Chamber approves project that allows using property as collateral in more than one loan

The Chamber approved this Wednesday (1st) the project that removes from Caixa Econômica Federal the monopoly of civil pledges and that allows the same property to be given as collateral for more than one loan, in an attempt to stimulate credit in the country. .

The basic text of the project, authored by the Executive, was approved by 260 to 111. The deputies rejected suggestions to change the text, which now goes to the Senate.

In the justification, Minister Paulo Guedes (Economy) says that the proposal “has the potential to stimulate the reduction of interest rates, increase the number of credit alternatives and reduce operating costs for financial institutions.”

Today, it is possible to give the property as collateral to obtain a lower interest loan. However, a single asset can only serve as a guarantee for taking out a credit. In his opinion, the rapporteur, deputy João Maia (PL-RN), gives the example of a property worth R$ 1 million given as a guarantee for a credit of R$ 100 thousand.

With the project, it will be possible to take out more loans with this same property of R$ 1 million, releasing the R$ 900 thousand so that the owner of the property can contract credits at the same bank or at other financial institutions.

The same good is given by a debtor as collateral in credit operations signed with different creditors, which are given priority order for the execution of the guarantee.

In the rapporteur’s assessment, “it is evident that the original creditor financial institution itself, without having these R$ 900 thousand exclusive for its own credits, should also offer more attractive rates to the debtor in subsequent credits.”

In addition, as the debtor pays off his debt, he can take out more loans in the amount corresponding to what he has already paid off.

Successive fiduciary properties would be set up on the same property. The order of registration defines priority among creditors.

The bill also changes the law that deals with the unseizability of family property. The proposal authorizes the judicial execution of property offered as collateral, even when the debt is owed to a third party.

Maia states that the text “ensures coherence”, arguing that “it makes no sense to assign different treatments to mortgage and fiduciary alienation in guarantee” and also “because one should not protect someone who offers property in guarantee and, in the face of non-compliance of guaranteed obligations, alleges the unseizability of his property.”

The rapporteur, however, removed the possibility of attachment of small rural properties and excluded rural producers from the scope of application of the rules on extrajudicial foreclosure of mortgages.

The proposal also ends the monopoly of Caixa Econômica Federal in relation to civil pledges. According to the rapporteur, there is a lack of clarity “on the distinction between the actions of public banks as operational arms of public policies and as banks themselves, in which case they cannot have any kind of privilege.”

The project creates a specialized collateral management service, with the aim of facilitating the use and sharing of collateral used for credit operations.

This institution will be responsible for constituting, managing and claiming the execution of new guarantees constituted on the same asset that was given as a guarantee and that is in its ownership. According to the text, the guarantee manager will not be able to carry out any activity typical of a financial institution, including credit operations.

The project extends from 30 to 60 days the deadline for the creditor to hold a public auction for the sale of the property. The intention is to enable the participation of more interested parties in the dispute.

According to the text, in financing not aimed at the purchase or construction of residential property, if the amount obtained by the auction is not sufficient to fully pay the debt, charges and costs, the debtor will continue to be obliged to pay the remaining balance. The collection can be through enforcement action.

The project also increases from 3% to 10% the limit on savings deposits that can be used for a home loan, in a change that is valid until June 30, 2022.

João Maia accepted an amendment that reduces the income tax rate to 0% for foreign investors who buy private securities, such as FIDC (credit rights investment fund) and financial bills. In the justification, he says that, today, there are different rates for investment in public and private debt, shares of investment funds of different types and shares.

“One of the consequences of this is that foreign investments in corporate fixed income as a proportion of total foreign investments in financial assets in Brazil is significantly lower than in other countries”, he says.

According to him, the amendment “contributes to the legal regime for the taxation of foreign investments and, consequently, the level of investments in certain types of assets in Brazil, approaching that verified in other countries.”

The text revokes the provision that provides for the participation of a representative of the CVM (Securities Commission) in the National Council of Private Insurance. According to the rapporteur, initiatives that require the involvement of the autarchy can be dealt with through agreements and committees between the CVM and Susep (Superintendence of Private Insurance).

There is also a change involving Fundeb to allow that, in cases where state or municipal governments hire a public or private bank to facilitate the payment of salaries, salaries and benefits, Fundeb resources can transit through the accounts of these institutions.

The rapporteur also includes the possibility of using mining bonds as collateral.