Resolution No. 2,640

RESOLUTION No. 002640 ------------------- Provides for the contracting of correspondents in the Country. THE CENTRAL BANK OF BRAZIL, in the form of art. 9 of Law No. 4,595, of 31 December 1964, makes public that the NATIONAL MONETARY COUNCIL, in a session held on 25 August 1999, based on arts. 4, items VI and VIII, 17 and 18, paragraph 1, of the aforementioned Law and 14 of Law No. 4,728, of 14 July 1965, and in view of the provisions of art. 3, item V, of the mentioned Law No. 4,595, of 1964, R E S O L V E D: Art. 1 To authorize multiple banks with a commercial portfolio, commercial banks and the Federal Savings Bank to contract companies for the performance of the functions of correspondent, with a view to the provision of the following services: I - reception and forwarding of proposals for opening demand deposit, time deposit and savings accounts; II - receipts and payments relating to demand deposit, time deposit and savings accounts, as well as to investments in and redemptions from investment funds; III - receipts and payments arising from service provision agreements maintained by the contracting party in the form of the regulations in force; IV - active or passive execution of payment orders in the name of the contracting party; V - reception and forwarding of loan and financing requests; VI - credit analysis and registration; VII - execution of collection of instruments; VIII - other control services, including data processing, of the agreed operations; IX - other activities, at the discretion of the Central Bank of Brazil. Paragraph 1 The authorization provided for in this article may be exercised by multiple banks with a credit, financing and investment portfolio and credit, financing and investment companies, in relation to the services referred to in items V to VIII. Paragraph 2 The contracting of a company for the provision of the services referred to in items I and II depends on prior authorization from the Central Bank of Brazil, and in the other cases must be the subject of communication to that Autarchy. Paragraph 3 The services provided for in items I and II may only be provided in a municipality unassisted by a bank branch, Banking Service Point (PAB) or Advanced Service Point (PAA), and the contracting financial institution must, in the event of the installation of any of those dependencies in the locality, take measures so that the contracted company ceases to provide said services within 180 days. Art. 2 The contracts referring to the provision of correspondent services under the terms of this Resolution must include clauses providing for: I - the total responsibility of the contracting financial institution for the services provided by the contracted company; II - the prohibition, to the contracted company, of: a) sub-establishing the contract to third parties, totally or partially; b) making an advance on account of funds to be released by the contracting financial institution; c) issuing, in its favor, payment books or
instruments relating to the intermediated operations; d) charging, on its own initiative, any fee related to the provision of the services to which the contract refers; e) providing any type of guarantee in the operations to which the contract refers; III - that the financial settlements between the contracting financial institution and the contracted company must occur, at most, every two business days; IV - that, in loan and financing contracts, the release of funds will be made by means of a nominative check, issued by the contracting financial institution in favor of the beneficiary or the selling commercial company, or credit to the demand deposit account of the beneficiary or the selling commercial company; V - the obligation to disclose, by the contracted company, on a panel affixed in a place visible to the public, information that makes explicit, unequivocally, its condition as a mere provider of services to the contracting financial institution. Sole paragraph. Alternatively to the payment scheme provided for in item IV, the release of funds may be processed by means of a nominative check issued by the contracted company, acting on account and by order of the contracting financial institution, in favor of the beneficiary or the selling commercial company, provided that, daily, the total value of the checks issued is identical to that of the funds received from the contracting financial institution for such purpose. Art. 3 The companies contracted for the exercise of the function of correspondent under the terms of this Resolution are subject to the penalties provided for in art. 44, paragraph 7, of Law No. 4,595, of 1964, if they come to practice, on their own account and order, operations exclusive to a financial institution. Art. 4 The Central Bank of Brazil is authorized to issue the norms and adopt the measures deemed necessary for the execution of the provisions of this Resolution. Art. 5 This Resolution enters into force on the date of its publication. Art. 6 Resolution No. 2,166, of 30 June 1995, and Circular No. 220, of 15 October 1973, are revoked. Brasília, 25 August 1999 Arminio Fraga Neto President