The House of Representatives, Complementary Law Project 496/18, is under analysis in the Chamber of Deputies, which intends to regulate the collection of interest rates on loans to rural producers. According to the Agência Câmara News, the new rate would be limited to the Selic.
The proposal also establishes that interest rates can not exceed 1/3 of the average applied by financial institutions in the previous quarter. Based on this average, the National Monetary Council (CMN) will disclose the maximum possible interest rates on a quarterly basis.
The author of the proposal, MP Heuler Cruvinel defended the text stating that the financial market “explores in a cowardly and irresponsible way” instead of supporting agribusiness. According to him, in many countries around the world, especially in Europe, they already have some type of regulation in the definition of fees charged by banks.
At this moment, the PLC is under a priority regime and will be analyzed by the Commissions on Agriculture, Livestock, Supply and Rural Development; Finance and Taxation; and of Constitution and Justice and Citizenship. Then the text goes to the Plenary.
This text was translated by machine from Brazilian Portuguese.