Resolution CMN No. 3679 — Regulates Articles 24, 25, and 26 of Law No. 11,775 of September 17, 2008, and Revokes Resolution No. 3,580 of May 29, 2008

RESOLUTION NO. 003679

Regulates Articles 24, 25, and 26 of Law No. 11,775, of September 17, 2008, and revokes Resolution No. 3,580, of May 29, 2008.

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 January 29, 2009, considering the provisions of Articles 4, item VI, of Law No. 4,595, 4 and 14 of Law No. 4,829, of November 5, 1965, 11, § 4, of Decree No. 4,892, of November 25, 2003, and 41 of Law No. 11,775, of September 17, 2008,

RESOLVES:

Article 1. The following deadlines are established for
implementation of the provisions of Article 24, item II, and 25, items II and III, of Law No. 11,775, of 2008, regarding the operations included therein:

I - by December 12, 2008, for borrowers to demonstrate interest in joining the debt renegotiation process;

II - by June 1, 2009, for borrowers to comply with the payment conditions set forth in those items and, thus, qualify for the benefits assured therein for debt renegotiation;

III - by December 30, 2009, for financial agents to formalize the renegotiations.

Sole Paragraph. Extension until June 1, 2009, with maintenance of charges and other payment conditions, is authorized for installments due or to become due between January 1, 2009, and May 31, 2009, of defaulted operations, whose borrowers requested renegotiation by December 12, 2008.

Article 2. The following deadlines are established for
implementation of the provisions of Article 26 of Law No. 11,775, of 2008:

I - by December 12, 2008, for borrowers to request the individualization of the operation;

II - by December 30, 2009, for the financial agent to formalize the individualization of the operations.

Sole Paragraph. Until the formalization of the individualization of the operations is completed, the due dates of the installments of these operations remain in effect, observing the provisions of the Sole Paragraph of Article 1.

Article 3. Payment is authorized, until March 31,
2009, of installments due between June 1, 2008, and December 31, of 2008, of rural credit operations included in
Article 25 of Law No. 11,775, of 2008, that were in a state of
payment by May 31, 2008, applying to these installments, when paid by March 31, 2009, the conditions for a state of normality, including default bonuses, provided in Article 25, item I, of the aforementioned law.

Article 4. Financial institutions will have until
December 30, 2009, to inform the National Treasury Secretariat of the Ministry of Finance of the number of contracts included and the amounts involved in the operations covered by Articles 1 and 2 of this Resolution.

Article 5. 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 of original value up to R$5,000.00 (five thousand reais);

b) 3% a.a. (three percent per year), in contracts of 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 of 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 of original value above R$25,000.00 (twenty-five thousand reais);" (NR)

Article 6. For the purpose of individualization of contracts
of financing concluded by beneficiaries of the Land Fund and Agrarian Reform until December 31, 2004, as provided in Article 26 of Law No. 11,775, of 2008, the following conditions must be observed:

I - in accordance with Articles 282 to 284 of Law No. 10,406, of 10 January 2002, when effecting the individualization of the operation, each borrower shall be liable only for the portion of the debt that falls to him, being released 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 by the updated outstanding balance, and, for defaulted operations, the outstanding balance must be calculated in accordance with Articles 24 and 25 of Law No. 11,775, of 2008, according to the date of contracting;

III - the provisions of Articles 24 and 25 of Law No. 11,775, of 2008, apply to operations of the same kind that are individualized in accordance with Article 26 of the aforementioned Law.

Article 7. This resolution enters into force on the date of
publication.

Article 8. Resolution No. 3,580, of May 29,
2008, amended by Resolution No. 3,636, of November 13, 2008, is revoked.

Brasília, January 29, 2009.

Alexandre Antonio Tombini
President, substitute