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Ricardo Tosto: New rule for charging late payment charges comes into effect from September

On February 23, the National Monetary Council (CMN) published a new Resolution – 4,558 – which regulates the collection of charges by financial institutions and leasing companies. The new rule changes how banks can charge fines and interest on customers who delay payments – is reported by the founding partner of law firm Leite, Tosto and Barros, lawyer Ricardo Tosto.

Resolution 4,558 replaces Resolution 1,129, dated May 15, 1986, which deals with the subject. It will take effect on September 1, 2017. From then on, Ricardo Tosto reinforces that financial institutions will no longer be able to charge the so-called “stay commission” of customers – a rate that can be calculated by the bank using the rates established in the contract or market rate on the day of payment, at the discretion of the institution to learn more:

Therefore, in the event of late payment or settlement of obligations, lawyer Ricardo Tosto points out that only the following charges will be charged:

Remuneration interest, per day of delay, on the instalment due;
Fine, in accordance with the legislation in force;
And interest for late payment under civil law.

The collection of any other amounts beyond these charges is prohibited. The Monetary Council also stipulated that the rate of compensatory interest should be the same as that agreed in the contract for the period of default – a way to reduce the percentage of interest payments, stresses the founding partner of Leite, Tosto and Barros, Ricardo Tosto. Financial institutions and leasing companies, in turn, shall amend their contracts.

The lawyer explains that, according to the deputy head of the Financial System Regulation Department of the Central Bank, Paula Leitão, the current rule – which speaks of a stay committee as a way of collecting interest payments – had created doubts, since it use of the fee stipulated in the contract or the rate in effect in the market at the time of default.

Ricardo Tosto also points out that in some situations, according to what the deputy chief reports, the institutions charged the interest already stipulated in contract, plus this stay commission. “It was decided to leave it more clearly. Only the fee that was signed in a contract at the beginning of the operation is worth “, clarifies Paula Leitão.

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Litigation with Karl Heideck
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