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Today (05), the Senate Economic Affairs Committee (CAE) approved a document suggesting changes to loan guarantees. Find out which ones.
On the same day (05), the Executive Branch proposed and drafted a Bill (PL) that the Senate Economic Affairs Committee (CAE) approved. The aforementioned text addresses the Legal Framework for Loan Guarantees, suggesting some changes in this area.
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Since its drafting in 2021, the bill has undergone changes, adapting to the approval of various committees. However, the proposal essentially seeks to considerably reduce the risks of default in order to minimize losses for banks.
The Legal Framework for Loan Guarantees must pass through other committees before the president can enact it into law. However, the subject is complex and involves legal issues. Therefore, below we explain how the law could modify loans.
Why was the Legal Framework proposed?
First of all, it is important to emphasize that reducing the risks of default will also lead to lower interest rates. The project's main proposal is to reduce bureaucracy surrounding credit guarantees within the legal sphere.
Currently, the landscape surrounding loan agreements is bureaucratic. Interest rates represent a major obstacle to obtaining this service, and the guarantee options are limited.
This has a negative impact on the market and society, making new ventures, for example, unfeasible. In addition, families face general difficulties acquiring important goods.
Some significant changes that may occur with the approval of this law
The bill proposes the dejudicialization of the enforcement of judicial and extrajudicial enforceable titles. In practice, this would simplify procedures for the recovery of assets. Currently, for example, creditors use legal actions to collect on defaults on secured loans.
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The only exception applies to loans secured by real estate. With its approval, negotiations between the parties become easier, allowing the use of movable assets in extrajudicial collection. In addition, we can list other important points, which are:
- The monopoly of the Caixa Econômica Federal in permanent and continuous civil pawn operations;
- The permission for a single property to be used as collateral for more than one loan. However, the seizure of a family's only property to pay debts would be prohibited;
- The exemption from Income Tax on income earned by beneficiaries domiciled abroad involving investment funds.
