CMN will have 90 days to set interest and fee limits charged on revolving bill and installment payments
Chamber agency
The Chamber of Deputies approved at the end of Monday (4) an urgent request for Bill 2685/22, by Representative Elmar Nascimento (Uniao-BA), which refers to the National Monetary Council (CMN) regarding setting limits for credit card interest.
And by the system of urgency, the proposal can be voted on in the sessions following the plenary session, without the need to pass through the committees.
According to the preliminary opinion of the Project Rapporteur, Rep. Alencar Santana (PT-SP), CMN will have 90 days, on the proposal of the credit card issuers, to set interest and fee limits for the loan installment. Invoice in periodic and installment methods.
If interest limits are not approved within 90 days of future publication of the Act, the total interest and fees charged cannot exceed the original amount of the debt.
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The decision also included in the draft the full text of Interim Action 1176/23, which established the Desenrola Brasil Program in order to encourage the renegotiation of debts, offering guarantees for those of small value (up to R$5,000).
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debt portability
New in relation to the original project is the possibility of transferring credit card debt and other debts associated with it, even those already paid in installments by the card itself.
Thus, consumers will be able to look for lower interest offers to settle their debts.
The regulation will also be up to CMN within 90 days of the future law being passed. The idea is to encourage competition between card issuers.
All financial institutions, official or private, including those that extend credit but do not act as banks, must adopt measures to prevent defaults and over-indebtedness, with specific measures for financial education for their clients.
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