Resolution CMN No. 1298 - Regulation of Savings Deposits for Individuals in the Linked Passbook Modality for Housing Credit

RESOLUTION NO. 001298

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY COUNCIL, in a session held on March 19, 1987, considering the provisions of Article 7 of Decree-Law No. 2,291, of November 21, 1986,

RESOLVES:

I - Real estate credit societies, savings banks, and savings and loan associations are authorized to accept savings deposits from individuals, in the linked passbook modality, observing the provisions contained in this Resolution.

II - Savings deposits, in the linked passbook modality, are intended for the granting of housing credit for the acquisition of new or used property as well as for the construction of a house on own land.

III - The housing credit referred to in item II will be granted to the depositor, in the form of a letter of credit, based on the limits to be established by the Central Bank, after consulting the Ministry of Urban Development and Environment (MDU).

IV - It is at the discretion of the contracting parties to establish the value of the initial deposit, the intermediate installments to be deposited, and the minimum holding period of the deposits for the depositor to be entitled to the credit provided for in item II.

V - The minimum holding period for the granting of the letter of credit, to be established in the manner of the previous item, may not be less than 36 (thirty-six) months, counted from the date of the initial deposit.

VI - The norms in force for free savings deposits from individuals apply, where applicable, to the linked passbook deposits.

VII - At the time of opening the account in the linked passbook modality, the financial agent and the depositor must sign a specific contract which must expressly contain, among others, clauses that contemplate:

a) the minimum value of deposits to be reached at the end of the contracted period;

b) the period, not less than 36 months, after which the agent will be obliged to grant the financing;

c) the minimum registration conditions for the granting of the financing, which will depend on compliance with the regulatory provisions on housing financing in the Housing Financial System, in the case of new properties;

d) the basic conditions of the financing to be granted, including terms and costs for the borrower;

e) the guarantee that, at the end of the period referenced in clause "b", the depositor will be assured of obtaining housing financing in the agreed amount and in compliance with regulatory provisions;

f) the obligation to immediately transfer the balance of the linked savings account to a free savings account, without loss of any earnings, in the case of formal withdrawal by the depositor during the period stipulated in the contract.

VIII - The financial agent will have a maximum period of 3 (three) months, counted from the date contractually established, to grant the financing.

IX - If the depositor, within the period fixed in item VIII, does not meet the pre-established registration conditions, the balance of the deposits will be transferred to a free savings account, without loss of earnings, and the agent will be released from the obligation to grant the financing.

X - The resources originating from the collection in the deposit modality established in this Resolution must comply with the direction set by Resolution No. 1,221, of November 24, 1986.

XI - Deposits maintained in savings accounts, under the linked passbook modality, are guaranteed by the Savings Deposits and Real Estate Letters Guarantee Fund (FGDLI), up to a limit of 3,500 OTN.

XII - Resources not applied in meeting the contractual conditions, within the period provided for in item VIII of this Resolution, are subject to collection in the manner that may be regulated by the Central Bank.

XIII - The Central Bank may adopt the measures deemed necessary for the execution of the provisions of this Resolution.

XIV - This Resolution will enter into force on the date of its publication.

Brasilia-DF, March 26, 1987

Francisco Roberto André Gros
President