RA 8556: Financing Company Act of 1998

Summary

Republic Act No. 8556, signed 26 February 1998, defines and regulates financing companies that extend credit through the discounting of receivables, leasing, and consumer financing. It requires SEC registration and the issuance of a Certificate of Authority, prescribes minimum paid-up capital, and sets disclosure rules for finance charges. The Act, together with RA 9474, frames the SEC's authority over non-bank lending entities.