Archive for the 'Banking' Category

Credit Cards and Access Devices Regulation: Explained

What is the “Access Devices Regulation Act of 1998″?
It is Republic Act No. 8484, which is an act regulating the issuance and use of access devices and prohibiting the fraudulent acts committed relative thereto, among others. By enacting this legislation, the State recognizes the recent advances in technology and the widespread use of access devices [...]

The Truth in Lending Act explained

What is the “Truth in Lending Act”?
It is Republic Act No. 3765, which is an act requiring the disclosure of finance charges in connection with the extention of credit.
What is the policy behind the Truth in Lending Act?
The declared policy behind the law is to protect the people from lack of awareness of the true [...]

Criminal Cases and Insolvency

I often come across debtors dropping the hint of filing, or actually filing, a case for insolvency or bankruptcy just to bring home the (alleged) point that they have nothing more to cough out. It is true that once a petition for insolvency is granted, the debtor-insolvent is discharged from all his existing debts. The [...]

Credit cards and unfair collection practices

There are a number of good reasons in favor of having and using a credit card. Still, we all know the possible adverse results in the unchecked use of “plastics” or credit cards, such as this one:
THERE’S a credit-card horror story that’s become some sort of an urban legend: A television personality, after losing his [...]

Task force to target credit card fraudsters

The PIA reports that the President issued Executive Order No. 573, creating an Anti-Fraud Task Force composed of the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) to strengthen Republic Act 8484, or the “Access Device Regulation Act of 1998″.

Consumer protection in electronic banking (e-banking), e-commerce

The Bangko Sentral ng Pilipinas (BSP) recently issued Circular No. 542, providing for consumer protection for electronic banking. The salient features of Circular No. 542 are:
1. With the growth of e-banking and e-commerce, banks should use reliable methods of originating new customer accounts, ensuring strict adherence to the usual “KYC” or “know your clients” requirements. [...]

Excessive and unconscionable interest rate

With the suspension of the Usury Law and the removal of interest ceilings, the parties are generally free to stipulate the interest rates to be imposed on monetary obligations. As a rule, the interest rate agreed by the creditor and the debtor is binding upon them. This rule, however, is not absolute.
In a recent case, [...]