that submits a counterproposal must present to the customer at least one proposal for a consolidated credit operation of the same term as the operation proposed by the proposing institution.” (NR)

“Art. 8 ............................................................................................................

§ 1 .................................................................................................................

.........................................................................................................................

II - the remaining term and the due date of the last installment of the credit operation subject to portability, not applicable in the case of portability of an overdraft check operation or the outstanding balance of the bill of a post-paid payment instrument; and

.........................................................................................................................

§ 4 If the outstanding balance of the overdraft check or the outstanding balance of the bill of a post-paid payment instrument subject to portability, on the date of receipt of the information referred to in item I of § 1, is higher than the maximum coverage value, the institution may choose not to effect the portability.” (NR)

“Art. 16. ..........................................................................................................

§ 1 It is prohibited to charge reimbursement as referred to in the main text in the portability of the outstanding balance of the bill of a post-paid payment instrument.

§ 2 In the case of the operations referred to in Art. 4, the reimbursement referred to in the main text must be proportional to the value of the outstanding balance calculated at the time of the transfer of resources and decreasing according to the term elapsed from the operation, with its settlement falling to the proposing institution.” (NR)

“Art. 17-A. The portability of the outstanding balance of the bill of a post-paid payment instrument does not apply to credit cards and other post-paid payment instruments whose contracts provide for bill payment through payroll deduction.” (NR)

Art.
3. CMN Resolution No. 5,004, of March 24,
2022, shall enter into force with the following alterations:

“Art. 4 ............................................................................................................

.........................................................................................................................

§ 3 For credit operations linked to the post-paid payment account, the Credit Descriptive Document must:

I - be provided to all customers, including legal entities;

II - in addition to the information referred to in the main text, inform:

a) the total and used credit limit for each type of operation;

b) the original debt value;

c) the total updated amount charged as interest and financial charges applicable; and

d) the total updated amount that may still be charged as interest and financial charges applicable regarding the operation; and

III - present information regarding each credit operation contracted, segregated by post-paid payment account, in an individual and consolidated manner.

§ 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 regulations:

I - consolidated outstanding balance;

II - weighted average annual interest rate, nominal and effective; and

III - total and remaining weighted average term.

§ 5 For the purposes of this
article, credit operations linked to the post-paid payment account are considered revolving credit and billing installment plan operations.” (NR)

Art.
4. The sole paragraph of Art. 16 of Resolution No. 5,057, of 2022, is revoked.

Art.
5. This Resolution enters into force:

I

• on the date of its publication, with respect to Art. 1; and

II

• on July 1, 2024, with respect to the remaining articles.

ROBERTO DE
OLIVEIRA CAMPOS NETO
President of the Central Bank of Brazil