Resolution CMN No. 1980 — Approves regulations governing the allocation of resources captured by entities of the Brazilian Savings and Loan System (SBPE) and financing operations within the Housing Financial System (SFH)

RESOLUTION NO. 001980

APPROVES REGULATIONS GOVERNING THE ALLOCATION OF RESOURCES CAPTURED BY ENTITIES INTEGRATING THE BRAZILIAN SAVINGS AND LOAN SYSTEM (SBPE) AND FINANCING OPERATIONS CARRIED OUT WITHIN THE SCOPE OF THE HOUSING FINANCIAL SYSTEM (SFH).

THE CENTRAL BANK OF BRAZIL, IN ACCORDANCE WITH ART. 9 OF LAW NO. 4,595, OF 12.31.64, MAKES PUBLIC THAT THE PRESIDENT OF THE MONETARY NATIONAL COUNCIL, BY ACT OF 04.30.93, BASED ON PARAGRAPH 2 OF ART. 1 OF LAW NO. 8,646, OF 04.07.93, "AD REFERENDUM" OF THAT COUNCIL, AND TAKING INTO ACCOUNT THE PROVISIONS OF ART. 7 OF DECREE-LAW NO. 2,291, OF 11.21.86, AND DECREE-LAW NO. 2,349, OF 07.29.87,

RESOLVES:

ART. 1. APPROVE THE ANNEXED REGULATIONS, WHICH GOVERN THE ALLOCATION OF RESOURCES CAPTURED BY ENTITIES INTEGRATING THE BRAZILIAN SAVINGS AND LOAN SYSTEM (SBPE) WHOSE BASIC DESTINATION IS HOUSING FINANCING, AS WELL AS FINANCING OPERATIONS CARRIED OUT WITHIN THE SCOPE OF THE HOUSING FINANCIAL SYSTEM (SFH).

ART. 2. THE CENTRAL BANK OF BRAZIL MAY ADOPT THE MEASURES AND ISSUE THE NECESSARY NORMS FOR THE EXECUTION OF THIS RESOLUTION.

ART. 3. THIS RESOLUTION SHALL ENTER INTO FORCE ON 05.01.93, WHEN THE FOLLOWING SHALL BE REVOKED:

I - THE RESOLUTIONS NOS:

• 46, OF 01.17.67;
• 386, OF 07.21.76;
• 534, OF 04.18.79;
• 568, OF 09.20.79;
• 1,090, OF 01.31.86;
• 1,219, OF 11.24.86;
• 1,220, OF 11.24.86;
• 1,231, OF 12.16.86;
• 1,276, OF 03.20.87;
• 1,277, OF 03.20.87;
• 1,446, OF 01.05.88;
• 1,447, OF 01.05.88;
• 1,494, OF 06.29.88;
• 1,518, OF 09.21.88;
• 1,519, OF 09.21.88;
• 1,520, OF 09.21.88;
• 1,546, OF 12.22.88;
• 1,571, OF 01.18.89;
• 1,663, OF 11.29.89;
• 1,669, OF 11.30.89;
• 1,685, OF 02.15.90;
• 1,688, OF 02.21.90;
• 1,698, OF 04.03.90;
• 1,701, OF 04.11.90;
• 1,714, OF 05.29.90;
• 1,745, OF 08.30.90;
• 1,835, OF 06.26.91;
• 1,884, OF 11.14.91;

II - THE CIRCULARS NOS:

• 1,052, OF 07.24.86;
• 1,097, OF 12.16.86;
• 1,134, OF 02.26.87;
• 1,135, OF 02.27.87;
• 1,278, OF 01.05.88;
• 1,362, OF 09.30.88;
• 1,457, OF 03.09.89;
• 1,495, OF 06.15.89;
• 1,506, OF 07.07.89;
• 1,511, OF 07.13.89;
• 1,520, OF 08.10.89;
• 1,521, OF 08.10.89;
• 1,567, OF 01.25.90;
• 1,786, OF 07.27.90;
• 1,850, OF 11.22.90;
• 1,927, OF 04.01.91;
• 2,086, OF 11.14.91;
• 2,112, OF 01.03.92;
• 2,126, OF 01.24.92;
• 2,239, OF 10.07.92;

III - THE CIRCULAR LETTERS NOS:

• 2,099, OF 07.10.90; AND
• 2,253, OF 01.29.92;

IV - THE ALINEMENT "D" OF ITEM XIX OF RESOLUTION NO. 1,339, OF 06.18.87, OF THE MONETARY NATIONAL COUNCIL;

V - FROM THE DEFUNCT NATIONAL HOUSING BANK:

• RESOLUTION NO. 64, OF 04.07.80;
• RESOLUTION NO. 69, OF 05.08.80;
• RESOLUTION NO. 159, OF 07.15.82;
• RESOLUTION NO. 171, OF 11.23.82.

BRASÍLIA (DF), APRIL 30, 1993

PAULO CESAR XIMENES ALVES FERREIRA
PRESIDENT

ANNEXED REGULATIONS TO RESOLUTION NO. 1,980, OF 04.30.93, WHICH GOVERN THE ALLOCATION OF RESOURCES CAPTURED BY ENTITIES INTEGRATING THE BRAZILIAN SAVINGS AND LOAN SYSTEM (SBPE) AND FINANCING OPERATIONS CARRIED OUT WITHIN THE SCOPE OF THE HOUSING FINANCIAL SYSTEM (SFH).

ON THE ENTITIES INTEGRATING THE SFH AND THE SBPE

ART. 1. THE HOUSING FINANCIAL SYSTEM (SFH) IS INTEGRATED, IN THE QUALITY OF FINANCIAL AGENTS, BY MULTIPLE BANKS WITH REAL ESTATE CREDIT PORTFOLIOS, SAVINGS BANKS, REAL ESTATE CREDIT COMPANIES, SAVINGS AND LOAN ASSOCIATIONS, HOUSING COMPANIES, HOUSING FOUNDATIONS, PENSION INSTITUTES, MORTGAGE COMPANIES, MORTGAGE PORTFOLIOS OF MILITARY CLUBS, STATE AND MUNICIPAL MONTEPIOS, AND PRIVATE PENSION ENTITIES AND FOUNDATIONS.

ART. 2. THE BRAZILIAN SAVINGS AND LOAN SYSTEM (SBPE) IS INTEGRATED BY MULTIPLE BANKS WITH REAL ESTATE CREDIT PORTFOLIOS, SAVINGS BANKS, REAL ESTATE CREDIT COMPANIES, AND SAVINGS AND LOAN ASSOCIATIONS.

