Resolution CMN No. 3706 — Real Estate Financing, Savings Resources, and Microcredit

RESOLUTION NO. 003706

Dispenses with the granting of real estate financing, the allocation of resources collected in savings deposits by entities integrated into the Brazilian Savings and Loan System (SBPE), the carrying out of microcredit operations aimed at low-income populations and microentrepreneurs, and amends Resolution No. 2,828, of 2001, which deals with the constitution and operation of development agencies.

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 March 26, 2009, based on Articles 4, item VI, of the aforementioned law, 7 of Decree-Law No. 2,291, of November 21, 1986, 2 of Law No. 9,514, of November 20, 1997, and 28 of Law No. 10,150, of December 21, 2000, and Laws Nos. 10,735, of September 11, 2003, and 11,110, of April 25, 2005, and Decree No. 5,288, of November 29, 2004,

RESOLVES:

Art. 1st Financial institutions other than those provided for in Article 2 of Law No. 9,514, of November 20, 1997, authorized to operate by the Central Bank of Brazil may also operate in the Real Estate Financing System (SFI).

Art. 2nd Financial institutions, in real estate acquisition financing operations, must apply to the value to be transferred to the property seller, from the date of signing the respective contract until the date of effective release of the resources, remuneration equivalent to that of savings deposits, provided for in Articles 12 of Law No. 8,177, of March 1, 1991, and 7 of Law No. 8,660, of May 28, 1993, pro rata temporis.

Sole Paragraph. The value referred to in the caput must be kept in a control account of the institution itself, linked to the operation, in the name of the seller, from the date of signing the financing contract until the date of effective release of the resources.

Art. 3rd Items IX and XXV of Article 2 of the Regulation annexed to Resolution No. 3,347, of February 8, 2006, with the wording given by Resolution No. 3,629, of October 30, 2008, shall enter into force with the following wording:

"Article 2 .............................................

IX - the credit rights originating from commitments or definitive purchase and sale contracts, with natural persons, of new residential real estate properties or under construction;

.......................................................

XXV - working capital financing, with a maximum term of sixty months, granted, until December 31, 2009, to:

................................................." (NR)

Art. 4th Article 2 of the Regulation annexed to Resolution No. 3,347, of 2006, is added with items XXVI and XXVII, with the following wording:

"Article 2 .............................................

XXVI - financing for infrastructure works in urban subdivisions intended for residential real estate granted to:

a) real estate developments submitted to the regime of affected assets, as dealt with in Articles 31-A to 31-F of Law No. 4,591, of December 16, 1964, with the wording given by Law No. 10,931, of August 2, 2004; or

b) societies constituted with the specific purpose of administering risks, benefits, assets, and obligations resulting from activity carried out with the intent to promote and carry out the construction, for total or partial alienation, of buildings or set of buildings composed of autonomous units;

XXVII - loans contracted, under the conditions of the SFH, for the settlement of housing financing, provided they are guaranteed by mortgage or fiduciary alienation of the properties that were acquired through such financing." (NR)

Art. 5th Item VIII of Article 3 of the Regulation annexed to Resolution No. 3,347, of 2006, shall enter into force with the following wording:

"Article 3 .............................................

VIII - the credit rights originating from commitments or definitive purchase and sale contracts of real estate properties, new or under construction, agreed at market rates;

................................................. "(NR)

Art. 6th Article 3 of the Regulation annexed to Resolution No. 3,347, of 2006, is added with item XV, with the following wording:

"Article 3 .............................................

XV - loans contracted at market rates for the settlement of real estate financing, provided they are guaranteed by mortgage or fiduciary alienation of the properties that were acquired through such financing.

................................................. "(NR)

Art. 7th Article 10 of the Regulation annexed to Resolution No. 3,347, of 2006, shall enter into force with the following wording:

"Article 10. The total value of the operations referred to in Article 2, items XX, XXI, and XXVI, cannot exceed 5% (five percent) of the limit provided for in Article 1, item I, letter 'a'." (NR)

Art. 8th Items I and II of Article 16 of the Regulation annexed to Resolution No. 3,347, of 2006, shall enter into force with the following wording:

"Article 16. ............................................

I - unit value of financing, including principal and ancillary expenses, not exceeding R$450,000.00 (four hundred and fifty thousand reais);

II - maximum limit of the appraised value of the financed property of R$500,000.00 (five hundred thousand reais);

................................................." (NR)

Art. 9th Item III of the sole paragraph of Article 2 and Item II of Article 3 of Resolution No. 3,422, of November 30, 2006, shall enter into force with the following wording:

"Article 2 .............................................

Sole Paragraph. .....................................

III - in the case of natural and legal persons referred to in items II and IV, who do not have any other operation of the species in progress, as well as that the sum of the operation and the balance of other credit operations does not exceed R$20,000.00 (twenty thousand reais), excepting from this limit housing credit operations."

"Article 3 .............................................

II - the credit value cannot be higher than:

a) R$2,000.00 (two thousand reais), when it concerns the natural persons referred to in Article 2, items I and III;

b) R$5,000.00 (five thousand reais), when it concerns microentrepreneurs referred to in Article 2, item II;

c) R$15,000.00 (fifteen thousand reais), when it concerns productive oriented microcredit granted in conformity with Article 4;

................................................." (NR)

Art. 10. Article 4 of Resolution No. 2,828, of March 30, 2001, is added with a sole paragraph, with the following wording:

"Article 4 .............................................

Sole Paragraph. The prohibition referred to in item IV does not apply to interfinancial deposit operations linked to microfinance operations (DIM)." (NR)

Art. 11. This resolution enters into force on the date of its publication.

Art. 12. Articles 3 and 17 of the Regulation annexed to Resolution No. 1,980, of April 30, 1993, Resolution No. 2,168, of June 30, 1995, Articles 1, 2, 3, 5, and 6 of Resolution No. 3,347, of February 8, 2006, and item XXIV of Article 2 of the Regulation annexed to Resolution No. 3,347, of 2006, are repealed.

Belo Horizonte, March 27, 2009.

Henrique de Campos Meirelles
President