The decision gives the banks 90 days to signal their renewed proposal

Desenrola Bill Rapporteur, Vice Alencar Santana (PT-SP), on Thursday (August 24, 2023) proposed that banks submit a proposal within 90 days after the Revolving Credit Cards Interest Cut Act is passed.

Alencar will state in his text that if the sector does not submit a proposal within that period, the interest will be capped at a maximum of 100% of the principal amount of the debt.

“I don’t put a fixed percentage. I put the amount over time, which will be the maximum interest charged –It is the main valueAl-Nakar told reporters when presenting the details of the project, which includes the debt renegotiation programme.

The deputy explained that the method by which this result will be reached will be regulated by the Federal Monetary Council and that he only proposes a ceiling.

The average annual rate for revolving credit cards is 450% annually, according to Alencar. He stated that the ratio “It’s absurd.”. The latest data released by the BC (Central Bank), in June, shows the value at 437.25% annually. The rapporteur promised to submit the text by Thursday night (24 August).

After an agreement was reached between Congress and Planalto, Desenrola, initially posted as a Member of Parliament (temporary measure), was incorporated into the interest-dealing bill written by the MP Elmar Nascimento (Uniao Brasil-BA).

Earlier, the mayor said Arthur Lyra He said (PP-AL) that the draft will begin discussion in the House of Representatives next week. According to Lyra, if the leaders agree to the text of the decision, the text can be voted on as well.

“If Rep. Alencar’s report is enough at the leaders’ meeting, he can vote. But not necessarily.”Lyra told reporters about the possibility of appreciating the topic in plenary session.