Resolution CMN No. 3424 — Extends the Deadline Established in Article 1 of Resolution 3,402 of 2006 and Provides for the Application of That Normative to Services Object of Agreements or Contracts Effectively Implemented by Financial Institutions Until September 5, 2006

RESOLUTION NO. 003424

Extends the deadline established in
Article 1 of Resolution 3,402 of
2006, and provides for the application of the content contained in that normative to the provision of services that are the object of agreements or contracts effectively implemented by financial institutions until September 5 of 2006.

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law 4,595, of December 31, 1964, makes public that the MONETARY NATIONAL COUNCIL, in a session held on December 21, 2006, based on Articles 3, item V, and 4, items VIII and IX, of the aforementioned law, and taking into account the provisions of Article 7 of Resolution 3,402 of September 6 of 2006,

R E S O L V E S:

Article 1. The deadline provided for in Article 1 of Resolution 3,402 of September 6, 2006, is extended to April 2, 2007, from which date
financial institutions are obliged, in the provision of salary, pension, wage, earnings, retirement, pension and similar payment services, to proceed to the respective credits in the manner established in that article.

Article 2. The obligation provided for in Article 1 and the provisions
of Articles 2 to 5 of Resolution 3,402 of 2006 apply, from January 2, 2009, to agreements or contracts entered into until September 5 of 2006, whose provision of services for the payment of salaries, pensions, wages, earnings, retirements, pensions and similar items referred to therein, has also been effectively implemented until September 5, 2006, except for the content of Article 6.

Sole Paragraph. The provision of services is considered effectively implemented when it has been processed, by the contracted financial institution, the payment of at least one payroll of salaries, pensions, wages, earnings, retirements, pensions or similar items, to the respective beneficiaries.

Article 3. Financial institutions must inform the beneficiary about the opening of a registration and control account as provided for in Resolution 3,402 of 2006, through disclosure by any available means of communication.

Article 4. Observing the provisions set forth in this
resolution and in Article 1 of Resolution 3,402 of 2006, the credits deriving from the provision of payment services may be transferred automatically to a deposit account of which the beneficiary is the holder, or one of the holders, opened by his initiative at the contracted financial institution, dispensing the need for prior indication, in cases where an account of the kind was being used by the beneficiary to receive payment on September 5, 2006.

Article 5. The transfer of credits in the manner referred to in
Articles 4 of this resolution and 2, item II, of Resolution 3,402 of 2006, must be suspended, at the request of the beneficiary, from the month of reference immediately subsequent to the request, provided that the respective formalization has been carried out with at least five business days' prior notice to the date of effective realization of the credits, with the resources remaining in the registration account as provided for in this norm.

Article 6. The provisions of Resolution 3,402 of 2006 do not apply to the provision of payment services:

I - to beneficiaries of the National Institute of Social Security - INSS;

II - until December 31, 2011, to public servants and employees, whose contracts are entered into as a result of procedure carried out by the Public Power in accordance with Law 8,666 of June 21, 1993, and establish a prohibition on the charging of fees to beneficiaries for at least the following services:

a) transfer, total or partial, of credits to other institutions;

b) withdrawals, total or partial, of credits;

c) provision of magnetic cards and checkbooks for movement of credits.

§ 1º. In the event of the provision of checkbooks, the conditions and restrictions provided for in the current regulation must be observed, especially the provisions of Articles 2, item II, 6, 7 and 8 of Resolution 2,025 of November 24, 1993, and in Article 3 of Resolution 2,078 of June 15, 1994.

§ 2º. The provision of magnetic cards and checkbooks is prohibited in cases where the total and automatic transfer of credits to other institutions is agreed upon with the beneficiary.

§ 3º. The conditions provided for in item II also apply to existing service contracts for payments to public servants and employees, entered into in accordance with the details therein, until December 31, 2011 or until their expiration, whichever occurs first, provided that they are adjusted to the conditions set forth in that item or amended, until December 31, 2008, in a manner to explicitly state the aforementioned conditions.

Article 7. Financial institutions must keep available to the Central Bank of Brazil the documentation relating to contracts resulting from the procedure referred to in item II of Article 6, as well as to agreements and contracts for the provision of payment services entered into until September 5, 2006, which prove the effective implementation, until the aforementioned date, of the provision of payment services referred to in Article 2.

Article 8. The Central Bank of Brazil is authorized to adopt additional measures for the functioning and operationalization of the registration and control accounts referred to in this resolution and in Resolution 3,402 of 2006, including regarding any limitation on the quantity of fee-free withdrawals, provision of statements and procedures for their closure, as well as regarding conditions for the transfer of resources.

Article 9. This resolution enters into force on the date of its publication.

Article 10. Article 10 of Resolution 3,402 of 2006 is repealed, and, on April 2, 2007, Resolution 2,718 of April 24, 2000 is repealed.

Brasília, December 21, 2006.

Henrique de Campos Meirelles
President