New Rules and Regulations to Implement the Provisions of Republic Act No. 5980 (The Financing Company Act), as Amended

October 16, 1991

NEW RULES AND REGULATIONS TO IMPLEMENT THE PROVISIONS OF REPUBLIC ACT NO. 5980 (THE FINANCING COMPANY ACT), AS AMENDED

To effectively carry out the provisions of Republic Act No. 5980 (The Financing Company Act), as amended, the Securities and Exchange Commission, pursuant to the powers vested in it under said Act, Republic Act No. 1143 and Presidential Decree No. 902-A, as amended, hereby promulgates the following rules and regulations: llcd

SECTION 1. Definition of Terms. —

The following definition of terms shall apply for purposes of these Rules:

a. "FINANCING COMPANIES" are corporations or partnerships, except those supervised by the Central Bank of the Philippines, Office of the Insurance Commissioner and the Bureau of Cooperative Development, which are primarily organized for the purpose of extending credit facilities to consumers and to industrial, commercial, or agricultural enterprises by discounting or factoring commercial papers or accounts receivable; by buying and selling contracts, leases, chattel mortgages, or other evidences of indebtedness; or by leasing of motor vehicles, heavy equipment and industrial machinery, business and office machines and equipment, appliances and...

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