ON THE STANDARD FINANCING UNIT

ART. 3. THE LIMITS OF OPERATIONS OF ENTITIES INTEGRATING THE SFH AND SBPE SHALL BE DEFINED IN STANDARD FINANCING UNITS (UPF), WHOSE MONETARY EXPRESSION, IN THE MONTH OF MAY 1993, IS CR$235,729.17 (TWO HUNDRED AND THIRTY-FIVE THOUSAND, SEVEN HUNDRED AND TWENTY-NINE CRUZEIROS AND SEVENTEEN CENTAVOS).

PARAGRAPH 1. THE CENTRAL BANK OF BRAZIL SHALL PUBLISH THE MONETARY EXPRESSION OF THE UPF, WHICH SHALL BE UPDATED BY THE BASIC REMUNERATION INDEX OF SAVINGS DEPOSITS.

PARAGRAPH 2. THE USE OF THE UPF AS A MONETARY CORRECTION REFERENCE IN A LEGAL TRANSACTION THAT IS NOT WITHIN THE SCOPE OF THE SFH IS PROHIBITED, EXCEPT WITH EXPRESS AUTHORIZATION FROM THE CENTRAL BANK OF BRAZIL.

ON OPERATIONS WITHIN THE SCOPE OF THE SFH

ART. 4. OPERATIONS WITHIN THE SCOPE OF THE SFH ARE CONSIDERED THOSE CARRIED OUT WITH OBSERVANCE OF THE FOLLOWING CONDITIONS:

I - UNIT VALUE OF FINANCING, INCLUDING PRINCIPAL AND ACCESSORY EXPENSES, NOT EXCEEDING:

A - 7,500 (SEVEN THOUSAND AND FIVE HUNDRED) UPF;

B - 90% (NINETY PERCENT) OF THE APPRAISED VALUE OF THE PROPERTY TO BE FINANCED OR ITS PURCHASE AND SALE PRICE, WHICHEVER IS LESS;

II - MAXIMUM LIMIT OF THE APPRAISED VALUE OF THE FINANCED PROPERTY OF 15,000 (FIFTEEN THOUSAND) UPF;

III - TERM FOR AMORTIZATION OF FINANCING TO FINAL BORROWERS ORIGINALLY AGREED AT A MAXIMUM OF 20 (TWENTY) YEARS;

IV - MAXIMUM EFFECTIVE REMUNERATION FOR THE FINAL BORROWER, INCLUDING INTEREST, COMMISSIONS, AND OTHER FINANCIAL CHARGES, EXCEPT THOSE REFERRED TO IN ARTS. 16 AND 18 OF THESE REGULATIONS, OF 12% (TWELVE PERCENT) PER YEAR;

V - MANDATORY INCLUSION IN THE SFH HOUSING INSURANCE POLICY.

PARAGRAPH 1. INDIVIDUAL FINANCING FOR THE CONSTRUCTION OF HOUSING ON A URBANIZED PLOT OF OWN LAND, FOR AN INDIVIDUAL OR CONDOMINIUM, MAY BE UP TO 100% (ONE HUNDRED PERCENT) OF THE DIRECT CONSTRUCTION COST, OBSERVING THE FINANCEABLE LIMIT AND PROVIDED THAT THE PROJECTED APPRAISED VALUE AT THE END OF THE DEVELOPMENT DOES NOT EXCEED THE MAXIMUM LIMIT ESTABLISHED FOR OPERATIONS COVERED BY THIS ARTICLE.

PARAGRAPH 2. IN THE CASE OF A PROPERTY THAT PRESENTS DAMAGES RESULTING FROM CONSTRUCTION FLAWS AND THAT HAD COVERAGE DENIED BY THE INSURER, COMPLEMENTARY FINANCING MAY BE GRANTED FOR ITS RECOVERY, PROVIDED THAT THE COMPLEMENT DOES NOT INCREASE THE LIABILITY OF THE SALARY VARIATION COMPENSATION FUND (FCVS), WHEN IT IS FINANCING WITH COVERAGE FROM THAT FUND.

ART. 5. FINANCING WITHIN THE SCOPE OF THE SFH SHALL OBSERVE THE FOLLOWING CONDITIONS:

I - SHALL BE CONTRACTED IN AN AMORTIZATION SYSTEM AND READJUSTMENT PLAN CHOSEN BY THE PARTIES;

II - SHALL HAVE CONTRACTUAL PROVISION THAT ANY OUTSTANDING BALANCE, AT THE END OF THE AGREED TERM, SHALL BE THE RESPONSIBILITY OF THE BORROWER, AND THE FINANCING TERM MAY BE EXTENDED FOR A PERIOD OF UP TO 50% (FIFTY PERCENT) OF THAT ORIGINALLY AGREED;

III - SHALL HAVE CONTRIBUTION TO THE HOUSING ASSISTANCE FUND (FUNDHAB);

IV - SHALL NOT HAVE COVERAGE FROM THE FCVS.

ON THE ALLOCATION OF RESOURCES

ART. 6. THE ALLOCATION OF RESOURCES CAPTURED IN SAVINGS DEPOSITS BY ENTITIES INTEGRATING THE SBPE, OBSERVING THE PROVISIONS OF ART. 9, SHALL BE AS FOLLOWS:

I - 70% (SEVENTY PERCENT), AT A MINIMUM, IN HOUSING FINANCING, BEING:

A - 80% (EIGHTY PERCENT), AT A MINIMUM, IN OPERATIONS WITHIN THE SCOPE OF THE SFH;

B - REMAINING RESOURCES, IN OPERATIONS AT MARKET RATES;

II - 15% (FIFTEEN PERCENT) OF MANDATORY RESERVES AT THE CENTRAL BANK OF BRAZIL;

III - 15% (FIFTEEN PERCENT), AT A MAXIMUM, IN FINANCIAL AVAILABILITY AND FREE RANGE OPERATIONS.

PARAGRAPH 1. INDIVIDUAL FINANCING FOR THE ACQUISITION OF NEW PROPERTIES OR FOR THE CONSTRUCTION OF HOUSING ON A URBANIZED PLOT OF OWN LAND, FOR AN INDIVIDUAL OR CONDOMINIUM, CONTRACTED FROM THE ENTRY INTO FORCE OF THESE REGULATIONS, SHALL REPRESENT, AT A MINIMUM, 25% (TWENTY-FIVE PERCENT) OF THE BALANCE OF OPERATIONS CLASSIFIED UNDER ITEM I OF THIS ARTICLE, CONTRACTED FROM THE DATE OF VIGOR OF THESE REGULATIONS.

