Resolution CMN No. 3109 — Microfinance Operations for Low-Income Populations and Microentrepreneurs

RESOLUTION NO. 003109

Dispenses regarding the carrying out of microfinance operations destined for the low-income population and microentrepreneurs.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595 of December 31, 1964, makes public that the National Monetary Council, in an extraordinary session held on July 24, 2003, considering the provisions of Provisional Measure 122 of June 25, 2003,

RESOLVES:

Article 1. Establish that multiple banks with commercial portfolios, commercial banks, Caixa Econômica Federal, as well as credit cooperatives for small businessmen, microbusinessmen, or microentrepreneurs, and credit cooperatives with free admission of members, must observe the following conditions in the carrying out of microfinance operations destined for the low-income population and microentrepreneurs, as provided in Provisional Measure 122 of June 25, 2003:

I - the value of the operations must correspond to, at minimum, 2% (two percent) of the balances of demand deposits captured by the institution, observed that in the months of August and September 2003 the minimum percentage is 1% (one percent);

II - the effective interest rates cannot exceed 2% p.m. (two percent per month);

III - the credit value cannot exceed:

a) R$500.00 (five hundred reais), when it concerns the natural persons referred to in Article 2, items I and III;

b) R$1,000.00 (one thousand reais), when it concerns microentrepreneurs referred to in Article 2, item II;

IV - the term of the operation cannot be less than 120 days;

V - the value of the credit opening fee cannot exceed the following percentages of the value of the credit granted:

a) 2% (two percent), in the case of the operations referred to in item "a" of item III;

b) 4% (four percent), for the operations referred to in item "b" of item III.

Paragraph 1. The following are admitted:

I - exceptionally, the contracting of operations for a term shorter than that provided in item IV, provided that the credit opening fee is charged proportionally to the term;

II - the installment payment of the operations.

Paragraph 2. The verification of compliance with the exigibility of applications will be carried out on the fifth business day of the month of August of each year, based on the daily averages of the exigibility and the balances of the applications of the annual period from August 1 to July 31 of the immediately preceding year.

Paragraph 3. The first verification must occur in the month of August 2004.

Article 2. For the purposes of this resolution, the credit operations referred to in Article 1 can only be carried out with:

I - natural persons, holders of special deposit accounts created by Resolution 3,104 of June 25, 2003, or holders of other deposit accounts that, together with other applications maintained by them at the financial institution, have a monthly average balance lower than R$1,000.00 (one thousand reais);

II - natural persons or legal entities that meet the conditions to contract operations with microentrepreneur credit societies, in accordance with Article 2 of Resolution 2,874 of July 26, 2001;

III - low-income natural persons, holders or not of deposits and small-value financial applications, who fall under Article 3, item I, of Complementary Law 111 of July 6, 2001.

Sole Paragraph. The credit beneficiary must sign a written declaration or by electronic signature informing:

I - in the case of natural persons referred to in items I and III, that no other operation of the kind is currently underway, as well as that they do not hold a monthly average balance in a deposit account that, together with other applications, exceeds R$1,000.00 (one thousand reais);

II - in the case of natural persons and legal entities referred to in item II, that no other operation of the kind is currently underway, as well as that the sum of the operation and the balance of other credit operations does not exceed R$10,000.00 (ten thousand reais).

Article 3. For the fulfillment of the exigibilities of the applications referred to in this resolution, the following will be considered:

I - the resources transferred to other financial institutions, including to microentrepreneur credit societies, for mandatory application in the credit operations referred to in Article 1, through interfinancial deposit linked to microfinance operations (DIM), observing the provisions of Resolution 1,647 of October 18, 1989, and complementary regulation;

II - credits arising from advance, loan, and financing operations that meet the conditions established in Articles 1 and 2, acquired from:

a) other financial institutions, including microentrepreneur credit societies;

b) Organizations of Civil Society of Public Interest, constituted in accordance with Law 9,790 of March 23, 1999, that carry out credit activities destined for microentrepreneurs;

c) non-governmental organizations whose statutes provide for the carrying out of microcredit operations.

Paragraph 1. It is the responsibility of the institution depositing the resources referred to in item I to prove the application of the captured resources.

Paragraph 2. Overdue operations can be computed for the fulfillment of the exigibility, observing the following percentages:

I - 100% (one hundred percent) in the first year after maturity;

II - 50% (fifty percent) in the second year.

Article 4. Credit cooperatives for small businessmen, microbusinessmen, or microentrepreneurs, and credit cooperatives with free admission of members, must comply with the exigibility referred to in Article 1 after one year of effective operation.

Article 5. In the contracting of the credit operations referred to in this resolution, simplified procedures may be adopted for the preparation of registration forms and the elaboration of contracts, not applying the prohibitions contained in item IX of Resolution 1,559 of December 22, 1988, regarding the requirement of a credit title.

Article 6. The Central Bank of Brazil is authorized to:

I - dispose of the terms and negotiability of the DIMs, referred to in Article 3;

II - adopt the measures and issue the norms deemed necessary for the execution of the provisions of this resolution.

Article 7. This resolution enters into force on the date of its publication.

Brasília, July 24, 2003.

Henrique de Campos Meirelles
President