Senate Approves Automatic Salary Portability Bill, Sends Measure to Lula

Overview

• The approved bill mandates automatic payroll portability when a worker opens a new salary account, requiring the original bank to comply within two business days unless it provides a clear, objective justification.
• Customers may authorize automatic debits from accounts held at different institutions, with cancellation permitted on request and fees to be defined by the Central Bank.
• A new lower‑interest credit modality is created that conditions cheaper rates on stricter terms, including irrevocable automatic debits until payoff, potential seizure of salary amounts above 20 minimum wages, and electronic notifications.
• Consumer‑information rules are strengthened, requiring clear display of total effective cost and interest rates, monthly alerts on revolving debts, a ban on automatic credit‑limit increases without consent, and at least 30 days’ notice before rate hikes.
• The National Monetary Council will set guidelines and the Central Bank must regulate implementation within up to 180 days, with the portability process designed to be digital, simple, and accessible.