Resolution CMN No. 4545 — Authorizes debt composition through credit operations to settle contracts under Law No. 12,096/2009 or Law No. 12,409/2011

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 December 21, 2016, 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 Article 5 of Law No. 10,186 of February 12, 2001,

RESOLVES:

Article 1. It is authorized, at the discretion of the financial institution, the composition of debts arising from one or more credit operations contracted by the same rural producer under the protection of Article 1 of Law No. 12,096 of November 24, 2009, or Article 4 of Law No. 12,409 of May 25, 2011, observing the following conditions:

I - beneficiaries: natural persons, individual entrepreneurs, limited liability individual companies, and business societies, provided they are rural producers and the investment is intended for the agricultural and livestock sector, and cooperative societies and associations of rural producers for investment intended for the agricultural and livestock sector;

II - covered operations: operations contracted, in accordance with Article 1 of Law No. 12,096 of 2009 and Article 4 of Law No. 12,409 of 2011, intended for production, financial leasing, or acquisition of agricultural capital goods and associated working capital; and acquisition of trucks, provided the beneficiary is a natural person classified under item I;

III - object of renegotiation: the sum of the total of all due and future installments of the operations to be renegotiated;

IV - financial charges: Long-Term Interest Rate (TJLP) plus 1.7% (one whole and seven tenths percent) per year, as remuneration to the National Bank for Economic and Social Development (BNDES), and 3.5% (three whole and five tenths percent) per year as remuneration of the financial agent;

V - repayment term: up to ten years, including a grace period of up to two years;

VI - deadline for formalization: at any time, at the discretion of the financial institution; and

VII - calculation of the outstanding balance: the value corresponding to the sum of the due and future installments of the operations subject to composition, updated by normal contractual charges up to the date of contracting the composition operation.

Paragraph 1. The object of renegotiation referred to in item III will compose a new credit that will fully settle the outstanding balance of the original credit.

Paragraph 2. Until the start of its amortization, interest on the new credit will be capitalized or payable, at the discretion of BNDES.

Paragraph 3. Renegotiation of operations that have been the subject of advance honor by the Investment Guarantee Fund (FGI) or other guarantee funds is prohibited.

Paragraph 4. The new credit arising from the renegotiation carried out under the terms of this Resolution will not be subject to economic subsidy from the Union.

Paragraph 5. The natural persons and individual entrepreneurs referred to in item I must have residence and domicile in Brazil, and the societies referred to in said item must have headquarters and administration in Brazil.

Paragraph 6. The costs resulting from the adjustment of the outstanding balances provided for in item VII will be assumed by the financial institutions.

Article 2. This Resolution enters into force on the date of its publication.

Ilan Goldfajn
President of the Central Bank of Brazil