Changes to the Civil Code: adjustment for inflation by IPCA and interest by Selic


In brief

On July 1, the Law No. 14,905/24 was published, introducing important changes to the Civil Code regarding monetary adjustment and interest, as well as cancelling the application of Decree-Law No. 22,626/1933 (Anti-usura Law) to certain legal relationships.

More details

In view of such new law, if the monetary adjustment index has not been agreed  by the parties or is not provided for in a specific law, the National Consumer Price Index (called IPCA) will be applied. The Selic rate is now expressly indicated in §1 of article 406 of the Civil Code, and will serve as a reference for calculating interest, although the portion corresponding to the monetary adjustment calculated by the IPCA shall be deducted from its calculation. The Selic rate is also now the limit for interest on loans for economic purposes (Civil Code, article 591). In practice, the legislation should lead to a new methodology for applying the Selic rate, which until now has been the index used for interest and monetary adjustment together.

The Selic rate is already in force (although art. 406, §2° provides that the calculation method will be still defined by the National Monetary Council and published by the Central Bank). The other changes, such as the use of the IPCA for monetary restatement, will only come into force within 60 days after the publication of the law. Strictly speaking, these changes should have repercussions on – and be detrimental to – the ongoing discussion before the Special Court of the Superior Court of Justice about the use of the Selic rate for monetary adjustment and the calculation of interest on judicial debts.

Finally, article 3 of Law No. 14,905/24 establishes that the Anti-usura Law does not apply to obligations:

I – contracted between legal entities;

II – represented by bonds or securities;

III – contracted with: a) financial institutions and other institutions authorized to operate by the Central Bank of Brazil; b) investment funds or clubs; c) leasing companies and simple credit companies; d) civil society organizations of public interest referred to in Law No. 9,790, of March 23, 1999, which are dedicated to granting credit; and

IV – carried out on the financial, capital or securities markets.

Share on Social Media
Trench Rossi Watanabe
São Paulo
Rua Arq. Olavo Redig de Campos, 105
31º andar - Edifício EZ Towers
Torre A | O4711-904
São Paulo - SP - Brasil

Rio de Janeiro
Rua Lauro Muller, 116 - Conj. 2802
Ed. Rio Sul Center | 22290-906
Rio de Janeiro - RJ - Brasil

Saf/s Quadra 02 - Lote 04 - Sala 203
Ed. Comercial Via Esplanada | 70070-600
Brasília - Distrito Federal - Brasil

Porto alegre
Av. Soledade, 550
Cj. 403 e 404 | 90470-340
Porto Alegre - RS - Brasil

Ícone do Instagram
Ícone do Podcast
Ícone do Facebook
Ícone do YouTube
Ícone do Linkedin