MORNBFI Vol. 1 - Planters Development Bank

§§ 4304Q.10- 4304Q.1210.12.31on materials for marketing loans, such asbrochures, flyers, primers and advertisingmaterials, on loan application forms, andon billing statements: Provided, That thesedisclosures are in addition to the fulldisclosure of the fees, charges and interestrates in the terms and conditions of the loanagreement found elsewhere on theapplication form and billing statement:Provided further, That such table of fees,penalties and interest rates shall be printedin plain language and in bold black lettersagainst a light or white background, andusing the minimum Arial 12 theme font andsize, or its equivalent in readability, and onthe first page, if the applicable documenthas more than one (1) page.Transitory provision: QBs shall be givena period of 120 days from 6 January 2011to fully implement the required disclosurerequirements.(Circular No. 702 dated 15 December 2010)§ 4304Q.11 Unfair collection practicesQBs, collection agencies, counsels andother agents may resort to all reasonableand legally permissible means to collectamounts due them under the loanagreement: Provided, That in the exerciseof their rights and performance of duties,they must observe good faith andreasonable conduct and refrain fromengaging in unscrupulous or untoward acts.Without limiting the general application ofthe foregoing, the following conduct is aviolation of this Subsection:a. the use or threat of violence or othercriminal means to harm the physical person,reputation, or property of any person;b. the use of obscenities, insults, or profanelanguage which amount to a criminal act oroffense under applicable laws;c. disclosure of the names of borrowerswho allegedly refuse to pay debts, exceptas allowed under Subsec. 4304Q.12;d. threat to take any action that cannotlegally be taken;e. communicating or threat tocommunicate to any person creditinformation which is known to be false,including failure to communicate that a debtis being disputed;f. any false representation or deceptivemeans to collect or attempt to collect anydebt or to obtain information concerning aborrower; andg. making contact at unreasonable/inconvenient times or hours which shall bedefined as contact before 6:00 A.M. or after10:00 P.M., unless the account is past duefor more than sixty (60) days or the borrowerhas given express permission or said timesare the only reasonable or convenientopportunities for contact.QBs shall inform their borrowers inwriting of the endorsement of the collectionof their account to a collection agency/agent,or the endorsement of their account fromone collection agency/agent to another, atleast seven (7) days prior to the actualendorsement. The notification shall includethe full name of the collection agency andits contact details: Provided, That therequired notification in writing shall beincluded in the terms and conditions of theloan agreement. QBs shall adopt policiesand procedures to ensure that personnelhandling the collection of accounts, whetherthese are in-house collectors, or third-partycollection agents, shall disclose his/her fullname/true identity to the borrower.(As amended by Circular No. 702 dated 15 December 2010)§4304Q.12 Confidentiality ofinformation. QBs shall keep strictlyconfidential the data on the borrower orconsumer, except under the followingcircumstances:a. disclosure of information is with theconsent of the borrower or consumer;Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart III - Page 8a