The functioning of collateral management institutions will be regulated by the National Monetary Council (CMN) and the Central Bank of Brazil will supervise and authorize the exercise of these activities. Photo: Marcello Casal Jr / Agência Brasil
President Jair Bolsonaro transmitted to Congress this Thursday (25) the bill which deals with measures to improve the credit market in the country. The new framework for guarantees deals with the specialized management service and the improvement of the guarantee rules, the early repayment of Letras Financeiras, among other actions aimed at stimulating the credit market. “The measures provided for in the bill aim to improve the confidence of the guarantees provided to credit operations, by facilitating their realization. The proposal has the potential to take advantage of credit at the national level and contribute to the development of the Brazilian financial market, ”said a statement from the General Secretariat of the Presidency.
According to Planalto, the specialized collateral management service aims to facilitate the use of collateral through the provision of these services by institutions. They will be legal entities of private law responsible for the constitution, use, management and sharing of guarantees in credit operations agreed between the debtor and the financial institutions. The functioning of collateral management institutions will be regulated by the National Monetary Council (CMN) and the Central Bank of Brazil will supervise and authorize the exercise of these activities.
Among the proposals, the text provides that the same property can guarantee more than one credit operation, through the extension of the movable mortgage. Thus, the rights resulting from the payments made can serve as a guarantee for new and autonomous credit operations, provided that they are contracted with the financial institution holding the trust and that there is no other obligation contracted. with a creditor and guaranteed by the same property. .
The bill also provides for extrajudicial foreclosure of mortgage credit, regardless of the contractual provision, in addition to providing for extrajudicial foreclosure of the real estate guarantee in the event of competition from creditors. “The changes in mortgage rules aim to bring this guarantee instrument closer to the effectiveness found in movable mortgages. The proposal also regulates the activities of the guarantee agent, who will be able to establish, register, manage and (judicially) enforce guarantees and, when authorized by law, promote the ‘extrajudicial execution of the guarantee,’ the government said.
The bill also provides that the National Monetary Council may waive the minimum term requirements and early repayment conditions with respect to financial invoices for which payment of the agreed principal and interest is subject to the payment of credit rights therein. are associated.