A measure, which still needs to be approved by Congress, allows the same property to be used in more than one guarantee
O federal government presented this Thursday, 25, a series of measures to facilitate access to credit and reduce interest rates by increasing market competitiveness. Baptized as a new guarantee framework, the proposal aims to democratize access to sector information and change rules for the compensation given by companies and individuals in the acquisition of loans, such as using the same property as collateral for a financial transaction. The measure also allows any asset, such as a cell phone or jewelry, to be used as collateral when acquiring loans. The change package was released as a bill and has yet to be approved by the National Congress. According to the Ministry of Economy, the specialized collateral management service should improve the business environment and impact the drop in fees charged by institutions for the acquisition of credit. The service will be operationalized by the Guarantee Management Institutions (IGGs), companies responsible for evaluating the assets given as collateral and for defining the amount that can be borrowed. The IGGs will have their operation authorized by the Central Bank (BC) based on criteria defined by the National Monetary Committee (CMN).
With the changes, individuals or legal entities that take credit will be able to offer their guarantees for the IGGs to break up the goods presented. According to the Ministry of Economy, companies that already have experience in valuing assets or companies that register assets may become IGGs. The forecast of the economic team is that different IGGs will be created focused on different types of properties. “In real estate, there will be an IGG pattern. There is a market for cars, cell phones, jewelry. may have fintechs discovering new markets and leveraging guarantees much faster and at a very low cost”, says the secretary of Economic Policy, Adolfo Sachsida. These companies will define the guarantee limit that the borrower may have access to in various institutions of the financial system. The base of the system is quite similar to the open finance, where financial institutions share customer information and have access to different data. “We are creating the ‘open guarantee’, where the protagonist of the guarantee market is the owner of it”, says the secretary.
Among the main changes proposed by the bill is the possibility for the borrower to offer the same good for different operations. Currently, it is forbidden to take out new loans using the same property as collateral. With the change, the person who owns a home of R$ 1 million, for example, will be able to split this amount to take out loans of different amounts through a contract with the IGGs. The change is also valid for loans from legal entities. “Entrepreneurs find it very difficult to get loans based on guarantees. For example, today he puts a shed or a company machine as guarantee, if the machine is worth R$ 200 thousand, and he borrowed R$ 20 thousand, the entire machine is guaranteed to the bank. It’s wrong. The other R$ 180,000 has to be for the entrepreneur, and thus interest rates will drop, he will be able to do more business and generate more jobs”, explains Sachsida.