April 17, 2012 July 1, 2012
BSP CIRCULAR NO. 754-12
| SUBJECT | : | Updated Rules Implementing the Truth in Lending Act to Enhance Loan Transaction Transparency for Non-Bank Financial Institutions (NBFIs) under BSP Supervision, and Penal Provisions on Banks and NBFIs for Non-Compliance with the Applicable BSP Rules and Regulations |
Pursuant to Monetary Board Resolution No. 542 dated 29 March 2012, Sections X307 and X320 provisions of the Manual of Regulations for Banks (MORB), and Sections 4305Q, 4307Q, 4320Q and Appendix Q-11, of Quasi-Banks Regulations, Sections 4305S, 4307S and Appendix S-4 of Non-Stock Savings and Loan Associations Regulations, Sections 4102P, 4303P, 4323P and Appendix P-4 of Pawnshops Regulations, and Section 4301N of Other Non-Banks Regulations of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) are hereby amended, as follows:
SECTION 1. The following Subsections in the MORB and MORNBFI are hereby renumbered to reflect the updated rules in the implementation of the Truth in Lending Act to enhance loan transaction transparency, as follows:
New | Old | Title |
Subsection | Subsection | |
| MORB | ||
| X320.7 | X320.6 | Finance charges |
| X320.8 | X320.7 | Deferral...
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