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Q: What is the effect of noncompliance withTILA?A:ON TRANSACTIONON CREDITORFailure to disclose to any person any information inviolation of TILA or any regulation issued.(Sec. 6 [a])Charges not itemizedcannot be collected. Ifalready paid, can berecoveredLiable in the amount ofP100 or in an amountequal to twice thefinance chargedrequired by suchcreditor, whichever isthe greater, however,such liability shall not
SPECIAL LAWSUN I V E R S I T Y O FSA N T OTO M A SFacultaddeDerechoCivilACADEMICSCHAIR:LESTERJAYALANE. FLORESIIVICECHAIRSFORACADEMICS:KARENJOYG. SABUGO& JOHNHENRYC. MENDOZAVICECHAIR FORADMINISTRATION ANDFINANCE: JEANELLEC. LEEVICECHAIRS FORLAYOUTANDDESIGN:EARLLOUIEM. MASACAYAN& THEENAC. MARTINEZexceed P2,000 on anycredit transaction.Willful violation of any provision of TILA or anyregulation issued.Except as provided insubsec. (a),nothing shall affect thevalidity or enforceabilityof any contract ortransactions.Shall be liable to a fineof not less than P1,000or more than P5,000 orimprisonment for notless than 6 months, normore than one year orboth.Q: When must an action for violation of theTruth in Lending Act be brought?A. POLICY OF THE LAWQ: What is the policy for the enactment of theAntiMoney Laundering Act?B. COVERED INSTITUTIONSQ: What are the covered institutions?A:1.Banks2.Nonbanks3.Quasibanks4.Trust entities5.All other institutions, their subsidiariesand affiliates supervised or regulated byBSP6.Insurancecompaniesandallotherinstitutions supervised and regulated bythe Insurance Commission7.Securities dealers, brokers, salesmen,investment houses and other similarentitiesmanagingsecuritiesorrendering services as investment agent,advisor, or consultant8.Mutual funds, closedend investmentcompanies, common trust funds, preneedcompaniesandothersimilarentities9.Foreign exchange, corporations, moneychangers, money payments, remittanceandtransfercompaniesandothersimilar entities; and10.Otherentitiesadministeringorotherwisedealingincurrency,commoditiesorfinancialderivativesbased thereon, valuable objects, cashsubstitutes, and other similar monetaryinstruments or property supervised orregulated by SEC.(Sec. 3 R.A. 9160, asamended)C. OBLIGATION OF COVERED INSTITUTIONS