Legislative History
| House Bill/Resolution NO. House Bill No. 6532, 12th Congress of the Republic | |
| FULL TITLE : AN ACT GOVERNING THE ESTABLISHMENT, OPERATION AND REGULATION OF LENDING COMPANIES | |
| SHORT TITLE : The Lending Company Regulation Act of 2003 | |
| ABSTRACT : "Lending Company Regulation Act of 2003". Lending companies (LCs) or lending investors are primarily engaged in extending credit to its clients through direct loans or direct lending. Direct lending has been defined in the Financing Act of 1998 as among the activities of a financing company hence LCs fall under the regulation and supervision of the Securities and Exchange Commission (SEC). However, not all LCs are organized as corporations hence the SEC can not regulate those organized as single proprietorship since these are registered with the Department of Trade and Industry (DTI). The bill seeks to require all LCs to register as corporations and allow existing LCs organized as single proprietorship or partnerships to convert into corporations within one year from the effectivity of this act. It also delineates the authority of the SEC and the DTI over LCs. | |
| PRINCIPAL AUTHOR/S : PUENTEBELLA, MONICO O. | |
| DATE FILED : 2003-10-28 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. De Venecia | 2. Lopez |
| 3. | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE REPORT NO. 01867 | |
| SUBMITTED ON 2003-10-28 | |
| SUBMITTED BY: BANKS AND FINANCIAL INTERMEDIARIES | |
| RECOMMENDATIONS: approval | |
| SUBSTITUTED BILLS: House Bill No. 5027, 12th Congress of the Republic, House Bill No. 5816, 12th Congress of the Republic | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON RULES ON 2003-11-18 | |
| DATE INCLUDED IN OB: 2003-11-18 | |
| DATE CALENDARED : 2003-11-19 |
Abstract
"Lending Company Regulation Act of 2003". Lending companies (LCs) or lending investors are primarily engaged in extending credit to its clients through direct loans or direct lending. Direct lending has been defined in the Financing Act of 1998 as among the activities of a financing company hence LCs fall under the regulation and supervision of the Securities and Exchange Commission (SEC). However, not all LCs are organized as corporations hence the SEC can not regulate those organized as single proprietorship since these are registered with the Department of Trade and Industry (DTI). The bill seeks to require all LCs to register as corporations and allow existing LCs organized as single proprietorship or partnerships to convert into corporations within one year from the effectivity of this act. It also delineates the authority of the SEC and the DTI over LCs.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.