SEC Memorandum Circular No. 7 dated September 15, 2011
This SEC MC adopts BSP Circular No. 730 dated July 20, 2011 on updated
rules implementing the Truth in Lending Act to enhance loan transaction
transparency.
It its commitment to protect the uninformed use of credit by borrowers
or users and in compliance with Truth in Lending Act requiring the full
disclosure of the true cost of credit, the SEC adopts BSP Circular No. 730
dated July 20, 2011 on updated rules implementing the Truth in Lending Act to
enhance loan transaction.
Non-compliance with the Circular shall subject the creditor concerned
to the following penalties:
a. First
Offense: Basic fine of Php20,000 and
Php100 each day of continuing violation;
b. Second
Offense: Basic fine of Php25,000 and
Php100 each day of continuing violation;
c. Third
Offense: Basic fine of Php30,000 and
Php100 for each day of continuing violation;
Fourth Offense: Suspension/revocation of the Certificate of
Authority to Operate as a Lending or Financing Company.
Technical Briefs – September to October 2011
Accounting Times Vol. 62 No. 3
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