PARAGRAPH 2. FINANCING FOR THE ACQUISITION OF USED PROPERTIES IS LIMITED TO AN AMOUNT EQUIVALENT TO 25% (TWENTY-FIVE PERCENT) OF THE RESOURCES THAT THE FINANCIAL AGENT MUST OBLIGATORILY ALLOCATE FOR APPLICATIONS WITHIN THE SCOPE OF THE SFH.

ON ADJUSTMENTS IN ALLOCATION

ART. 7. FOR THE PURPOSES OF CALCULATING HOUSING FINANCING LIMITS, THE FOLLOWING SHALL BE DEDUCTED FROM THE BALANCE OF EXISTING FINANCING:

I - THE BALANCE OF OPERATIONS CARRIED OUT WITH RESOURCES ORIGINATING FROM REASSIGNMENTS AND REFINANCING;

II - THE BALANCES OF MORTGAGE NOTES ISSUED, WHEN GUARANTEED BY HOUSING CREDITS.

ART. 8. FOR THE PURPOSES OF MEETING THE REQUIREMENT FOR HOUSING FINANCING REFERRED TO IN ITEM I OF ART. 6, THE FOLLOWING SHALL BE COMPUTED:

I - THE GROSS BALANCE OF HOUSING FINANCING, INCLUDING ITS INCOME TO BE INCORPORATED, NOT EXCLUDING THE RESPECTIVE CORRECTING ACCOUNT "INCOME TO BE APPROPRIATED FROM REAL ESTATE FINANCING";

II - HOUSING FINANCING TRANSFERRED TO CREDITS IN LIQUIDATION, IN THE FOLLOWING MANNER:

A - BY THE GROSS BALANCE, UNTIL THE END OF THE FIRST YEAR, AFTER THE TRANSFER HAS BEEN EFFECTED;

B - BY 50% (FIFTY PERCENT) OF THE NET BALANCE (GROSS BALANCE DEDUCTED FROM ITS INCOME TO BE APPROPRIATED), FROM THE BEGINNING OF THE SECOND YEAR;

III - THE BALANCES OF DEPOSITS IN THE FUND FOR SUPPORT OF HOUSING PRODUCTION FOR THE LOW-INCOME POPULATION (FAHBRE);

IV - THE BALANCES OF DEPOSITS IN THE STABILIZATION FUND (FESTA);

V - THE AMOUNT OF DISBURSEMENTS PROGRAMMED FOR THE NEXT 12 (TWELVE) MONTHS, REFERRED TO CONTRACTS SIGNED FOR THE CONSTRUCTION OF HOUSING UNITS, PROVIDED THAT THE FIRST INSTALLMENT HAS BEEN RELEASED AND THE RESOURCES ARE APPLIED IN FEDERAL PUBLIC BONDS, WHICH SHALL BE NON-TRANSFERABLE WHILE COMPUTED AS HOUSING FINANCING;

VI - CREDITS WITH THE SALARY VARIATION COMPENSATION FUND (FCVS);

VII - THE AMOUNT OF MORTGAGE NOTES PURCHASED, PROVIDED THAT GUARANTEED BY MORTGAGE CREDITS RESULTING FROM OPERATIONS CARRIED OUT WITHIN THE SCOPE OF THE SFH, LIMITED TO 10% (TEN PERCENT) OF THE VALUE DETERMINED IN THE MANNER OF ART. 9 OF THESE REGULATIONS;

VIII - THE AMOUNT OF MORTGAGE NOTES RECEIVED AS PAYMENT FOR CREDITS WITH THE FCVS;

IX - THE VALUE OF MORTGAGE DEEDS PURCHASED AND RESULTING FROM OPERATIONS CARRIED OUT WITHIN THE SCOPE OF THE SFH;

X - THE VALUE OF DISCOUNTS ABSORBED BY FINANCIAL INSTITUTIONS AS A RESULT OF THE PROVISIONS OF ARTS. 3 AND 5 OF LAW NO. 8,004, OF 03.14.90, ADJUSTED IN EACH POSITION BY THE BASIC REMUNERATION INDICES OF SAVINGS DEPOSITS, IN THE FOLLOWING MANNER:

A - BY ITS TOTALITY, FOR A TERM OF 1 (ONE) YEAR COUNTED FROM THE RESPECTIVE ABSORPTION;

B - BY 50% (FIFTY PERCENT) OF ITS AMOUNT, FOR A TERM OF 1 (ONE) YEAR COUNTED FROM THE END OF THE TERM REFERRED TO IN THE PREVIOUS ALINEMENT.

PARAGRAPH 1. MORTGAGE NOTES, MORTGAGE DEEDS, FEDERAL BONDS, AND CREDITS ACQUIRED FROM THIRD PARTIES SHALL BE COMPUTED BY THE ARITHMETIC MEAN OF THE DAILY BALANCES MAINTAINED IN PORTFOLIO IN THE MONTH REPORTED, UPDATED.

PARAGRAPH 2. INSTITUTIONS INTEGRATING THE SBPE IN THE BEGINNING OF ACTIVITIES, UNTIL THE FIRST 6 (SIX) MONTHS OF SAVINGS DEPOSIT CAPTURE ARE COMPLETED, MAY FILL THE HOUSING FINANCING REQUIREMENT WITH MORTGAGE NOTES GUARANTEED BY MORTGAGE CREDITS RESULTING FROM OPERATIONS CARRIED OUT WITHIN THE SCOPE OF THE SFH.

ON THE CALCULATION BASE

ART. 9. THE ALLOCATION OF RESOURCES FOR HOUSING FINANCING, FINANCIAL AVAILABILITY, AND FREE RANGE OPERATIONS PROVIDED FOR IN ARTICLE 6, SHALL HAVE AS ITS BASE THE LOWER OF THE FOLLOWING VALUES:

I - THE ARITHMETIC MEAN OF THE DAILY BALANCES OF SAVINGS DEPOSITS OF THE MONTH UNDER REFERENCE, UPDATED UNTIL THE LAST DAY OF THE MONTH BASED ON THE BASIC REMUNERATION INDICES OF SAVINGS DEPOSITS;

II - THE ARITHMETIC MEAN OF THE DAILY BALANCES OF SAVINGS DEPOSITS IN THE 3 (THREE) MONTHS PRECEDING THE MONTH UNDER REFERENCE, UPDATED UNTIL THE LAST DAY OF THE MONTH UNDER REFERENCE, BASED ON THE BASIC REMUNERATION INDICES OF SAVINGS DEPOSITS.

SINGLE PARAGRAPH. FOR INSTITUTIONS INTEGRATING THE SBPE IN THE BEGINNING OF ACTIVITIES, WHILE 6 (SIX) MONTHS OF SAVINGS DEPOSIT CAPTURE ARE NOT COMPLETED, THE CALCULATION BASE SHALL BE DETERMINED BY DIVIDING THE SUM OF THE UPDATED DAILY BALANCES, ADJUSTED IN THE MANNER OF THE "CAPUT" OF THIS ARTICLE, BY THE NUMBER OF DAYS CONSIDERED IN EACH POSITION.

