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IRR Lending Company Regulation Act of 2007 RA 9474
IRR Lending Company Regulation Act of 2007 RA 9474
(g) Charges on loan shall refer to agreed upon interest rate, service
charge, penalty, discount, and such other charges incidental to
lending activity.
and
loan
associations,
financing
companies,
(k) Networth shall refer to the excess of assets over liabilities, net
of appraisal surplus, unbooked valuation reserves, capital
adjustments, overstatement of assets and unrecorded liabilities.
Republic Act No.7653 (the New Central Bank Act) for purposes
of relending or purchasing of receivables and other obligations.
(m)
Exchange Commission
i.
Existing
Lending
Companies
organized
as
single
ii.
i.
Information Sheet;
ii.
iii.
Foreign
directors/officers,
in
addition
to
the
NBI
iv.
v.
and
undertaking
that
based
on
his/her
vi.
vii.
2) NBI
clearance
of
the
manager,
cashier
and
1) Head Office
An annual fee shall be paid not later than forty five (45) days
before the anniversary date of the CA.
(e)
Commencement of Operations
(f) Lending Companies shall use at least 51% of their funds for
direct lending purposes.
RULE 4. Capital
higher
minimum
capitalization,
if
warranted
by
the
circumstances.
PhP300,000.00
10
PhP150,000.00
PhP 75,000.00
: Municipalities
(a)
(b)
(c)
11
(d)
(a)
(b)
12
of
the
collection
and
lien
enforcement
procedures; and
x. Method of calculating the total amount of obligation in case
of default.
(a)
(b)
13
(a)
Due Date
Within
thirty
days
General Information Sheet (GIS)
from
(30)
annual
meeting, as stated in
its SEC approved bylaws
Within One Hundred
Twenty
Audited
prepared
Financial
by
an
(120)
days
Statements
external
auditor
from
end
of
fiscal
approved
by-
laws
Within
Special
Forms
for
thirty
(30)
Financial
days from the last day
of submission of the
14
annual
Audited
Financial Statements
Interim
semi-annual
statements
(using
financial
Special
Form)
Balance Sheet;
Income
and
Expense
Every July 15 and
statement;
Cash flow
Statement
January 15
of
Changes
in
Equity
(b)
Schedule of Liabilities
Aging of Receivables
(c)
15
i.
ii.
iii.
iv.
v.
16
(a)
(b)
17
(c)
(d)
(e)
18
FE B. BARIN
Chairperson
RAUL J. PALABRICA
Commissioner
THADDEUS E. VENTURANZA
Commissioner
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