Legislative History
| House Bill/Resolution NO. House Bill No. 5027, 12th Congress of the Republic | |
| FULL TITLE : AN ACT GOVERNING THE ESTABLISHMENT, OPERATION AND REGULATION OF LENDING COMPANIES | |
| ABSTRACT : "LENDING COMPAY REGULATION ACT OF 2001." Rationale: The upsurge of Lending Company (LCs) is expected to continue unabated as evidence by the continuous registration of new LCs with Bangko Sentral ng Pilipinas (BSP) and some Non-Bank Financial Institutions (NBFI) is converting into LCs. this may be partly attributed to the relatively free and unregulated operational NBFIs. Common complaints on LCs cover high lending rates, non0disclosure of all charges on loans and non-issuance of official receipts. > In view of their growth in numbers and the significant LCs have in the economic activities of the general public, the enactment of a law that would regulate their establishment and operations appears imperative. | |
| PRINCIPAL AUTHOR/S : PUENTEBELLA, MONICO O. | |
| DATE FILED : 2002-07-24 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Mathay (028 ) | 2. Syjuco (052 ) |
| 3. Violago (003 ) | |
| ADMINISTRATION BILL? No | |
| URGENT BILL? No | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| MOTHER BILL: House Bill No. 6532, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2002-07-30 |
Abstract
"LENDING COMPAY REGULATION ACT OF 2001." Rationale: The upsurge of Lending Company (LCs) is expected to continue unabated as evidence by the continuous registration of new LCs with Bangko Sentral ng Pilipinas (BSP) and some Non-Bank Financial Institutions (NBFI) is converting into LCs. this may be partly attributed to the relatively free and unregulated operational NBFIs. Common complaints on LCs cover high lending rates, non0disclosure of all charges on loans and non-issuance of official receipts. > In view of their growth in numbers and the significant LCs have in the economic activities of the general public, the enactment of a law that would regulate their establishment and operations appears imperative.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.