TRUTH IN LENDING Act C&S 765, AN ACT TO REQUIRE THE DISCLOsuRE 3 gANo INNI OF IARGES IN CONNECTION WITH EXTENSIONS oe FINANCE OF CREDIT jyRODUCTION RATION OF POLICY: It is hereby declared L protect its citizens from a lack of awareness eae Policy of the ne usel by assuring a full disclosure of such cost with a ae of credit z uninformed use of credit to the detriment of the national nn tpder BSP Circular No. 755 Series of 2012, itis provided that the object parent pricing is not to set limits on rates, but rather to make such ‘cor understandable, comparable and known to the client. Trans = «ing will facilitate healthy competition among credit providers as ae gebetter able to compare products and services. DEFINITION OF TERMS (Board means the Monetary Board of the Central Bank of the Philippines Crit means any loan, mortgage, deed of trust, advance, or discount; any conditional sales contract; any contract to sell, or sale or contract of sale of property or services, either for present or future delivery, under which part or all of the price is payable subsequent to the making of such sale or contract; any rental-purchase contract; any contract or arrangement for the hire, bailment, or leasing of property; any option, demand, lien, pledge, or other claim against, orena a he i Sey oh BRAY oR ay Sheraton al rary ce upnthe wear @ season of cam ating oul any ote ey | a ecm or er onan Sel | a — aes inert es sie Sg Taso Finance . incident to the extension of Ee Charge | ther charees orth Board may be regulation prescribe. ineans any penn engaged in the bins oT Sea ‘edit Gnchading any person who 28 a reguig tay teenie | oe lls oF rents Ness | wi neers ens proper oe pe eboney 1 ato rquiesesanindeniothecneee | Epon of a franc charge “esi Under BSP Creat No. 755Ses01202thewteay | Sime penny eet at wena ee Stuamsctbe? Suites and ange | Stemce Comninon tnd Ciopentve Doe] ‘ear arene to comply wih sad sere Mates ce ad Cher Cer, org own “enti with ceinganing chen | CSE aoa laude opera ona] partnerships and single proprietorship registered wih Seca eo Sa any al agra pap Scot er onan! gop pen (ig actor o epee of he fone eat Pulpine Govermenor ty spent ar ary cher gorement, of of ny or pad tian ny gene he oregng = REQUIRED INFORMATION Any creditor shall furnish to each person to whom credit is extended pire the consummation ofthe transaction a clear statement in writing seting rh to the extent applicable and in accordance with rules and regio reseibed by the Board, the following information: der or delivered pri pice. Price oe 20 i ay, oe ort Pen, amount 8 de | pence cen thane me pean, 6 gages individually emi, yyet nd \iriic Incoecon with heh of credit ona ee en ea amos be ane, . at 5 an 7 the Bamentage thatthe finange st Pe, + Percentage at hc ne jr Raped expressed 4 2 Simpl gy ee he fee ofthe oblige, tee EL “eg pag 5 of BSP Circular No. 755 we pfrmatin tobe dsdoged 2 sal amount tbe inane, ‘logan te + Be finance che expressed in nan » Bele proceeds ofthe anand PO a, & Se peretne at efi anh, prance simple naa are pa IR). EIR maya be gated es ag ‘Paton ofthe contractile pa et Spend COD thee ats hearse de ure statements hall bea ‘edilosure statement all be a requis atcha ste customer has right to demand acopyef sek an on oR x Documents and Marketing Mater: at owrepayment schedulesina manera Sees of 2012. Marketing materials and eset withthe said cular loaned done sha sistent with BSP Cia No 55, ‘Prenton shal Hew be furs In BSP Circular 73, Sere of 2,8 pv at aks pos tsamspicuous places in their principal ple of izes and rach idomation contained in the revise format of done stent Te ters shll include an explicit notfcaton that he dss statemest a ‘gsr attachment to the loan contact and the astomer hs ih fanaa copy of such disclosure. Satin)Fath in te wing 4, PUTING INTEREST: All episered CGE, MANNER OF COMP sanding balance of 104 athe be interest period ve ppl pablo inte ie pe an wh rs posed one custanding blanc — Castallnent period. (Sec. 4 of BSP Circular No, ge hal oy eee For Fepiing of 30h Soon 202) STRATION REGIST at Crear No.7 Sie HE COE a inte Se ree Cre tac ae Span ne ee sec htc Se Rete “omits they shall submit the following minimum norman 4. Business Name Danstows, Key Officers and Substantial Stakeholders 2 Di A i ones 4 Notarized Deed of Undertaking to strictly and continuously compy wig Ne Peal eleva avs, ulead epson agree Serene, president or oie of eval nk west Pema or document that maybe ere ye ‘After due registration and payment of registration fee, an electrons ererated serily numbered Acknowledge of Reisteaton (AR) sae Eoued and shall be valid fora period of3 years from the date ofissanceans renewable thereafter on the anniversary month when it was aga registered. ‘The entity shall be allowed to post the BSP-issued AOR and ceil tne copies thereof in its place of business and branches, if any. rs cepstered CCES shall be py pe Si center pe ith the BSP, for "od hte, co Pues cg He ety mini set “ene ES ALT pe! editor who In connection ’ to any PESON any infomggg OY Ot Beton bd Serine ag to tise Fn et rom seipp AMOUNT eqUA twice Ereditor in connection with gh en RE re 700000 any credit arson, SI ph ne iptve period: Action to recover sy rr within one yea from the date argo 2 eh 0 teat pty ny cOuTE OF COMPLLN: urs “PERCOL vane ‘casts: In any action under this subsection, Ga recovery, the creditor shallbe ible ha en Pron sete Part costs as determined by the court hich ree ate tesa cept a8 specified in subsection ane cxany regulation contained inthis Aerny eee a ste the vat or enforceability am eset rnin 1 Any person who willflly violates any pron regulation issued thereunder shall beatae HAS ay 1 Fine of not less than PCO r morte Pa, {Imprisonment for not lss than we ies ons, or moe tan oe ya ot puis or pealyprovdedby is Aa a. trp bePntgpee Goverment or any agency or any pli sdisee eeTruth in Lend; ng Ag iminal Proceeding Undey bis has wf "violated this Act Shall be rine hereafter rice willfully _ si = 1 fovea defendant as inan ne er eee ne os A ee effect tha +t such det defendant un mee me : a mast a it would be an estop ae me id judgment aes said ju ee which S respectins thereto.