Bill Type
Congress Name
Long Title
AN ACT REQUIRING BANKS, WHATEVER MAY BE ITS NATURE, KIND AND/OR CLASSIFICATION, TO INDICATE AND/OR APPREND IN ITS BUSINESS NAME SAID NATURE, KIND, AND/OR CLASSIFICATION, PROVIDING FOR PENAL AND ADMINISTRATIVE SANCTIONS AGAINST BANK OWNERS AND/OR OFFICERS FOR ANY MISREPRESENTATION IN RELATION THERETO, AND FOR OTHER PURPOSES
Date filed
December 4, 2008
Scope
Legislative History
| House Bill/Resolution NO. HB05581 |
| FULL TITLE : AN ACT REQUIRING BANKS, WHATEVER MAY BE ITS NATURE, KIND AND/OR CLASSIFICATION, TO INDICATE AND/OR APPREND IN ITS BUSINESS NAME SAID NATURE, KIND, AND/OR CLASSIFICATION, PROVIDING FOR PENAL AND ADMINISTRATIVE SANCTIONS AGAINST BANK OWNERS AND/OR OFFICERS FOR ANY MISREPRESENTATION IN RELATION THERETO, AND FOR OTHER PURPOSES |
| ABSTRACT : Seeks to thwart instances where the bank wittingly and willingly misrepresented itself by adopting a business name contrary to its classification thus convincing and creating confusion and thereby jeopardizing the interest of the depositors and exposing them to great risks and providing stiffer penalties therefor. |
| PRINCIPAL AUTHOR/S : BICHARA, AL FRANCIS D. |
| DATE FILED : 2008-12-04 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2008-12-09 |
Abstract
Seeks to thwart instances where the bank wittingly and willingly misrepresented itself by adopting a business name contrary to its classification thus convincing and creating confusion and thereby jeopardizing the interest of the depositors and exposing them to great risks and providing stiffer penalties therefor.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.