Resolution CMN No. 3646 — Amends Resolution No. 3,575 of May 29, 2008, on the renegotiation of rural debts

RESOLUTION NO. 003646

Amends Resolution No. 3,575, of May 29, 2008, which deals with the renegotiation of rural debts.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the National Monetary Council, in a session held on November 26, 2008, considering the provisions of Articles 4, item VI, of Law No. 4,595, of 1964, 4 and 14 of Law No. 4,829, of November 5, 1965, 5 of Law No. 10,186, of February 12, 2001, and 41 of Law No. 11,775, of September 17, 2008,

RESOLVES:

Art. 1. Article 2 of Resolution No. 3,575, of May 29, 2008, as amended by Resolution No. 3,636, of November 13, 2008, shall enter into force with the following wording:

"Art. 2. Financial institutions, at their discretion and based on the prerogatives contained in item 2-6-9, in cases where the borrower's inability to pay is proven, may renegotiate rural investment credit operations, contracted until June 30, 2007, with resources transferred by BNDES and equalized by the National Treasury, or backed by resources from the Finame Agrícola Especial credit line, provided that the limit of 20% (twenty percent) of the balance of investment operations carried out with these sources of resources in each financial institution is respected, observing the following conditions:

I - minimum payment of 40% (forty percent) of the value of the 2008 installment by December 31, 2008;
.......................................................

§ 3. The renegotiation provided for in the caput does not involve installments due until December 31, 2007, which must be negotiated directly between the borrowers and the financial institutions, and the use of controlled rural credit resources for this purpose is prohibited;
.......................................................

§ 6. Borrowers who adhere to the renegotiation referred to in the caput with the 2008 installment of the respective operation in a state of default must be maintained in this condition until the effective payment referred to in item I of this article." (NR)

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

Brasília, November 26, 2008.

Henrique de Campos Meirelles
President