Resolution CMN No. 5197 of December 19, 2024

Resolution No. 5,197

CMN RESOLUTION NO.
5,197, OF DECEMBER 19, 2024

Amends Resolution No.
4,676, of July 31, 2018, which provides for the members of the Brazilian Savings and Loan System – SBPE, the Housing Financial System – SFH and the Real Estate Financing System – SFI, the general conditions and criteria for contracting real estate financing by financial institutions and other institutions authorized to operate by the Central Bank of Brazil and regulates the allocation of resources collected in savings deposits.

The Central Bank of Brazil, in accordance with art. 9 of Law No. 4,595, of December 31, 1964, makes it public that the National Monetary Council, in a session held on December 19, 2024, based on arts. 4, caput, items VI and VIII, of the aforementioned law, 8, caput, item XII, of Law No. 4,380, of August 21, 1964, 7 of Decree-Law No. 2,291, of November 21, 1986, 2 of Law No. 9,514, of November 20, 1997, and 95 of Law No. 13,097, of January 19, 2015,

R E S O
L V E U :

Art.
1º The summary of Resolution No. 4,676, of July 31, 2018, published in the Official Gazette of the Union on August 2, 2018, shall enter into force with the following alterations:

"Provides for the members of the Brazilian Savings and Loan System – SBPE, the Housing Financial System – SFH and the Real Estate Financing System – SFI, the general conditions and criteria for contracting real estate credit operations by financial institutions and other institutions authorized to operate by the Central Bank of Brazil and regulates the allocation of resources collected in savings deposits." (NR)

Art. 2º Resolution No. 4,676, of July 31, 2018, published in the Official Gazette of the Union on August 2, 2018, shall enter into force with the following alterations:

"Art. 1º This Resolution establishes the members of the Brazilian Savings and Loan System, the Housing Financial System and the Real Estate Financing System, the general conditions and criteria for contracting real estate credit operations by financial institutions and other institutions authorized to operate by the Central Bank of Brazil and regulates the allocation of resources collected in savings deposits." (NR)

"Art. 1º-A For the purposes of this Resolution, it is considered:

I - real estate credit:

a) real estate financing operations; and

b) loan operations contracted by natural persons who have real estate as the sole guarantee or as the highest value guarantee, except for operations referenced in foreign currency, rural credit operations and other operations subject to specific legislation or regulation;

II - real estate financing:

a) credit operations intended for the acquisition, construction, production, renovation and expansion of residential and non-residential real estate; and

b) credit operations intended for the acquisition of materials for construction, expansion and renovation of residential and non-residential real estate;

III - housing financing: credit operations intended for the acquisition, construction, production, renovation and expansion of residential real estate;

IV - financing for the acquisition of real estate: credit operation contracted by a natural or legal person intended for the acquisition of new, used or production-phase real estate;

V - financing for the construction of real estate: credit operation contracted by a natural or legal person intended for the construction of residential or non-residential real estate;

VI - financing for the production of real estate: credit operation contracted by a natural or legal person intended for the production of a set of residential or non-residential units;

VII - financing for the renovation or expansion of real estate: credit operation contracted by a natural or legal person intended for the renovation or expansion of residential or non-residential real estate;

VIII - financing for the acquisition of materials for the construction, expansion and renovation of real estate: credit operation contracted by a natural or legal person intended for the acquisition of materials for the construction, expansion or renovation of residential or non-residential real estate;

IX - residential real estate: the unit built in an urban or rural area for residential purposes, according to the regulations governing the construction of the locality in which it is located;

X - new residential real estate: the residential real estate that:

a) is under construction or production; or

b) has up to one hundred and eighty days of "occupancy permit", or an equivalent document issued by a competent public authority or, in cases of longer periods, if it has not been inhabited or alienated; and

XI - credit quota: the percentage resulting from the ratio between the nominal value of the real estate credit operation, including principal and ancillary expenses, and the appraised value of the real estate given as collateral, determined on the date of contracting." (NR)

"Art. 3º .....................................................................................................................