ART. 10. THE CREDITS OF SBPE AGENTS WITH THE DEPOSIT GUARANTEE AND REAL ESTATE NOTES FUND (FGDLI) RESULTING FROM THE ABSORPTION OF SAVINGS ACCOUNTS SHALL BE DEDUCTED FROM THE BALANCES OF CAPTURED RESOURCES, FOR THE PURPOSE OF CALCULATING MANDATORY RESERVES AND THE LIMITS COVERED BY THESE REGULATIONS.

ON THE CONDITIONS OF OPERATIONS WITHIN THE SCOPE OF THE SFH

ON GENERAL PROVISIONS

ART. 11. THE LEVEL OF FAMILY INCOME COMMITMENT OF PURCHASERS IN OPERATIONS WITHIN THE SCOPE OF THE SFH AND THE CONDITIONS FOR ITS PROOF SHALL BE FIXED BY THE FINANCIAL AGENT.

ART. 12. ONLY FINANCING WITHIN THE SCOPE OF THE SFH MAY BE GRANTED TO APPLICANTS WHO:

I - DO NOT HOLD, ANYWHERE IN THE COUNTRY, ANOTHER FINANCING UNDER THE CONDITIONS ESTABLISHED FOR THE REFERRED SYSTEM;

II - ARE NOT OWNERS OR PROMISEE BUYERS OF A RESIDENTIAL PROPERTY IN THE CURRENT LOCAL OF DOMICILE NOR WHERE THEY INTEND TO FIX IT.

PARAGRAPH 1. THE PROVISIONS OF THIS ARTICLE DO NOT APPLY TO CASES WHERE THE FINANCING APPLICANT IS THE OWNER ONLY OF AN IDEAL FRACTION, EQUAL TO OR LESS THAN 40% (FORTY PERCENT) OF A SINGLE PROPERTY, IN THE CURRENT LOCAL OF DOMICILE OR WHERE THEY INTEND TO FIX IT.

PARAGRAPH 2. IN THE CASE OF JUDICIAL SEPARATION, FINANCING MAY BE GRANTED TO THE SPOUSE, WHO, EVEN IN THE QUALITY OF PROPERTY OWNER, LOSES THE RIGHT TO RESIDE IN THE SAME AND DOES NOT POSSESS ANOTHER PROPERTY UNDER THE CONDITIONS MENTIONED IN THIS ARTICLE.

ART. 13. THE PROVISIONS OF THE PREVIOUS ARTICLE DO NOT APPLY IF IT APPEARS, IN THE CONTRACT REFERRED TO THE NEW ACQUISITION, IN A PENAL CHARACTER, THE PROVISION THAT THE NON-ALIENATION OF THE PREVIOUS RESIDENTIAL PROPERTY AND/OR THE NON-TRANSFER OF EXISTING FINANCING, IN THE MAXIMUM IRREVOCABLE TERM OF 180 (ONE HUNDRED AND EIGHTY) DAYS, SHALL IMPLY THE BREACH OF THE CONTRACT, WITH THE CONSEQUENT EARLY MATURITY OF THE DEBT.

SINGLE PARAGRAPH. ALTERNATIVELY TO THE PROVISIONS OF THE "CAPUT" OF THIS ARTICLE, THE FINANCING MAY BE REPACTED WITH THE BORROWER, PROVIDED THAT THE CONDITIONS ESTABLISHED IN THESE REGULATIONS FOR OPERATIONS CARRIED OUT AT MARKET RATES ARE OBSERVED.

ART. 14. THE USE OF THE FUND FOR PAYMENT OF INSTALLMENTS IN THE CASE OF LOSS OF INCOME DUE TO TEMPORARY UNEMPLOYMENT AND INVALIDITY (FIEL), IN THE CASE OF BORROWER UNEMPLOYMENT, SHALL ONLY BE FACILITATED FOR DISMISSALS WITHOUT JUST CAUSE.

ART. 15. THE PERCENTAGE OF REAL SALARY GAIN APPLICABLE ON BASE DATES FOR THE READJUSTMENT OF MONTHLY INSTALLMENTS OF HOUSING FINANCING LINKED TO THE PES/CP SHALL BE 3% (THREE PERCENT).

OTHER COMPONENTS OF THE MONTHLY PAYMENTS

ART. 16. THE SALARY EQUIVALENCE COEFFICIENT (CES) USED FOR THE PURPOSES OF CALCULATING THE MONTHLY INSTALLMENT OF FINANCING LINKED TO THE PES SHALL BE 1.15 (ONE WHOLE AND FIFTEEN HUNDREDTHS), WHICH SHALL APPLY, INCLUSIVE, TO THE MONTHLY PREMIUM OF THE INSURANCES PROVIDED FOR IN THE HOUSING INSURANCE POLICY.

SINGLE PARAGRAPH. IN THE CASE OF FINANCING NOT LINKED TO THE PES, THE CES SHALL BE DEFINED CONTRACTUALLY.

ART. 17. THE CONTRIBUTION TO THE FCVS SHALL BE DUE:

I - MONTHLY, BY BORROWERS WHOSE CONTRACTS WERE SIGNED BASED ON THE PES/CP AND CONTAIN FCVS COVERAGE, AT THE RATE OF 3% (THREE PERCENT) OF THE VALUE OF THE AMORTIZATION AND INTEREST INSTALLMENT, INCREASED BY THE CES;

II - QUARTERLY, BY SFH FINANCIAL AGENTS, AT THE RATE OF 0.025% (TWENTY-FIVE THOUSANDTHS OF A PERCENT) OF THE VALUE OF THE BALANCE OF FINANCING GRANTED TO BORROWERS WITHIN THE SCOPE OF THE SFH WITH FCVS COVERAGE.

ART. 18. THE CONTRIBUTION TO FUNDHAB AND THE COSTS OF INSURANCES, AS WELL AS THE APPLICATION OF THE CES, ARE NOT INCLUDED IN THE MAXIMUM EFFECTIVE REMUNERATIONS REFERRED TO IN ARTS. 4, ITEM IV, AND 40.

ON OUTSTANDING BALANCES

ART. 19. THE OUTSTANDING BALANCES OF FINANCING, LOAN, REFINANCING, AND REASSIGNMENT CONTRACTS GRANTED BY AN ENTITY INTEGRATING THE SFH SHALL BE ADJUSTED BY THE BASIC REMUNERATION OF SAVINGS DEPOSITS, EFFECTED ON THE SAME DATE AND WITH THE PERIODICITY CONTRACTUALLY ESTABLISHED FOR THE PAYMENT OF INSTALLMENTS, APPLYING THE "PRO RATA DIE" CRITERION FOR EVENTS THAT DO NOT COINCIDE WITH THAT DATE.

