Resolution CMN No. 4713 — Microcredit Operations and Resource Allocation

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 28, 2019, based on Articles 4, item VI, of the aforementioned Law, 2 of Law No. 10,735 of September 11, 2003, 1, § 1, and 12 of Complementary Law No. 130 of April 17, 2009, and 4 of Law No. 13,636 of March 20, 2018,

R E S O L V E D:

CHAPTER I

OBJECT AND SCOPE OF APPLICATION

Art. 1 This Resolution provides for microcredit operations, including oriented productive microcredit, carried out by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, and for the allocation of resources for these operations.

CHAPTER II

MICROCREDIT OPERATIONS

Art. 2 Microcredit operation, including for purposes of classification in the Credit Information System (SCR), is considered the credit operation carried out to finance productive activities of natural or legal persons, organized individually or collectively, with annual gross income or revenue up to R$200,000.00 (two hundred thousand reais).

CHAPTER III

ORIENTED PRODUCTIVE MICROCREDIT OPERATIONS

Art. 3 Oriented productive microcredit operation is considered the microcredit operation, as defined in Art. 2, which observes the following conditions:

I - use of a specific methodology for granting and control;

II - monitoring by a specialized professional;

III - maximum effective interest rate of 4% p.m. (four percent per month);

IV - maximum credit opening fee of up to 3% (three percent) of the value of the credit granted, prohibiting the charging of any other fees or expenses;

V - term of the operation not less than 120 days;

VI - sum of the debtor balances of oriented productive microcredit operations of the borrower, in the same financial institution, not exceeding R$21,000.00 (twenty-one thousand reais); and

VII - sum of the debtor balances of the borrower's credit operations contracted within the National Financial System, except for housing credit operations, not exceeding R$80,000.00 (eighty thousand reais).

§ 1 In contracting the operations referred to in the main text:

I - simplified procedures may be adopted for the preparation of the registration form and for the elaboration of the contract representing the debt; and

II - the use of digital signature, as well as other means that allow adequate and unequivocal identification of the borrower, is admitted, in accordance with current legislation.

§ 2 The specific methodology referred to in item I of the main text shall comprise:

I - assessment of the risks of the operation, taking into account the need for credit, indebtedness, and the payment capacity of each borrower;

II - analysis of the borrower's revenues and expenses; and

III - mechanism for daily control and monitoring of the volume and default of the operations carried out.

§ 3 For the purposes of item II of the main text, the specialized professional must, prior to the first credit grant, establish contact at the location where the economic activity is carried out or at a location convenient to the borrower, carry out a socioeconomic analysis of the borrower, and provide guidance on business planning, with the remaining contacts being able to be carried out remotely.

§ 4 Contracting of operations for a term shorter than that provided for in item V of the main text is admitted, provided it is not less than sixty days, in which case the limits for credit opening fees established in item IV must be reduced in the same proportion.

§ 5 Compliance with the condition established in item VII of the main text is admitted through a declaration signed by the borrower, in writing or electronically.

CHAPTER IV

ALLOCATION

Art. 4 Commercial banks, multiple banks with commercial portfolios, and Caixa Econômica Federal must maintain applied in oriented productive microcredit operations a value corresponding to, at least, 2% (two percent) of the average of the balances of demand deposits captured by the institution, calculated in the manner of item I of Art. 6.

§ 1 Verification of non-compliance with the conditions provided for the characterization of an operation as oriented productive microcredit, as per Art. 3, whether own or acquired from third parties, will imply its disqualification for purposes of compliance with the allocation.

§ 2 In the event of § 1, the financial institution must rectify the information regarding the realization of oriented productive microcredit operations sent to the Central Bank of Brazil.

§ 3 The following shall not be included in the balance of deposits subject to allocation:

I - demand deposits captured by federal and state public financial institutions:

a) from their respective governments; and

b) from autarchies and mixed-economy companies whose capital is majority-owned by their respective governments; and

II - demand deposits captured by state public financial institutions titled by municipal public entities of the respective federative unit.

Art. 5 For the fulfillment of the allocation referred to in Art. 4, the following must be considered:

I - resources transferred to other financial institutions, through interbank deposit linked to microfinance operations (DIM), exclusively for applications in operations eligible for compliance with the allocation referred to in Art. 4, observing the provisions of Resolution No. 3,399 of August 29, 2006, and complementary regulation;

II - credit granted to the microentrepreneur credit society and the small business company;

III - credit granted to the single credit cooperative;

IV - credits arising from advances, loans, and financing operations that meet the conditions established in this Resolution acquired from:

a) other financial institutions;

b) civil society organizations of public interest; and

c) entities, funds, or programs focused on microcredit; and

V - credit operations for the acquisition of goods and services of assistive technology intended for persons with disabilities, carried out in accordance with Resolution No. 4,050 of January 26, 2012, up to the limit of 20% (twenty percent) of the value subject to allocation.

