Implementing Guidelines of Republic Act No. 3765, the Truth in Lending Act, to Entities with Credit-Granting Facilities Not Covered by Existing Issuances on the Truth in Lending Act by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Insurance Commission (IC) and Cooperative Development Authority (CDA)

April 20, 2012BSP CIRCULAR NO. 755-12SUBJECT:Implementing Guidelines of Republic Act No. 3765, the Truth in Lending Act, to Entities with Credit-Granting Facilities Not Covered by Existing Issuances on the Truth in Lending Act by the Bangko Sentral ng Pilipinas (BSP), Securities and Exchange Commission (SEC), Insurance Commission (IC) and Cooperative Development Authority (CDA) SECTION 1. Statement of Policy. — In line with upholding a sound and stable financial system as well as maintaining public trust, the BSP takes a proactive stance in embarking on various initiatives to enhance consumer protection, fair practices, and in establishing mechanisms to provide for redress and recourse. Foremost of these initiatives are (i) updating the rules implementing Republic Act No. 3765, the Truth in Lending Act (hereinafter referred to as "the Act"), to enhance loan transaction transparency and consumer protection, and (ii) launching a nationwide financial education and information campaign. Section 5 of the Act grants the Monetary Board (MB) the power to prescribe such rules and regulations which are necessary or proper in carrying out the provisions of the...