ART. 20. THE AMORTIZATION RESULTING FROM THE PAYMENT OF INSTALLMENTS MUST BE SUBTRACTED FROM THE OUTSTANDING BALANCE OF THE FINANCING AFTER ITS MONETARY UPDATE, EVEN IF THE TWO EVENTS OCCUR ON THE SAME DATE.

ON CONTRACTS LINKED TO THE PES/CP

ART. 21. THE READJUSTMENT OF INSTALLMENTS OF HOUSING FINANCING CONTRACTS LINKED TO THE PES/CP SHALL BE BASED ON:

I - IN THE FULL MODALITY, AS AN ADVANCE OF THE READJUSTMENT TO BE GIVEN DUE TO THE BASE DATE, THE PERCENTAGE OF INCREASES RESULTING FROM THE CURRENT SALARY LAW;

II - IN THE FULL AND PARTIAL MODALITIES, DUE TO THE BASE DATE, THE ACCUMULATED VARIATION OF THE INDEX RESULTING FROM THE APPLICATION OF THE CURRENT SALARY LAW, INCREASED BY THE REAL SALARY GAIN COEFFICIENT, DEDUCTING THE READJUSTMENTS APPLIED AS AN ADVANCE, WHEN APPLICABLE.

ART. 22. THE BORROWER WITH A CONTRACT LINKED TO THE PES/CP IS ASSURED THE RIGHT TO OBTAIN READJUSTMENT OF MONTHLY INSTALLMENTS IN CONSONANCE WITH THE ACTUAL SALARY INCREASE OF THEIR PROFESSIONAL CATEGORY, PROVIDED THAT THE DUE PROOF IS MADE BEFORE THE FINANCIAL AGENT.

ART. 23. CONTRACTS LINKED TO THE PES/CP OF BORROWERS BELONGING TO PROFESSIONAL CATEGORIES WITHOUT A DETERMINED BASE DATE OR WHO EXERCISE ACTIVITY WITHOUT EMPLOYMENT LINK SHALL HAVE THE MONTH OF MARCH AS THE BASE DATE.

ART. 24. CONTRACTS OF RETIRED OR PENSIONER BORROWERS WHO RECEIVE SALARY COMPLEMENTATION FROM A CLOSED PRIVATE PENSION ENTITY SHALL REMAIN IN THE PROFESSIONAL CATEGORY TO WHICH THEY WERE LINKED WHEN IN ACTIVITY.

ON OVERDUE INSTALLMENTS

ART. 25. THE CONDITIONS FOR NEGOTIATING THE PAYMENT OF OVERDUE INSTALLMENTS SHALL BE ESTABLISHED BY THE CREDITORS, OBSERVED THAT THE SAME SHALL NOT REPRESENT ANY INCREASE IN THE BALANCE OF RESPONSIBILITY OF THE FCVS.

ART. 26. INSTALLMENTS OF ALL FINANCING WITHIN THE SCOPE OF THE SFH PAID LATE SHALL BE ADJUSTED "PRO RATA DIE" BASED ON THE BASIC REMUNERATION INDEX OF SAVINGS DEPOSITS, INCREASED BY CONTRACTUAL INTEREST, FROM THE DATE OF MATURITY UNTIL THE DATE OF EFFECTIVE PAYMENT.

SINGLE PARAGRAPH. IN ADDITION TO THE ADJUSTMENT REFERRED TO IN THIS ARTICLE, LATE INTEREST OF 1% (ONE PERCENT) PER MONTH MAY BE CHARGED, IF NOT CONTRACTUALLY PROVIDED FOR.

ON THE TRANSFER OF FINANCING

ART. 27. OBSERVING THE PROVISIONS OF LAW NO. 8,004, OF 03.14.90, IN THE TRANSFER OF PROPERTIES FINANCED WITHIN THE SCOPE OF THE SFH, THE FINANCIAL AGENT SHALL TRANSFER THE OUTSTANDING BALANCE TO THE PURCHASER, GRANTING FINANCING UNDER THE CONDITIONS CURRENT FOR OPERATIONS OF THE SPECIES, THROUGH THE CONTRACTING OF A NEW OPERATION.

SINGLE PARAGRAPH. THE TRANSFER OF A FINANCED PROPERTY BASED ON ART. 2 OF LAW NO. 8,004, OF 03.14.90, REQUIRES THE SIGNING OF A NEW CONTRACT BY THE FINANCIAL AGENT WITH THE PURCHASER AND, IF TRANSFERRED AGAIN, SHALL BE SUBJECT TO THE PROVISIONS OF THE CAPUT OF THIS ARTICLE.

ART. 28. HOUSING PROPERTIES FINANCED UNDER THE SFH RECEIVED IN PAYMENT IN KIND, ADJUDICATED OR STRUCK BY THE FINANCIAL AGENT, WHEN ALIENATED, MAY BE SUBJECT TO FULL FINANCING FOR THE NEW BORROWER, OBSERVING THE OTHER CONDITIONS OF THE REFERRED SYSTEM, RECEIVING TREATMENT IDENTICAL TO THE CASES OF TRANSFER MENTIONED IN THE PREVIOUS ARTICLE.

ART. 29. IN THE OPERATIONS COVERED BY ARTICLES 27 AND 28, INSTITUTIONS ARE EXEMPT FROM OBSERVING THE FOLLOWING REQUIREMENTS:

I - MAXIMUM FINANCING LIMIT, PROVIDED THERE IS NO ADDITIONAL DISBURSEMENT OF RESOURCES;

II - MAXIMUM LIMIT OF SALE PRICE OR APPRAISED VALUE OF THE FINANCED PROPERTY;

III - CONTRIBUTION TO FUNDHAB, FOR OPERATIONS WITH OR WITHOUT DISBURSEMENT OF RESOURCES, CLASSIFIED UNDER LAW NO. 8,004, OF 03/14/90, AND FOR OTHER TRANSFERS WHERE THERE IS NO ADDITIONAL DISBURSEMENT OF RESOURCES;

IV - EXISTENCE OF A SINGLE FINANCING WITHIN THE SFH, PROVIDED THAT THE PROPERTY(IES) ALREADY OWNED IS(ARE) LOCATED IN DIFFERENT LOCALITIES AND THAT THE ORIGINAL CONTRACT CONTAINS FCVS COVERAGE.

