Resolution CMN No. 3754 — Establishes Deadlines and Complementary Provisions for the Implementation of Articles 15, 16, 17 and 21 of Law No. 11,775 of September 17, 2008

RESOLUTION NO. 3754

Establishes deadlines and complementary provisions for the implementation of the content contained in Articles 15, 16, 17 and 21 of Law No. 11,775 of September 17, 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 June 30, 2009, considering the provisions of Article 4, item VI, of Law No. 4,595 of 1964, Articles 4 and 14 of Law No. 4,829 of November 5, 1965, and Articles 15, 16, 17, 21 and 41 of Law No. 11,775 of September 17, 2008,

RESOLVES:

Article 1. The following deadlines are established for the implementation of the provisions contained in Articles 15, 16 and 17 of Law No. 11,775 of September 17, 2008, with respect to the operations framed therein:

I - until October 30, 2009, for borrowers to express interest in adhering to the debt renegotiation process;

II - until November 30, 2009, for borrowers to make the minimum amortization required in Articles 15, 16 and 17 of the aforementioned law and to qualify for the benefits ensured therein for the settlement or renegotiation of debts;

III - until December 20, 2009, for financial agents to formalize the renegotiations.

Article 2. The provisions of § 5 of Article 15, §§ 1 and 2 of Article 16 and § 1 of Article 17 of Law No. 11,775 of 2008 do not apply to operations renegotiated based on this resolution.

Article 3. The renegotiations referred to in this resolution do not apply to operations already renegotiated based on Articles 15, 16 and 17 of Law No. 11,775 of 2008.

Article 4. Financial institutions will have until March 30, 2010 to inform the Secretariat of the National Treasury of the Ministry of Finance or, in the case of operations with resources from the Constitutional Financing Funds for the North (FNO), Northeast (FNE) or Center-West (FCO), to the Ministry of National Integration, of the number of repactuated contracts and the amounts involved in the renegotiations and settlements referred to in this resolution.

Article 5. The deadlines provided for in items I and III of Article 1 of this resolution apply, respectively, to borrowers of operations from groups A and B of Pronaf to request individualization and to financial agents to formalize the respective individualization instruments, as provided for in Article 21 of Law No. 11,775 of 2008, regulated by Article 1 of Resolution No. 3,579 of May 29, 2008.

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

Brasília, June 30, 2009.

Henrique de Campos Meirelles
President