WebJul 17, 2016 · Philippine Credit Card Industry Regulation Law. Section 1. Short Title.—. This Act shall be known as the “Philippine Credit Card Industry Regulation Law”. … WebPresently, the governing law is R.A. No. 10870,36 otherwise known as the Philippine Credit Card Industry Regulation Law. Before issuing credit cards, issuers are now mandated to conduct "know-your-client" procedures and to exercise proper diligence in ascertaining that applicants possess good credit standing and are financially capable of ...
BSP caps interest rate and finance charges on credit card receivables
WebJul 17, 2016 · Republic Act No. 10870 July 17, 2016 Tags: Benigno S. Aquino III, Republic Acts Republic of the Philippines Congress of the Philippines Metro Manila Sixteenth Congress Third Regular Session [REPUBLIC ACT NO. 10870] AN ACT REGULATING THE PHILIPPINE CREDIT CARD INDUSTRY Resources [PDF] Republic Act No. 10870 WebSaid circular 2 establishes the maximum interest and finance charges that banks and other non-bank financial institutions (NBFIs) can charge on credit card receivables, in the process of carrying out its duties of … korolath sheet
R.A. No. 10870: Philippine Credit Card Industry Regulation Law
WebAn Act Regulating the Philippine Credit Card Industry With the supervision of the Bangko Sentral ng Pilipinas (BSP), Republic Act 10870 or the “Philippine Credit Card Industry Regulation Law,” 8, shall now govern … WebAug 25, 2024 · (c) disclosure of the names of credit cardholders who allegedly refuse to pay debts, except as allowed under the law; (d) threat to take any action that cannot legally be taken; (e) communicating or threat to communicate to any person credit information which is known to be false, including failure to communicate that a debt is being disputed; WebAs a general rule, no person can be jailed for non-payment of his credit card obligations, owing to the prohibition provided for by the Philippine Constitution. However, like most rules, it admits an exception. Under the Access Devices Regulation Act of 1998 or Republic Act No. 8484, it provides that: “a cardholder who abandons or ... manipulation under anesthesia knee cpt