Rules and Regulations for Lending Investors

May 11, 1999RULES AND REGULATIONS FOR LENDING INVESTORSPursuant to R.A. 7653, transferring the regulatory authority over Lending Investors from the Bangko Sentral ng Pilipinas to the Securities and Exchange Commission, the Securities and Exchange Commission hereby promulgates the following rules and regulations governing the operations of Lending Investors: cdphilSECTION 1. Definition of Terms. — The following terms shall apply for purposes of these rules:a) INVESTORS — are single proprietorships and partnerships, except pawnshops, cooperatives and credit unions, which are engaged in the business of extending direct loans to consumers.b) CAPITAL FUNDS — are funds contributed to the Lending Investors by the owners or partners, either as equity investments or as loans or advances.c) COMMISSION — shall mean the Securities and Exchange Commission of the Philippines.SECTION 2. Licensing. — Lending Investors shall be licensed by the Commission to operate as Lending Investors, with a minimum paid-up capital of ONE HUNDRED THOUSAND (P100,000.00) PESOS. The license issued shall be renewed yearly within fifteen (15) days before its expiry date. For this purpose the following document shall be...