ART. 30. IN THE TRANSFER OF AN IDEAL SHARE OF THE PROPERTY TO THE OTHER CO-OWNERS, THE FINANCIAL AGENT SHALL CHARGE ONLY THE EXPENSE INCIDENTAL TO THE FORMALIZATION OF THE RESPECTIVE CONTRACT AND ITS REGISTRATION, MAINTAINING THE SAME CONTRACTUAL CONDITIONS.

ON THE RELEASE OF RESOURCES

ART. 31. THE RELEASE OF RESOURCES RELATING TO FINANCING GRANTED MAY ONLY BE EFFECTUATED AFTER THE FORMALIZATION OF GUARANTEES.

ART. 32. IN FINANCING OPERATIONS WHERE THE TRANSACTED UNIT IS ALREADY MORTGAGED TO THE FINANCIAL AGENT ITSELF, THE RELEASE OF RESOURCES SHALL FOLLOW THE FOLLOWING ORDER OF PRIORITY:

I - LIQUIDATION OF DEBT RELATING TO THE PROPERTY OBJECT OF THE OPERATION;

II - PAYMENT OF OVERDUE DEBTS OF THE SELLER'S RESPONSIBILITY WITH THE FINANCIAL AGENT;

III - LIQUIDATION OR AMORTIZATION OF NON-OVERDUE DEBT OF THE SELLER'S RESPONSIBILITY WITH THE FINANCIAL AGENT OR RELEASE OF RESOURCES IN FAVOR OF THE SELLER, AT THE SELLER'S OPTION.

ART. 33. THE FOLLOWING SHALL BE UPDATED BASED ON THE BASIC REMUNERATION INDICES OF SAVINGS DEPOSITS:

I - RESOURCES DUE TO THE SELLER OF THE PROPERTY, FROM THE DATE OF SIGNING THE FINANCING CONTRACT UNTIL THE DATE OF ITS ACTUAL RELEASE, INCREASED BY THE INTEREST CONTRACTUALLY ESTABLISHED FOR THE BORROWER;

II - INSTALLMENTS FOR CONSTRUCTION ON OWN LOT AND FOR THE BUSINESS PLAN, FROM THE DATE OF SIGNING THE CONTRACT UNTIL THE DATE OF ACTUAL RELEASE OF EACH INSTALLMENT.

ART. 34. IN CASES WHERE PART OF THE VALUE DUE TO THE SELLER ORIGINATES FROM THE EMPLOYMENT SECURITY FUND (FGTS), THE FINANCIAL AGENT SHALL CREDIT THE AMOUNT ON THE DATE IT RECEIVES THE RESOURCES FROM THE MANAGER OF SAID FUND, WITH REMUNERATION APPLYING FROM THAT DATE, USING THE CRITERION ESTABLISHED IN THE PREVIOUS ARTICLE, OBSERVING THE PROVISIONS OF ART. 31.

ON FINANCING FOR THE ACQUISITION OF NEW PROPERTIES

ART. 35. FINANCING FOR THE ACQUISITION OF NEW PROPERTY REFERRED TO PARAGRAPH 1 OF ART. 6 OF THIS REGULATION SHALL BE MADE THROUGH THE GRANTING OF CREDIT TO THE APPLICANT, WHO SHALL HAVE THE CHOICE OF THE PROPERTY TO BE ACQUIRED.

SOLE PARAGRAPH. CREDIT FOR THE ACQUISITION OF NEW PROPERTY CANNOT BE USED IN A HOUSING UNIT OF AN DEVELOPMENT WHOSE PRODUCTION WAS FINANCED WITH SBPE RESOURCES AND WHERE A DEBT BALANCE LINKED TO THE DEVELOPMENT STILL EXISTS.

ON FINANCING FOR CONSTRUCTION ON OWN LOT

ART. 36. FINANCING FOR CONSTRUCTION ON OWN LOT, FOR INDIVIDUALS OR CONDOMINIUMS, SHALL HAVE A MAXIMUM GRACE PERIOD OF 30 (THIRTY) MONTHS, ALLOWING A SINGLE EXTENSION OF UP TO 6 (SIX) MONTHS.

ART. 37. THE INTEREST RATE IN THE OPERATION FOR CONSTRUCTION ON OWN LOT APPLIED DURING THE GRACE PERIOD SHALL BE THE SAME DEFINED FOR THE AMORTIZATION PERIOD OF THE FINANCING.

ART. 38. THE GUARANTEE FOR FINANCING FOR CONSTRUCTION ON OWN LOT SHALL BE THE FIRST-PRIORITY MORTGAGE ON THE LAND WHERE CONSTRUCTION WILL TAKE PLACE AND ALL IMPROVEMENTS EXISTING THEREON, ALLOWING THE REQUIREMENT OF ADDITIONAL GUARANTEES.

ART. 39. FINANCING FOR THE CONSTRUCTION OF CONDOMINIUMS MAY ONLY BE EFFECTUATED ON LAND OWNED BY THE FUTURE CONDOMINIUM MEMBERS, DULY REGULATED AND REGISTERED AT THE REAL ESTATE REGISTRY OFFICE.

SOLE PARAGRAPH. IN THE CONDOMINIUM REFERRED TO IN THIS ARTICLE, THE PARTICIPATION OF A BUSINESSMAN AS INCORPORATOR IS PROHIBITED.

ON THE BUSINESS PLAN

ART. 40. FINANCING TO BUILDERS FOR PROPERTY PRODUCTION SHALL HAVE A MAXIMUM EFFECTIVE REMUNERATION OF 13% P.A. (THIRTEEN PERCENT PER YEAR) IF THE PROPERTY UNDER CONSTRUCTION OR TO BE CONSTRUCTED IS COMPOSED OF HOUSING UNITS WHOSE PRICES FOR SALE TO THE FINAL BUYER OR BORROWER ARE LIMITED TO THE MAXIMUM APPRAISED VALUE ESTABLISHED FOR OPERATIONS WITHIN THE SFH.

ART. 41. IN OPERATIONS WITH CIVIL CONSTRUCTION BUSINESMEN, FINANCING OF UP TO 100% (ONE HUNDRED PERCENT) OF DIRECT CONSTRUCTION COST IS ADMITTED, PROVIDED THAT THE APPRAISED VALUE PER HOUSING UNIT IS EQUAL TO OR LOWER THAN THE MAXIMUM FINANCEABLE VALUE WITHIN THE SFH.

ART. 42. THE MAXIMUM GRACE PERIOD FOR PRODUCTION AND COMMERCIALIZATION SHALL BE 30 (THIRTY) MONTHS, ALLOWING A SINGLE EXTENSION OF UP TO 6 (SIX) MONTHS.

