Resolution CMN No. 3410 — Amends Article 16 of the Regulation annexed to Resolution 3,347 of 2006 regarding the allocation of resources captured in savings deposits by entities of the Brazilian Savings and Loan System (SBPE)

RESOLUTION NO. 003410

Amends Article 16 of the Regulation annexed to Resolution 3,347 of 2006, which provides for the allocation of resources captured in savings deposits by entities integrated into the Brazilian Savings and Loan System (SBPE).

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595, of December 31, 1964, makes public that the MONETARY COUNCIL NATIONAL, in a session held on September 27, 2006, based on Article 7 of Decree-Law 2,291, of November 21, 1986, and on Article 28 of Law 10,150, of December 21, 2000,

RESOLVES:

Article 1. Item III is included in § 1 of Article 16 of the
Regulation annexed to Resolution 3,347 of February 8, 2006, pursuant to the provisions of Article 18-A of Law 8,177, of March 1, 1991, inserted by Provisional Measure 321, of September 12, 2006, which shall now read as follows:

"Article 16. In addition to the other conditions established in the legislation in force, operations within the scope of the SFH must observe the following:

I - unit value of the financing, including principal and ancillary expenses, not exceeding R$245,000.00 (two hundred and forty-five thousand reais);

II - maximum limit of the appraised value of the financed property of R$350,000.00 (three hundred and fifty thousand reais);

III - maximum effective cost for the final borrower, including interest, commissions and other financial charges - except those referred to in § 1 - of 12% p.a. (twelve percent per annum);

IV - contractual provision that any outstanding balance, at the end of the agreed term, will be the responsibility of the borrower, and the term of the financing may be extended for a period of up to 50% (fifty percent) of that initially agreed.

§ 1. The maximum effective cost for the final borrower referred to in item III does not include:

I - the costs of contracting life and permanent disability insurance policies, physical damage to the property and, where applicable, civil liability of the builder, with the option to contract insurance without the intervention of the institution granting the credit, except in the case of opting for the SFH Housing Insurance Policy;

II - the value of a monthly fee possibly charged to the borrower of a real estate financing contract with the objective of reimbursing administration costs of this contract, limited to R$25.00 (twenty-five reais) per contract;

III - the percentage referred to in Article 18-A, sole paragraph, of Law 8,177, of March 1, 1991, inserted by Provisional Measure 321, of September 12, 2006, for contracts without a clause of update by the basic remuneration of savings deposits.

§ 2. In the case of new residential properties whose acquisition was contracted by the applicant during the production phase, the classification of the housing finance operations within the limits provided for in the caput, items I and II, must take into account the situation in effect at the time of the contract or, if applicable, upon subsequent alteration of the construction project.

§ 3. The notary costs incurred by the borrower as a result of the granting of financing for the acquisition of new or used residential property, as well as those related to the payment of the Tax on the Transmission of Real Estate Assets "Inter Vivos" - ITBI, can be added to the value of the financing.

§ 4. In the case referred to in § 3, the value of the financing may exceed the limit set forth in the caput, item I, provided that up to the added amount." (NR)

Article 2. This resolution enters into force on the date of its
publication.

Brasília, September 27, 2006.

Henrique de Campos Meirelles
President