§ 1 The institution receiving the resources mentioned in items I, II, and III of the main text must apply them entirely in oriented productive microcredit operations, as per Art. 3.

§ 2 In the event that compliance with the allocation provided for in item III of the main text occurs through interbank transfer, the following conditions must be met cumulatively:

I - the totality of the resources of each interbank transfer must be destined to only one microcredit operation;

II - the instruments relating to the interbank transfer and the linked microcredit operation must observe identical maturity dates and indicate their mutual linkage;

III - the credit cooperative must carry out the microcredit operation within a maximum of one business day after receiving the resources from the interbank transfer; and

IV - the credit cooperative must provide all information about the microcredit operation carried out to the cooperative bank, the confederation of credit cooperative central offices, or the central credit cooperative that carried out the interbank transfer.

§ 3 Operations overdue for more than ninety days cannot be counted for purposes of compliance with the allocation.

Art. 6 For the verification of compliance with the allocation referred to in Art. 4, the following must be considered:

I - the allocation of applications, which corresponds to the average of the values resulting from the application of the minimum percentage required on the balances of demand deposits ascertained on the last business day of the twelve months prior to the month immediately preceding the month in which the verification is being carried out; and

II - the average of the daily balances of eligible operations of the month immediately preceding the month in which the verification is being carried out.

§ 1 The computation of the deficiency of applications in relation to the allocation will be the difference between the values described in items I and II of the main text.

§ 2 It is optional for institutions subject to compliance with the allocation referred to in this Resolution to apply a multiplication factor of 2 (two integers) to the balance of operations carried out within the National Program of Oriented Productive Microcredit with natural persons registered in the Single Registry for Social Programs of the Federal Government, as per Decree No. 6,135 of June 26, 2007.

§ 3 The verification referred to in the main text must be carried out on the 20th of each month or on the first subsequent business day, when the 20th is a non-business day.

CHAPTER V

FINAL PROVISIONS

Art. 7 The Central Bank of Brazil is authorized to adopt the measures and issue the norms deemed necessary for the execution of the provisions of this Resolution.

Art. 8 The summary of Resolution No. 4,050 of 2012 shall be amended as follows:

“Provides for the carrying out of credit operations related to the acquisition of goods and services of assistive technology intended for persons with disabilities, as well as for the conditions for contracting the financings subject to economic subsidy referred to in Law No. 12,613 of April 18, 2012, for purposes of compliance with the allocation of demand deposits captured by financial institutions referred to in Resolution No. 4,713 of March 28, 2019.” (NR)

Art. 9 Resolution No. 4,050 of 2012 shall be amended as follows:

“Art. 1 For the purposes of the provisions of Law No. 10,735 of September 11, 2003, Art. 1, sole paragraph, the institutions mentioned in Arts. 4 and 5 of Resolution No. 4,713 of March 28, 2019, must require a declaration from the beneficiary of the credit operations related to the acquisition of goods and services of assistive technology intended for persons with disabilities, in writing or electronically, informing that:

I - the good or service to be acquired is included in the list of goods and services defined in an act of the Executive Branch, as per Law No. 10,735 of 2003, Art. 1, sole paragraph;

II - the good or service will not be used for the purpose of commercialization; and

III - the sum of the value of the operation with the balance of others of the same kind does not exceed the limit established in Art. 2, item II, of this Resolution.” (NR)

“Art. 2 ........................................................

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Sole paragraph. Contracting of operations for a term shorter than that provided for in item III of the main text is admitted, provided it is not less than sixty days, in which case the limits for credit opening fees established in item IV must be reduced in the same proportion.” (NR)

“Art. 3 The operations referred to in Art. 1 with a delay of ninety days or more cannot be counted for purposes of compliance with the allocation.” (NR)

Art. 10 The following are revoked:

I - Resolution No. 4,000 of August 25, 2011;

II - Resolution No. 4,152 of October 30, 2012;

III - Resolution No. 4,153 of October 30, 2012;

IV - Resolution No. 4,242 of June 28, 2013;

V - Resolution No. 4,574 of May 26, 2017;

VI - §§ 1 and 2 of Art. 1 of Resolution No. 4,050 of 2012;

VII - items I and II of Art. 3 and Arts. 4 and 5 of Resolution No. 4,050 of 2012; and

VIII - Art. 1 of Resolution No. 4,310 of February 10, 2014.

Art. 11 This Resolution enters into force ninety days after the date of its publication.

Roberto de Oliveira Campos Neto
President of the Central Bank of Brazil