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Financing Company Act of 1998
Financing Company Act of 1998
Financing companies shall not be liable for loss, damage or Imprisonment for not more than 6 months
injury caused by: Both
a motor vehicle, aircraft, vessel,
equipment, machinery or other property leased to
a third person or entity
except when any of the above-mentioned is
operated by the financing company, its employees
or agents at the time of the loss, damage or injury.
Penalties
1. Who may be liable
a. Persons, associations, partnerships or corporations,
including the managing officer thereof
Engage in the business of a financing company
without authority
Hold themselves out to be a financing company
without authority
Make use of train or firm name containing the
words “Financing Company,” “Leasing
Company,” “Finance and Leasing Company,”
“Finance and Investment Company,” or any
other designation that gives the impression
that it engages in the business of a financing or
leasing company without authority
Violate the provisions of this Act
b. Any officer, employee, or agent of a financing company
Knowingly and willingly make any statement in
any document required to be filed under this
Act, which is false or misleading
Overvalue or aid in undervaluing any securities
for the purpose of influencing the way the
action of the company on any loan, or
discounting line.
c. Any officer, employee, or examiner of the SEC directly
charged with the implementation of this Act
Commit, connive, aid or assist in the
commission of acts enumerated above.
2. Penalty
P10,000 to P100,000