Senate approves Marco das Garantias and maintains unseizable only family property

The senators approved, on the night of this Wednesday (5), the bill for the new Legal Framework for Loan Guarantees, which has been amended and is now going back to the Chamber of Deputies for a new analysis.

The Marco das Garantias reformulates the norms that regulate loan guarantees in order to reduce the risk of default by the debtor and, thus, reduce the cost of credit. Among the main highlights are what prohibits the pledge of a single family property, the possibility of pledging the same property as collateral for more than one loan and the maintenance of the pledge monopoly by Caixa.

The project also allows for extrajudicial execution of loans. Currently, creditors need to go to court to collect the assets given as collateral in case of default.

Senator Weverton Rocha (PDT-MA), rapporteur for the proposal, stressed that the idea would not prevent the pursuit of Justice, as a last resort, but would help to avoid overload. “If you, in the dejudicialization process, do not solve your problem, any party can sue. And then a whole procedure begins, but with the judge unoccupied and focused on what really matters within his collection. That’s what it’s all about,” he said.

The Marco das Garantias was proposed in 2021 by the federal government, a project defended by the current Minister of Finance, Fernando Haddad, to encourage the reduction of interest rates, increase credit alternatives and reduce operating costs for financial institutions.

In addition to removing the rules for dejudicializing executions, Rocha proposed other significant changes in relation to the text approved by the Chamber of Deputies.

The monopoly of Caixa and Banco do Brasil for paying teachers is also restored. These banks are the only ones that can administer the resources of the Fund for the Maintenance and Development of Basic Education and for the Valorization of Education Professionals (Fundeb). The rapporteur alleged that this initiative deviates from the theme of the project.

The bill also disciplines electronic summons in the protest, in which when the debtor is not found either at the location of the property given as collateral or at the last address provided, if there is an electronic contact for that debtor (such as e-mail) in the contract, it is essential to sending the subpoena in this way at least 15 days before the publication of the public notice.

The protest notary may use electronic means or cross-platform application of instant messages and voice calls to send subpoenas, in which case the subpoena will be considered fulfilled when proof of receipt is confirmed by means of confirmation of receipt from the electronic platform.