Resolution CMN No. 2537 — Procedures Regarding Checks

RESOLUTION NO. 2537

Dispenses with procedures relative to checks.

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 NATIONAL, in a session held on August 26, 1998, based on
Article 4, item VIII, of the aforementioned Law,

RESOLVES:

Article 1. On check forms provided to holders of deposit accounts, below the name of the account holder, in addition to the corresponding registration number in the Register of Natural Persons (CPF) or in the General Register of Taxpayers (CGC):

I - in the case of natural persons, the number, the issuing body, and the abbreviation of the Federative Unit of the Federation referring to the identity document contained in the application form;

II - in any case, the date of opening of the respective deposit account.

Paragraph 1. In the case of accounts held by minors, persons not responsible, or economically dependent persons, the data of the responsible person must appear, and in the case of joint accounts, the data of the first holder.

Paragraph 2. Financial institutions may provide check forms manufactured outside the specifications set forth in items I and II until January 4, 1999.

Article 2. The stoppage (or opposition) to the payment of checks must be carried out through a written request from the interested party to the financial institution, with the motivating reasons for the act or justification based on relevant legal grounds, in accordance with the law.

Sole Paragraph. It is admitted that requests for the stoppage of checks may be made, on a provisional basis, by telephone or by electronic means, in which case their acceptance will be maintained for a maximum period of 2 (two) business days, after which, if not confirmed in writing, the financial institution must consider them non-existent.

Article 3. Financial institutions holding resources in demand deposit accounts must maintain a national registry of occurrences that prevent the normal course of checks of their account holders and checkbooks issued by them.

Sole Paragraph. The provision of information under the terms of this article must be carried out on a permanent basis and cover the inclusion and exclusion of occurrences that prevent the normal course of checks and checkbooks.

Article 4. The Central Bank of Brazil is authorized to issue complementary norms and introduce the necessary modifications in the measures adopted by this Resolution.

Article 5. This Resolution enters into force on the date of its publication.

Brasília, August 26, 1998

Gustavo H. B. Franco
President