1/31/2022
In November 2021, the Federal Government sent Bill No. 4,188/21 to the National Congress, which intends to foster the supply of credit, create Guarantee Management Institutions (IGGs), regulate the “Guarantee Agent” and reduce the complexity of the financial system for credit taking.
As for the modifications to the regulation of real estate guarantees, it is noteworthy that, if the bill is approved, one same piece of real estate may serve as a guarantee for several operations, unlike what currently occurs, in which there is only one bank and one loan related to the real estate, which serves as a guarantee to settle the debt, in case of default.
The proposal also contemplates the figure of the guarantee agent, who will be designated by the creditors of the guaranteed obligation, and may manage, constitute, register and claim the execution of the guarantee.
The “Guarantee Agent” may be, at the creditors’ choice, be one of the creditors or a third party and may be replaced at any time, by decision of the individual creditor or of the concurrence of creditors, subject to the quorum of a simple majority of the secured claims.
In addition, a specialized guarantee management service will also be created, conducted by the Guarantee Management Institutions (IGGs): these are private law legal entities regulated by the National Monetary Council and supervised by the Central Bank.
The objetive of these IGGs is to facilitate the constitution, use, management, complementation and sharing of guarantees used for credit operations contracted with one or more financial institutions, as well as to carry out the interconnecting with financial institutions, the administrative management of guarantees constituted on movable or immovable property, to execute them and manage risks inherent to these services, among other attributions.
Furthermore, it was also proposed to end monopoly of the Caixa Econômica Federal in civil pledge operations, allowing different financial institutions to operate with these guarantees, in order to stimulate banking competition and, consequently, reduce costs and fees for taking out loans.
As seen, the bill, if approved, may contribute to the development of the credit market, by making it possible to generate greater efficiency and agility in the management of guarantees, which may result in the reduction of deadlines and costs for taking out loans and the recovery of the economy.
