RegAlert1994-11-30 | Resolução CMN 2122Added
Resolution CMN No. 2122 — Approves the constitution, organization and operation of mortgage companies
It authorizes the creation of mortgage companies as corporations, subject to Central Bank authorization, and sets a minimum paid‑in capital and net equity of R$3 million, with a 60% limit on permanent‑asset holdings relative to net equity. The resolution defines permissible activities such as granting real‑estate financing, buying and refinancing mortgage credits, administering mortgage funds, issuing mortgage letters and debentures, and obtaining loans, while prohibiting transformation into a multiple bank and exempting them from the Housing Finance System rules. Mortgage companies must follow COSIF accounting procedures, submit audited financial statements on schedule, and are subject to fines for non‑compliance. The resolution becomes effective on the date of its publication, 30 November 1994.
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RESOLUTION No. 002122
Approves the constitution, organization and operation of mortgage companies
The Central Bank of Brazil, pursuant to art. 9 of Law No. 4,595, of 12/31/1964, makes public that the Monetary Council, in session held on 11/30/1994, based on art. 4, item VIII, of the same Law,
RESOLVES:
Article 1. Approve the constitution, organization and operation of mortgage companies, which must be incorporated as a corporation (sociedade anônima) under the terms of Law No. 6,404, of 12/15/1976.
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Lineage: Superseded
Timeline
Amended 3 times · last 2022-02-17
- 2022-02-17
BCBResolution CMN No. 4985 — Provisions on the Establishment and Operation of Mortgage Companiessupersedes
- 1999-05-27
- 1996-06-05
Source: Banco Central do Brasil — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works