Resolution CMN No. 3580 — Establishes Additional Deadlines and Conditions for Implementation of Articles 24, 25, and 26 of Provisional Measure No. 432 of May 27, 2008

Resolution No. 3,580, of May 29, 2008 1

RESOLUTION NO. 3,580

Establishes additional deadlines and conditions for implementation of the provisions contained in articles 24, 25, and 26 of Provisional Measure No. 432, of May 27, 2008.

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, in a session held on May 29, 2008, considering the provisions of article 4, item VI, of the aforementioned Law, articles 4 and 14 of Law No. 4,829, of November 5, 1965, article 11, paragraph 4, of Decree No. 4,892, of November 25, 2003, and article 41 of Provisional Measure No. 432, of May 27, 2008,

HAS DECIDED:

Article 1. The following deadlines are established for the implementation of the provisions of article 24, item II, and article 25, items II and III, of Provisional Measure No. 432, of 2008, with respect to the operations covered by them:

I - until September 30, 2008, for borrowers to express interest in adhering to the debt renegotiation process;

II - until December 30, 2008, for borrowers to become current in accordance with the conditions set forth in those items and thus qualify for the benefits assured therein for debt renegotiation;

III - until March 31, 2009, for financial agents to formalize the renegotiations, including regarding the process of individualization of financing contracts governed by article 26 of the aforementioned Provisional Measure.

Article 2. The following deadlines are established for the implementation of the provisions of article 26 of Provisional Measure No. 432, of 2008:

I - in current operations, until December 30, 2009, to effectuate individualization, provided that the current status is preserved until that date;

II - in non-current operations:

a) until September 30, 2008, to request individualization; and

b) until December 30, 2008, to formalize the individualization and respective renegotiation.

Article 3. Financial institutions shall have until June 30, 2009, to inform the National Treasury Secretariat of the Ministry of Finance of the number of contracts covered and the amounts involved in the renegotiations addressed in articles 1 and 2 of this Resolution.

Resolution No. 3,580, of May 29, 2008 2

Article 4. From June 1, 2008, article 1, item IV, of Resolution No. 3,231, of August 31, 2004, shall be in effect with the following wording:

"Article 1. ..............................................................................................................

IV - ...................................................................................................................

a) 2% a.a. (two percent per year), in contracts with an original value of up to R$5,000.00 (five thousand reais);

b) 3% a.a. (three percent per year), in contracts with an original value above R$5,000.00 (five thousand reais) up to R$15,000.00 (fifteen thousand reais);

c) 4% a.a. (four percent per year), in contracts with an original value above R$15,000.00 (fifteen thousand reais) up to R$25,000.00 (twenty-five thousand reais);

d) 5% a.a. (five percent per year), in contracts with an original value above R$25,000.00 (twenty-five thousand reais);" (NR)

Article 5. For the purpose of individualization of financing contracts concluded by beneficiaries of the Land and Agrarian Reform Fund until December 31, 2004, as addressed in article 26 of Provisional Measure No. 432, of 2008, the following conditions must be observed:

I - in accordance with articles 282 to 284 of Law No. 10,406, of January 10, 2002, when effectuating the individualization of the operation, each borrower shall be liable only for the portion of the debt allocated to them, exempting themselves from joint liability towards the other debtors, and the financial institution must waive contractual joint liability of the credit with respect to all borrowers;

II - the individualization of the operation shall be effected based on the updated outstanding balance, and for non-current operations, the outstanding balance must be calculated in accordance with articles 24 and 25 of MP No. 432, of 2008, according to the date of contracting;

III - the provisions of articles 24 and 25 of MP No. 432, of 2008, apply to operations of the same kind that are individualized in accordance with article 26 of the aforementioned MP.

Article 6. This Resolution enters into force on the date of its publication.

Brasília, May 29, 2008.

Henrique de Campos Meirelles
President

This text does not replace the published version in the DOU and Sisbacen.