Resolution CMN No. 869 — Authorizes credit, financing and investment companies to contract refinancing of lease contracts

RESOLUTION NO. 000869

THE CENTRAL BANK OF BRAZIL, in accordance with Article 9 of Law No. 4,595, of December 31, 1964, makes public that the MONETARY COUNCIL NATIONAL, in a session held on this date, having regard to the provisions of Article 4, item VI, of said Law, Article 14 of Law No. 4,728, of July 14, 1965, and Articles 7 and 23 of Law No. 6,099, of September 12, 1974,

HAS DECIDED:

I - To authorize credit, financing and investment societies to contract refinancing operations of lease contracts carried out by lessor societies authorized to operate by the Central Bank, up to the equivalent of 3 (three) times the paid-in capital and reserves of the financing institution, through the use of exchange acceptance resources.

II - The operations referred to in the previous item shall be considered as credit to the consumer or end user for the purpose of complying with the provisions of item I of Resolution No. 103, of December 10, 1968, and shall have the lease contracts themselves as their main guarantee.

III - In carrying out the operations referred to in item I, the individual responsibility of each lessor shall not exceed 10% (ten percent) of the applications of the credit, financing and investment society.

IV - Through an agreement to be entered into between the interested parties, the collection of installments due by lessees, relating to the contracts subject to refinancing, may remain under the responsibility of the lessor society.

V - Articles 24 and 28 of the Regulation annexed to Resolution No. 351, of November 17, 1975, shall come into force with the following wording, the terms of the sole paragraph of Article 28 remaining unchanged:

"Art. 24 - It is forbidden for lessor societies to co-oblige themselves by acceptance, guarantee, surety or any other form of guarantee, excepting only eventual co-obligations arising from credit cessions, as well as obligations linked to operations entered into with credit, financing and investment societies destined for the refinancing of lease contracts."

"Art. 28 - Investment banks, credit, financing and investment societies, development banks and savings banks may acquire from lessor societies credit rights originating from lease contracts, through instruments of credit assignment."

VI - The operations of acquisition of credit rights of lease contracts by credit, financing and investment societies are limited to the value of their paid-in capital and reserves.

VII - The operations carried out between credit, financing and investment societies and affiliated or interdependent lessor societies, in the modalities provided for in this Resolution, are subject to the provisions of Article 22 of the Regulation annexed to Resolution No. 351, of November 17, 1975.

VIII - In operations of assignment of credit rights, the assigning lessor society that assumes responsibility for the good liquidation of the credit shall have its respective co-obligation computed in the calculation of the operational limit established in Article 16 of the Regulation annexed to Resolution No. 351, of November 17, 1975.

IX - The refinancing operations provided for in item I of this Resolution and the operations of assignment of credit rights shall not be based on lease contracts concluded with backing in external loans or that contain an exchange parity clause.

X - The Central Bank may adopt the measures deemed necessary for the execution of this Resolution.

XI - This Resolution shall enter into force on the date of its publication, revoking Resolution No. 442, of August 24, 1977.

Brasília-DF, December 20, 1983

Affonso Celso Pastore
President