Bill Type
Congress Name
Long Title
AN ACT PRESCRIBING THE MAXIMUM ALLOWABLE INTEREST RATES ON CERTAIN LOANS, AMENDING FOR THIS PURPOSE SECTION 1-A OF ACT 2655, AS AMENDED, OTHERWISE KNOWN AS "THE USURY LAW"
Date filed
October 16, 1998
Scope
Urgent Bill
No
Legislative History
| House Bill/Resolution NO. HB04615 |
| FULL TITLE : AN ACT PRESCRIBING THE MAXIMUM ALLOWABLE INTEREST RATES ON CERTAIN LOANS, AMENDING FOR THIS PURPOSE SECTION 1-A OF ACT 2655, AS AMENDED, OTHERWISE KNOWN AS "THE USURY LAW" |
| ABSTRACT : Declares that no person, natural or juridical, shall directly or indirectly stipulate, charge, demand, take or receive any higher rate or greater sum or value for any loan or forbearance than FOURTEEN PER CENTUM (14%) per annum when the sum lent is NOT more than P500.00. |
| PRINCIPAL AUTHOR/S : PONCE, NESTOR JR. C. |
| DATE FILED : 1998-10-16 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS : |
| 1. |
| ADMINISTRATION BILL? No |
| URGENT BILL? No |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON REVISION OF LAWS ON 1998-10-21 |
Abstract
Declares that no person, natural or juridical, shall directly or indirectly stipulate, charge, demand, take or receive any higher rate or greater sum or value for any loan or forbearance than FOURTEEN PER CENTUM (14%) per annum when the sum lent is NOT more than P500.00.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.