SOLE PARAGRAPH. FROM THE MATURITY OF THE GRACE PERIOD AND ANY RESPECTIVE EXTENSION GRANTED, THE REMAINING BALANCE OF THE OPERATION SHALL BE COMPUTED AS AN OPERATION PACTED AT MARKET RATE.

ART. 43. THE GUARANTEE FOR FINANCING TO THE BUILDER SHALL BE THE FIRST-PRIORITY MORTGAGE ON THE LAND WHERE THE DEVELOPMENT WILL TAKE PLACE AND ALL IMPROVEMENTS THAT WILL BE MADE THEREON, ALLOWING THE REQUIREMENT OF ADDITIONAL GUARANTEES.

ART. 44. IN THE FINANCING CONTRACT FOR CONSTRUCTION, THE PORTION OF THE OPERATION WHOSE COMMERCIALIZATION WILL BE GUARANTEED BY THE FINANCIAL AGENT MUST BE ESTABLISHED.

ON PROMOTING AGENTS

ART. 45. IN CASES OF FINANCING CARRIED OUT WITH THE PARTICIPATION OF PROMOTING AGENTS WITHOUT PROFIT PURPOSE, FINANCING TO THE FINAL BORROWER OF A VALUE EQUIVALENT TO UP TO 90% (NINETY PERCENT) OF THE HOUSING INVESTMENT IS ADMITTED.

ON FINANCING AT MARKET RATES

ART. 46. HOUSING FINANCING CONTRACTED WITH SAVINGS DEPOSIT RESOURCES NOT CLASSIFIED AS OPERATIONS CARRIED OUT WITHIN THE SFH SHALL HAVE:

I - FINANCIAL CHARGES AGREED BETWEEN THE PARTIES;

II - CONTRIBUTION TO FUNDHAB.

SOLE PARAGRAPH. THE FINANCING COVERED BY THIS ARTICLE SHALL BE DESTINED TO:

A - ACQUISITION, CONSTRUCTION, REFORM OR EXPANSION OF HOUSING PROPERTIES, ALLOWING THE GUARANTEE OF ANOTHER PROPERTY OF THE BORROWER ITSELF;

B - ACQUISITION, LINKED TO HOUSING DEVELOPMENTS, OF COMMUNITY EQUIPMENT DESTINED TO URBAN INFRASTRUCTURE;

C - PRODUCTION OF RESIDENTIAL UNITS FOR COMMERCIALIZATION;

D - PRODUCTION OF RESIDENTIAL UNITS FOR RENTAL;

E - PRODUCTION OF RESIDENTIAL UNITS FOR COMPANIES, WITH OR WITHOUT FUTURE PURCHASE OPTION BY THE RESPECTIVE EMPLOYEES.

ON FREE-RANGE OPERATIONS

ART. 47. FREE-RANGE OPERATIONS FOR THE PURPOSES OF THE DIRECTION DETERMINED IN ITEM III OF ART. 6 ARE CONSIDERED:

I - FINANCING OF COMMERCIAL PROPERTIES;

II - FINANCING FOR THE REFORM OR EXPANSION OF HOUSING PROPERTIES;

III - FINANCING FOR THE ACQUISITION OF CONSTRUCTION MATERIAL;

IV - WORKING CAPITAL FINANCING TO COMPANIES PRODUCING AND DISTRIBUTING CONSTRUCTION MATERIALS, VIA CREDIT OPENING CONTRACTS;

V - WORKING CAPITAL FINANCING TO INCORPORATING COMPANIES, VIA CREDIT OPENING CONTRACTS GUARANTEED BY CAUTION OF PROMISSORY NOTES ISSUED BY THIRD PARTIES IN FAVOR OF THE FINANCED ENTITY, LINKED TO A COMPLETED, INDIVIDUALIZED, DELIVERED PROPERTY TO THE PURCHASERS AND WITH LIQUIDATED MORTGAGE DEBT;

VI - ACQUISITION OF FEDERAL, STATE, AND MUNICIPAL PUBLIC DEBT SECURITIES, AND SECURITIES ISSUED BY THE CENTRAL BANK OF BRAZIL;

VII - ACQUISITION OF CREDIT RIGHTS FROM OTHER FINANCIAL INSTITUTIONS AND LEASING COMPANIES, EXCEPT CREDITS RELATED TO OPERATIONS WITH NATURAL PERSONS;

VIII - LEASEBACK OF IMMOVABLE GOODS, CONCLUDED WITH THE SELLER OF THE GOOD ITSELF, OBSERVING THE PROVISIONS FOR OPERATIONS OF THIS SPECIES;

IX - REALIZATION OF INTERFINANCIAL DEPOSITS;

X - LOANS GUARANTEED BY MORTGAGE OF PROPERTIES; AND

XI - ACQUISITION OF MORTGAGE LETTERS ISSUED BY OTHER FINANCIAL AGENTS.

SOLE PARAGRAPH. HOUSING FINANCING NOT CHARACTERIZED AS OPERATIONS WITHIN THE SFH AND WHICH EXCEED THE LIMITS FIXED IN ARTICLE 6 MAY INTEGRATE FREE-RANGE OPERATIONS, PROVIDED THAT THE CONDITIONS ESTABLISHED FOR MARKET RATE FINANCING ARE OBSERVED.

ART. 48. IN FINANCING OPERATIONS CLASSIFIED IN THE FREE RANGE, THE BASIC REMUNERATION INDEX OF SAVINGS DEPOSITS MAY BE USED.

ON THE CONDITIONS OF FINANCING

ON REQUIRED GUARANTEES

ART. 49. HOUSING FINANCING WITHIN THE SFH COVERED BY THIS REGULATION SHALL HAVE AS GUARANTEE, OBLIGATORILY, THE FIRST-PRIORITY MORTGAGE ON THE PROPERTY OBJECT OF THE OPERATION.

ART. 50. FINANCIAL AGENTS MUST KEEP THE CLAUSES OF HOUSING FINANCING CONTRACTS PERMANENTLY ADAPTED TO CURRENT NORMS, EXCLUDING THOSE CLAUSES NOT APPLICABLE TO THE CONTRACT.

ON MANDATORY RESERVES

ART. 51. THE REQUIREMENTS FOR COLLECTION OF MANDATORY RESERVES ON SAVINGS DEPOSITS, COVERED BY ART. 6, ITEM II, SHALL OBSERVE THE PROVISIONS OF SPECIFIC NORMATIVE ON THE SUBJECT.