Sole paragraph. The SFH is composed, in addition to the entities listed in art. 8 of Law No. 4,380, of August 21, 1964, by other financial institutions authorized to operate by the Central Bank of Brazil and closed complementary pension entities." (NR)

"CHAPTER III

ON
REAL ESTATE CREDIT" (NR)

"Art. 5º Real estate credit operations may be freely agreed upon by the parties, observing the following essential conditions:

...................................................................................................................................

IV - contracting, by debtors, the insurance coverage required by current legislation and regulation, when applicable.

§ 1º Contracts for real estate credit operations may have a clause for updating the outstanding balance by a publicly known and regularly calculated price index or by the basic remuneration applicable to savings deposits, provided that they have a minimum term and adjustment periodicity of one year.

§ 2º The update referred to in § 1 may be performed on a monthly or longer basis, provided that the term of the operation is not less than thirty-six months.

§ 3º Real estate credit operations whose outstanding balance is updated by the basic remuneration applicable to savings deposits may be remunerated by the additional remuneration referred to in art. 12, caput, item II, letters "a" and "b", of Law No. 8,177, of March 1, 1991, combined with a fixed interest rate." (NR)

"Art. 5º-A Financial institutions may request, in loan operations to natural persons secured by residential real estate, the contracting of insurance coverage that provides coverage for the risks of death and permanent disability of the borrower and physical damage to the real estate.

Sole paragraph. If they exercise the option referred to in the caput, financial institutions must observe the legal and regulatory provisions that regulate the matter within the scope of housing financing operations, including:

I - the availability, as policyholder and beneficiary, of a minimum quantity of policies issued by different insurance entities, observing that at least one of them is not controlled by the policyholder or affiliated with it; and

II - the acceptance of individual policies presented by applicants for credit." (NR)

"Art. 6º The credit quota may not exceed:

I -
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a) financing to a natural person for the acquisition of residential real estate;

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§ 1º The credit quota referred to in item I of the caput may be up to 90% (ninety percent) in the case of using the Constant Amortization System – SAC or the Increasing Amortization System – Sacre.

§ 2º In the event that the same real estate serves as collateral for more than one credit operation, the ratio between the sum of the nominal value of the new operation and the outstanding balances of the already secured operations, including principal and ancillary expenses, and the appraised value of the real estate given as collateral, on the date of contracting the new operation, may not exceed the applicable credit quota limit for the predominant credit operation.

§ 3º For the purposes of § 2, the predominant credit operation is the one that has, on the date of contracting the new operation, the highest value between the nominal value of the new operation and the outstanding balance of each of the already secured operations, considering as predominant, in case of equality, the operation with the oldest contracting date.

§ 4º If there is no credit quota limit defined for the predominant credit operation, the ratio referred to in § 2 may not exceed the limit applicable to the operation that has, on the date of contracting the new operation, the highest value between the nominal value of the new operation and the outstanding balance of each of the already secured operations, considering the operations that have a limit established.

§ 5º In the event that a credit operation is secured by more than one residential real estate, the credit quota must be calculated considering the sum of the appraised values of the real estate.

§ 6º The credit quota limits referred to in the caput do not apply to operations that come to have real estate collateral after their contracting due to renegotiation or restructuring." (NR)

"Art. 7º The real estate credit operations referred to in this Resolution must be secured by:

I - in the case of real estate financing operations intended for the acquisition, construction and production of real estate:

a) fiduciary alienation of the real estate object of the operation;

b) fiduciary alienation of another real estate of the borrower or of third-party real estate;

c) mortgage, in first degree, of the real estate object of the operation;

d) mortgage, in first degree, of another real estate of the borrower or of third-party real estate;

e) fiduciary assignment of credit rights resulting from contracts for the alienation of real estate;

f) pledge of credit rights or acquisition rights resulting from contracts for the sale or promise of sale of real estate; or

g) fiduciary assignment of credit rights or acquisition rights resulting from contracts for the sale or promise of sale of real estate; and

II - in the case of loan operations to natural persons secured by residential or non-residential real estate:

a) fiduciary alienation of real estate of the borrower or of third parties; or

b) mortgage of real estate of the borrower or of third parties.

...................................................................................................................................

