Resolution CMN No. 4937 — Provisions on Credit Operations under the Credit Stimulation Program

Resolution No. 4,937

RESOLUTION
CMN No. 4,937, OF JULY 29, 2021

Provisions on credit operations contracted under the Credit Stimulation Program by the institutions specified herein.

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 July 29, 2021, based on Articles 4, item VI, of the aforementioned Law, and Article 2, paragraph 4, of Provisional Measure No. 1,057, of July 6, 2021,

R E S O L V E D:

Art. 1 This Resolution provides for the conditions, deadlines, rules for granting, and characteristics of credit operations contracted under the Credit Stimulation Program (Credit Stimulation Program - PEC) by financial institutions and other institutions authorized to operate by the Central Bank of Brazil, excluding credit cooperatives and consortium administrators.

Art. 2 Credit operations under the PEC must have a minimum term of twenty-four months.

Art. 3 The following operations cannot be classified under the PEC: those contracted under the National Program of Support to Microenterprises and Small Businesses (Pronampe) and the Guarantee Program for Critical Sectors (PGSC), as well as other operations that:

I - contain any guarantee from the
Union or a public entity;

II - do not have credit risk fully assumed by the institutions referred to in Article 1;

III - are not entirely funded with resources raised by the institutions referred to in Article 1;

IV - have any type of provision for the injection of public resources; or

V - have any interest rate equalization by the Union.

Art. 4 It is prohibited for the creditor institution to establish any kind of limitation on the free disposal, by borrowers, of the values contracted under the PEC, especially:

I - the retention of values for payment, in whole or in part, of pre-existing debts; and

II - the inclusion of clauses that direct the values toward the payment, in whole or in part, of pre-existing debts.

Art. 5 The operations referred to in this Resolution must:

I - be integrated into the active portfolio of the creditor institution; and

II - be indicated in the Credit
Information System (SCR) as operations contracted under the PEC.

Art. 6 The Central Bank of Brazil may issue the necessary rules to comply with the provisions of this Resolution.

Art. 7 This Resolution enters into force on the date of its publication.

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