ON UNAPPLIED RESOURCES

ART. 52. RESOURCES NOT APPLIED IN THE MANNER PROVIDED IN ART. 6 OF THIS REGULATION SHALL BE COLLECTED BY THE CENTRAL BANK, IN CURRENT CURRENCY, ON THE 15TH (FIFTEENTH) DAY OF THE SUBSEQUENT MONTH TO THE POSITION ASSURED OR ON THE NEXT BUSINESS DAY IMMEDIATELY POSTERIOR, IF THE 15TH (FIFTEENTH) IS A NON-BUSINESS DAY, ESTABLISHING THAT:

I - RESOURCES SHALL BE REMUNERATED MONTHLY BY 80% (EIGHTY PERCENT) OF THE BASIC REMUNERATION INDEX OF SAVINGS DEPOSITS;

II - UNTIL THE NEXT BUSINESS DAY IMMEDIATELY PRIOR TO THE DATE FIXED FOR COLLECTION, SBPE AGENTS SHALL INFORM THE CENTRAL BANK OF BRAZIL, VIA PPED500 TRANSACTION OF THE CENTRAL BANK INFORMATION SYSTEM (SISBACEN), THE AMOUNT TO BE COLLECTED.

PARAGRAPH 1. IN THE EVENT OF NON-COMPLIANCE WITH ITEM II, THE FINANCIAL INSTITUTION SHALL BE SUBJECT TO THE PAYMENT OF A FINE IDENTICAL TO THAT DETERMINED FOR INCLUSION/ALTERATION OF INFORMATION REGARDING MANDATORY RESERVES.

PARAGRAPH 2. IN THE EVENT OF INSUFFICIENCY IN COLLECTION BEING ASSESSED, THE FINANCIAL INSTITUTION SHALL INCUR IN THE PAYMENT OF FINANCIAL COSTS IDENTICAL TO THOSE DETERMINED FOR DEFICIENCIES REFERRED TO MANDATORY RESERVES.

PARAGRAPH 3. THE COLLECTION/RELEASE OF RESOURCES AND THE CHARGING OF FINES/COSTS DUE SHALL BE PROCESSED VIA THE "BANKING RESERVES" ACCOUNT OF THE HOLDER/CONVENTIONEE.

PARAGRAPH 4. FINANCIAL INSTITUTIONS THAT CANNOT BE HOLDERS OF THE "BANKING RESERVES" ACCOUNT MUST ENTER INTO AN AGREEMENT WITH MULTIPLE BANK WITH COMMERCIAL PORTFOLIO, COMMERCIAL BANK, OR SAVINGS BANK FOR THE PURPOSE OF MOVEMENT COVERED IN THE PREVIOUS PARAGRAPH.

PARAGRAPH 5. THE AGREEMENT FORESEEN IN THE PREVIOUS PARAGRAPH DOES NOT IMPLY ANY RESPONSIBILITY ON THE PART OF THE FINANCIAL INSTITUTION HOLDING THE "BANKING RESERVES" ACCOUNT TOWARDS THE CENTRAL BANK, EXCEPT IN THE EVENT THAT ENTRIES PASSED BY IT ARE NOT CHALLENGED UNTIL THE FIRST BUSINESS DAY SUBSEQUENT TO THE EVENT.

PARAGRAPH 6. RESOURCES COLLECTED BY INSTITUTIONS BEGINNING ACTIVITIES, DURING THE FIRST 6 (SIX) MONTHS OF CAPTURE, SHALL BE REMUNERATED BY THE SAME UPDATE INDICES OF FREE SAVINGS DEPOSITS, INCREASED BY INTEREST OF 7.06% (SEVEN WHOLE AND SIX HUNDREDTHS PERCENT) PER YEAR.

PARAGRAPH 7. THE PROVISION IN THE PREVIOUS PARAGRAPH DOES NOT APPLY TO INSTITUTIONS CONSTITUTED THROUGH THE PROCESS OF INCORPORATION, SPIN-OFF OR MERGER OF INSTITUTIONS AUTHORIZED TO CAPTURE SAVINGS DEPOSITS.

ON STATEMENTS

ART. 53. THE CENTRAL BANK SHALL INSTITUTIONALIZE MANDATORY REMITTANCE STATEMENTS BY FINANCIAL INSTITUTIONS, TO MONITOR THE OPERATIONS COVERED BY THIS REGULATION.

ON GENERAL AND TRANSITORY PROVISIONS

ART. 54. IN OPERATIONS NOT CLASSIFIED WITHIN THE SFH, SBPE ENTITIES MAY CHARGE THE CHARGES PROVIDED IN RESOLUTION NO. 1,129, OF 05/15/86.

ART. 55. THE AMOUNT OF REAL ESTATE FINANCING OPERATIONS USED IN THE COLLATERALIZATION OF SPECIAL REMUNERATED DEPOSITS, COVERED BY CIRCULAR NO. 2,001, OF 08/06/91, MUST BE DEDUCTED FROM THE TOTAL OF REAL ESTATE FINANCING UTILIZED FOR SATISFYING THE APPLICATION REQUIREMENTS OF RESOURCES CAPTURED IN SAVINGS DEPOSITS.

ART. 56. FINANCIAL AGENTS MAY CONCLUDE NEGOTIATIONS THAT WERE BEING DEVELOPED BASED ON THE PREVIOUSLY VALID REGULATION, INCLUDING FCVS COVERAGE, PROVIDED THAT ONE OF THE FOLLOWING SCENARIOS IS VERIFIED ON THE DATE OF PUBLICATION OF THIS REGULATION:

I - FINANCING PROPOSAL FORMALIZED WITH THE FINANCIAL AGENT;

II - PROMISE OF PURCHASE AND SALE OF HOUSING UNITS CONCLUDED BY CONSTRUCTION BUSINESMEN, LINKED TO LOAN CARRIED OUT BY AN SFH INSTITUTION, WHERE BUYERS ARE ASSURED THE OBTAINING OF FINANCING FOR INSTALLMENTS OF THE RESPECTIVE ACQUISITION COST;

III - FINANCING CONTRACTS FOR PRODUCTION DULY CONCLUDED.

ART. 57. THE MEETING OF THE RESOURCE DIRECTION REQUIREMENT ESTABLISHED IN ART. 6 SHALL BE DEFINED BY THE CENTRAL BANK OF BRAZIL.

ART. 58. THE CONSTITUTION AND OPERATION OF HOUSING COOPERATIVES IN THE SFH DO NOT DEPEND ON AUTHORIZATION FROM THE CENTRAL BANK OF BRAZIL OR ANY GOVERNMENT BODY.

SOLE PARAGRAPH. THE ACTIVITY OF HOUSING COOPERATIVES IS RESTRICTED TO TYPICAL ACTIVITIES OF A BUSINESSMAN, IN THE CONDITION OF BORROWERS.

NOTE: RETRANSMITTED DUE TO ALTERATION IN ART. 46 OF THE REGULATION