§ 1º The contracting of additional guarantees is optional at the discretion of the lending institution." (NR)

"Art. 7º-A The credit rights received as collateral by financial institutions and other institutions authorized to operate by the Central Bank of Brazil relating to operations for financing the production of real estate must be registered or deposited in a system for the registration or centralized deposit of financial assets.

........................................................................................................................." (NR)

"Art. 7º-B ..................................................................................................................

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II -
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b) the institution responsible for issuing the payment instruments for the financial obligations related to the purchase and sale contract or promise of purchase and sale;

c) the method of monitoring, through an electronic interface provided in the systems referred to in art. 7º-A, information on the evolution of the debt related to the purchase and sale contract or promise of purchase and sale, including paid, overdue and due installments;

d) the method of issuing receipts of discharge of financial obligations related to the purchase and sale contract or promise of purchase and sale through an electronic interface provided in the systems referred to in art. 7º-A; and

........................................................................................................................." (NR)

"Art. 8º In contracting the real estate credit operations referred to in this Resolution, the charging of fees related to the provision of services by financial institutions and other institutions authorized to operate by the Central Bank of Brazil must comply with the provisions of current regulation." (NR)

"Art. 8º-A ..................................................................................................................

I - contracting of a new operation, including due to the extension of fiduciary alienation or mortgage and the fiduciary alienation of subsequent property;

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§ 4º ...........................................................................................................................

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III - costs and expenses related to the provision of the appraisal or reappraisal service in the event that the operation is not contracted due to the decision of the lending institution.

........................................................................................................................." (NR)

"Art. 9º The release of resources related to real estate financing operations intended for the acquisition of real estate may only be carried out after the constitution of the respective collateral." (NR)

"Art. 10. The charging of charges for delay in the payment of obligations related to real estate credit operations must comply with the provisions of current regulation.

...................................................................................................................................

" (NR)

"Art. 11. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil, in contracting real estate credit operations with natural persons, must observe, at a minimum, the following criteria:

I -
...............................................................................................................................

a) the establishment of the credit quota must consider loans and financing previously contracted by the credit applicant in the National Financial System; and

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§ 1º The procedures for establishing the credit quota and assessing income commitment must consider the information existing in the lending institution itself, in the Credit Information System – SCR, in registration systems and databases with information on compliance.

...................................................................................................................................

" (NR)

"Art. 14. ....................................................................................................................

I - fees provided for in the regulation that provides for insurance coverage for housing financing operations; and

........................................................................................................................." (NR)

"Art. 17. ....................................................................................................................

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XII - loans secured by fiduciary alienation of real estate contracted until November 12, 2020 based on Resolution No. 4,837, of July 21, 2020, provided that they share collateral with credit operations eligible for the purposes of meeting the exigibility referred to in art. 15.

........................................................................................................................." (NR)

"Art. 22-B. The contracting of new credit operations secured by the extension of fiduciary alienation or mortgage must meet the following conditions:

I - terms equal to or less than the remaining term of the original credit operation on the date of contracting the new operation; and

II - sum of the nominal value of the new operation and the outstanding balances of the already secured operations less than or equal to the guaranteed value stated in the original collateral title, also observing the provisions of art. 6, § 2.

Sole paragraph. It is optional, in the new real estate credit operations referred to in the caput, to agree on remuneration, monetary update and amortization conditions distinct from those agreed upon in the original credit operation." (NR)

"Art. 22-C. In new credit operations secured by the fiduciary alienation of subsequent property, it is optional to agree on a term and conditions of remuneration, monetary update and amortization distinct from those agreed upon in the original credit operation." (NR)

Art. 3º The following provisions of Resolution No. 4,676, of July 31, 2018, published in the Official Gazette of the Union on August 2, 2018, are revoked:

I - items III, IV, V, VI and VII of the *caput and § 2 of art. 7º;

II - § 5 of art. 13;

III - §§ 2 and 3 of art. 17;

IV - art. 20-A; and

V - art. 22-A.

Art. 4º This Resolution enters into force on July 1, 2025.

ROBERTO DE OLIVEIRA CAMPOS NETO
President of the Central Bank of Brazil