RESOLUTION

CMN NO. 4,985, OF FEBRUARY 17, 2022

Provisions on the establishment and operation of mortgage companies.

The Central Bank of Brazil, in accordance with Article 9 of Law No. 4,595 of December 31, 1964, makes it public that the National Monetary Council, in a session held on February 17, 2022, based on Article 4, item VIII, of the same Law,

R E S O L V E D:

CHAPTER I

OBJECT AND SCOPE OF APPLICATION

Article 1. This Resolution provides for the establishment and operation of mortgage companies.

CHAPTER II

ESTABLISHMENT AND AUTHORIZATION FOR OPERATION

Article 2. Mortgage companies are financial institutions and must be established in the form of a joint-stock company, in accordance with Law No. 6,404 of December 15, 1976.

Sole Paragraph. The name of the institutions mentioned in the caput must include the expression "Mortgage Company"; the use of a name or trade name containing terms characteristic of other institutions of the National Financial System or similar expressions in the vernacular or in a foreign language is prohibited.

Article 3. The operation of mortgage companies depends on authorization from the Central Bank of Brazil.

Article 4. Mortgage companies must permanently observe the minimum limit of paid-in capital and net worth of R$3,000,000.00 (three million reais).

Article 4. (Revoked by Joint Resolution No. 14, of 3/11/2025.)

CHAPTER III

CORPORATE PURPOSE

Article 5. Mortgage companies have the following corporate purposes:

I - granting financing for the acquisition, construction, production, renovation, or commercialization of residential and non-residential real estate, including land;

II - granting financing for the acquisition of materials for the construction, renovation, or expansion of residential and non-residential real estate;

III - granting loans and financing, secured by mortgage or by fiduciary alienation of real estate, with a purpose different from that referred to in item I;

IV - purchasing, selling, refinancing, and administering credits secured by mortgage or by fiduciary alienation of real estate;

V - administering real estate investment funds, provided they are authorized by the Securities and Exchange Commission (CVM);

VI - transferring resources destined for the financing of the operations referred to in item I; and

VII - providing guarantees.

Article 6. Mortgage companies may act as fiduciary agents, subject to specific regulation.

CHAPTER IV

SOURCES OF RESOURCES

Article 7. Mortgage companies may employ in their activities, in addition to their own resources, those resulting from:

I - issuance of:

a) mortgage letters;

b) real estate credit letters;

c) guaranteed real estate letters;

d) financial letters;

e) mortgage debentures;

f) real estate credit debentures; and

g) certificates of bank credit debentures;

II - interfinancial deposits; and

III - loans and financing in the country and abroad.

CHAPTER V

FINAL PROVISIONS

Article 8. The Central Bank of Brazil will adopt, within the scope of its legal competencies, the measures necessary for the execution of the provisions of this Resolution.

Article 9. The following are revoked:

I - item IV of Article 1 of the Regulation Annex II to Resolution No. 2,099 of August 17, 1994;

II - Resolution No. 2,122 of November 30, 1994;

III - Resolution No. 3,017 of August 28, 2002; and

IV - Resolution No. 3,425 of December 21, 2006.

Article 10. This Resolution enters into force on April 1, 2022.

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