The Brazilian Chamber of Deputies on Wednesday night completed action on a bill creating a mandatory register of “creditworthy” individuals and companies. Members of the lower house of Congress defeated a series of crippling amendments, sending the bill to the Senate. The legislation makes it mandatory for banks and other financial institutions to maintain a registry of creditworthy individuals and companies. It also gives companies and government agencies access to the registry. Under the bill, individuals and companies can only remove themselves from the registry by signing an explicit statement opting out of the system. The bill is designed to broaden credit availability, streamline credit-granting operations and reduce costs.
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