(NAR) VOL. 19 NO. 2 / APRIL - JUNE 2008
1) the cash price or delivered price of the property or service to be acquired;The contract covering the transaction or any other document to be acknowledged and signed by the debtor, shall indicate the above seven (7) items of information. In addition, the contract or document shall specify additional charges, if any, which will be collected in case certain stipulations in the contract are not met by the debtor.
2) the amounts, if any, to be credited as down payment and/or trade-in;
3) the difference between the amounts set forth under items (1) and (2);
4) the charges, individually itemized, which are paid or to be paid by such person in connection with the transaction but which are not incident to the extension of credit;
5) the total amount to be financed;
6) the finance charge expressed in terms of pesos and centavos; and
7) the percentage that the finance charge bears to the total amount to be financed expressed as a simple annual rate on the outstanding unpaid balance of the obligation.
1) type of loan;For strict compliance.
2) simple annual rate of interest;
3) manner of interest payment; i.e., whether collected in advance or otherwise; and
4) other fees and charges imposed by the bank in connection with the loan. Pursuant to Section 6 of said Act, "Any creditor who in connection with any credit transaction fails to disclose to any person any information in violation of this Act or any regulation issued thereunder shall be liable to such person in the amount of P100 or in an amount equal to twice the finance charged required by such creditor in connection with such transaction, whichever is greater, except that such liability shall not exceed P 2,000 on any credit trans action, x x x"