Resolution CMN No. 3401 on Early Settlement of Credit and Leasing Operations, Tariffs, and Credit Information Provision

RESOLUTION NO. 003401

Dispenses with the early settlement of credit and leasing operations, the charging of tariffs in these operations, as well as the obligation to provide credit information.

THE CENTRAL BANK OF BRAZIL, in accordance with Art. 9 of Law 4,595, of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in an extraordinary session held on September 5, 2006, based on Arts. 3, item V, and 4, items VIII and IX, of the aforementioned law, and on Law 6,099, of September 12, 1974, amended by Law 7,132, of October 26, 1983,

RESOLVES:

Art. 1 Financial institutions and leasing companies must guarantee the early settlement of contracts for credit and leasing operations, through the receipt of funds transferred by another institution of the same kind.

§ 1 The conditions of the new operation must be negotiated between the institution that will effect the transfer referred to in the caput and the borrower of the original operation.

§ 2 The costs related to the transfer of funds for the settlement of the operation cannot be passed on by the institution to the borrower.

§ 3 The Central Bank of Brazil will publish the procedures necessary for the transfer referred to in the caput.

Art. 2 The maximum value, in reais, of the tariff eventually charged as a result of the early settlement of contracts for the grant of credit or leasing must be established at the time of the operation's contracting, as well as appear in a specific contractual clause, together with the other necessary and sufficient information to enable the calculation of the value to be charged over the contractual amortization period.

Sole Paragraph. The value of the tariff referred to in this article must maintain a direct and linear relationship with the remaining amortization period and with the unamortized portion of the principal, in the case of total early settlement, or with the remaining amortization period and with the amount settled early, in the case of partial early settlement, in both cases calculated on the date on which the early settlement occurs.

Art. 3 Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must provide third parties, when formally authorized by their clients, with the credit information regarding them, as provided in Resolution 2,835, of May 30, 2001.

Art. 4 As a consequence of the provisions of Art. 3, Art. 1 of Resolution 2,835, of 2001, is amended, which shall now read as follows:

"Art. 1 It is established that financial institutions and other institutions authorized to operate by the Central Bank of Brazil must provide their clients, when requested by them, with credit information regarding them.

§ 1 The credit information referred to in the caput must:

I - be provided within a maximum period of fifteen days counted from the date of the request, based on data relating, to the minimum, to the twelve months immediately preceding that date;

II - refer to the history of all operations contracted with the client, registered until the business day preceding the date of the request;

III - comprise:

a) the client's data, as established in Art. 1, item I, of Resolution 2,025, of November 24, 1993, with the changes introduced by Resolutions 2,747, of June 28, 2000, and 2,953, of April 25, 2002;

b) the monthly average balance maintained in a checking account;

c) the history of loan, financing, and leasing operations, containing the date of contracting, the transacted value, and the due dates and respective payments;

d) the monthly average balance of financial applications and other investment modalities maintained at the institution or administered by it.

§ 2 The information referred to in this article must be provided to third parties, provided that it is formally authorized, on a case-by-case basis, by the client." (NR)

Art. 5 This resolution enters into force on the date of its publication.

Brasília, September 6, 2006.

Henrique de Campos Meirelles
President