BARAUNTONG, Najeb M.

Credit Transaction – Section 1

Chapter 8. CONGRESSIONAL OVERSIGHT AND MISCELANEOUS PROVISIONS

Section 60. Congressional Oversight Committee

 Shall be created every 5 years, commencing from the effectivity of R.A. 11057
 Composition:
o Chairperson of the Senate Committee on Banks
o Financial Institutions and Currencies
o Chairperson of the House of Representatives Committee on Banks and Financial
Intermediaries
o Representatives of other relevant congressional committees.

Section 61. Interpretation

 If there is conflict between a provision of this act and a provision of any other law, this act shall
govern unless the other law specifically cites or amends the conflicting provisions of this law

Section 62. Implementing Rules and Regulations – within six (6) months from the passage of this Act

 The Department of Finance (DOF) in coordination with the Department of Justice, through the
Land Registration Authority (RLA), shall promulgate the necessary rules and regulations for the
effective implementation of this Act.

Section 63. Rules on Enforcement Procedure.

 Subject to Section 47, the expedited hearing/proceedings shall be conducted in a summary

manner consistent with the declared policies of this Act an in accordance with the rules of
procedure that the Supreme Court may promulgate.

Section 64. Source of Funds

 Funds needed shall be taken from the Special Account arising from revenues collected by the
LRA under Section 111 of P.D. No. 1529, without need for any further government approval

Section 65. Separability Clause

 Should any provision herein be declared unconstitutional, the same shall not affect the validity
of other provision of this Act.

Section 66. Repealing Clause

 All laws and decrees, order, and issuances or portion thereof, which are inconsistent with the
provision of this Act, are hereby repealed, amended, or modified accordingly:
a. Section 1 to 16 of Act No. 1508, otherwise known as “The Chattel Mortgage Law”;
b. Articles 2085-2123,2127,2140-2141,2241, 2243, and 2246-2247 of Republic Act No. 386,
otherwise known as “The Civil Code of the Philippines”;
 c. Section 13 of Republic Act No. 5980, as amended by Republic act No. 386, otherwise known
as “The Financing Company Act of 1998”;
d. Section 114-116 of Presidential Decree No. 1529, otherwise known as the “Property
Registration Decree”;
e. Section 10 of Presidential Decree No. 1529; insofar as the provision thereon is inconsistent
with this Act; and
f. Section 5€ of Republic Act No. 4136, otherwise known as the “Land Transportation and
Traffic Act Code”.

Section 67. Effectivity

 15days after publication in at least two (2) newspaper of general circulation.

Section 68. Implementation

Approved

Singed: May 30, 2018

Vicente C. Sotto III – President of the Senate

Pantaleon D. Alvarez – Speaker of the House of Representative

Approved; August 17, 2018

Approved by:

Rodrigo Roa Duterte

President of the Philippines