Bill Type
Congress Name
Long Title
AN ACT AMENDING SECTION 79 OF REPUBLIC ACT NO. 337, AS AMENDED, OTHERWISE KNOWN AS "THE GENERAL BANKING ACT, AS AMENDED" AND FOR OTHER PURPOSES
Date filed
August 5, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB02156 |
| FULL TITLE : AN ACT AMENDING SECTION 79 OF REPUBLIC ACT NO. 337, AS AMENDED, OTHERWISE KNOWN AS "THE GENERAL BANKING ACT, AS AMENDED" AND FOR OTHER PURPOSES |
| ABSTRACT : The bill mandates banks to allow the initial amortization for loans used for purposes that do not immediately produce revenues to be deferred until such time when said revenues are sufficient, but in no case shall the initial amortization be later that five years from the date the loan is granted. |
| PRINCIPAL AUTHOR/S : ROMUALDO, JURDIN JESUS M. |
| DATE FILED : 2004-08-05 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON BANKS AND FINANCIAL INTERMEDIARIES ON 2004-08-11 |
Abstract
The bill mandates banks to allow the initial amortization for loans used for purposes that do not immediately produce revenues to be deferred until such time when said revenues are sufficient, but in no case shall the initial amortization be later that five years from the date the loan is granted.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.