Chamber approves project that expands the use of assets as collateral in more than one loan

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‘Legal Framework for Guarantees’ goes to sanction; economic team assesses which measures will stimulate the credit market. The possibility of seizing the family’s only property was removed. The Chamber approved this Tuesday (3) the project known as the “Legal Framework for Guarantees”, which changes the rules for the use of assets, such as real estate or vehicles, as collateral for loans. The text had already been approved by deputies in June last year, but returned for a second analysis after changes made by the Senate. According to the government leader in the Chamber, José Guimarães (PT-CE), the text approved in the Chamber “is well-organized” and was agreed with the government. The proposal, which now goes to presidential sanction, deals with the conditions required to carry out a seizure, mortgage or in the case of transfer of property to pay debt (fiduciary alienation). Senate approves the legal framework for loan guarantees According to the approved text, the same asset can be used as guarantee in more than one loan request. As it is today: a property worth R$200,000, for example, can only be used as collateral for a single credit operation until the amount is paid — even if the debt is of a smaller value, such as R$50,000. As the project suggests: now, the remaining R$150,000 of the asset can also serve as collateral for other loans. In the case of using vehicles as collateral, the text allows the vehicles to be taken without going to court, in case of default. The extrajudicial procedure can be carried out either at notary offices or at local traffic departments. The project’s rapporteur in the Chamber, João Maia (PL-RN), welcomed a change made by the Senate to remove the creation of Guarantee Management Institutions (IGGs), private entities that would be responsible for managing and operationalizing guarantees. Another change made by senators and accepted by the Chamber maintains Caixa Econômica’s monopoly on civil seizure operations. But the rapporteur rejected a provision included by the Senate that provided that, after paying off the first loan, the owner would receive the values ​​of one of the auctioned goods. According to the rules approved by the deputies, the amount will only be transferred when all loans are paid off. Unseizability of family assets When approved for the first time in the Chamber, in June 2022, the text allowed the seizure of the family’s only property — which is prohibited by law in the case of fiduciary alienation. At the time, the text was criticized by Psol parliamentarians, who believed that the measure would allow the home of a family that eventually defaulted to be confiscated. In the Senate, however, this possibility was removed, which was also accepted by the rapporteur in the Chamber. Stimulating credit versus debt Despite being a project authored by the Jair Bolsonaro government, the text is also defended by Lula’s economic team and is among the measures announced by the Ministry of Finance to stimulate the credit market. The department’s assessment is that, by reducing the risk of default, there will also be a reduction in interest rates and an expansion of access to credit, in addition to increasing legal security and, consequently, leading to an improvement in the business environment. “If the Guarantee Framework is approved, we can increase family consumption, which will be less indebted and with greater purchasing power”, said the Minister of Finance, Fernando Haddad, at the beginning of September. On the other hand, the Brazilian Institute for Consumer Protection (Idec) assesses that the use of the same asset as a guarantee in more than one operation can bring “risk” to the consumer and result in an increase in family debt. “Without financial education there is no guarantee, only more debt. Encouraging the use of credit with the guarantee of movable and immovable assets, without information and with the appeal of reducing the interest rate, is a great risk to consumers”, says the institute. In the entity’s assessment, the project does not highlight the criteria that must be met to ensure the responsible granting of credit.

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