Q What is the effect of non compliance with TILA A ON TRANSACTION ON CREDITOR

Q what is the effect of non compliance with tila a on

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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
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S PECIAL L AWS U N I V E R S I T Y O F S A N T O T O M A S F a c u l t a d d e D e r e c h o C i v i l A CADEMICS C HAIR : L ESTER J AY A LAN E. F LORES II V ICE C HAIRS F OR A CADEMICS : K AREN J OY G. S ABUGO & J OHN H ENRY C. M ENDOZA V ICE C HAIR FOR A DMINISTRATION AND F INANCE : J EANELLE C. L EE V ICE C HAIRS FOR L AY O UT A ND D ESIGN : E ARL L OUIE M. M ASACAYAN & T HEENA C. M ARTINEZ exceed P2,000 on any credit transaction. Willful violation of any provision of TILA or any regulation issued. Except as provided in subsec. (a), nothing shall affect the validity or enforceability of any contract or transactions. Shall be liable to a fine of not less than P1,000 or more than P5,000 or imprisonment for not less than 6 months, nor more than one year or both. 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 INSTITUTIONS Q: What are the covered institutions? A: 1. Banks 2. Non banks 3. Quasi banks 4. Trust entities 5. All other institutions, their subsidiaries and affiliates supervised or regulated by BSP 6. Insurance companies and all other institutions supervised and regulated by the Insurance Commission 7. Securities dealers, brokers, salesmen, investment houses and other similar entities managing securities or rendering services as investment agent, advisor, or consultant 8. Mutual funds, closed end investment companies, common trust funds, pre need companies and other similar entities 9. Foreign exchange, corporations, money changers, money payments, remittance and transfer companies and other similar entities; and 10. Other entities administering or otherwise dealing in currency, commodities or financial derivatives based thereon, valuable objects, cash substitutes, and other similar monetary instruments or property supervised or regulated by SEC. (Sec. 3 R.A. 9160, as amended) C. OBLIGATION OF COVERED INSTITUTIONS
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