MORNBFI Vol. 1 - Planters Development Bank

§§ 4320Q.7 - 4320Q.1208.12.31deferral charge which shall not exceed therate previously disclosed pursuant to theprovisions on disclosure.§ 4320Q.8 (2008 - 4337Q.8) Latepayment/penalty fees. No late payment orpenalty fee shall be collected fromcardholders unless the collection thereof isfully disclosed in the contract between theissuer and the cardholder: Provided, Thatlate payment or penalty fees shall be basedon the unpaid minimum amount due or aprescribed minimum fixed amount:Provided, further, That said late paymentor penalty fees may be based on the totaloutstanding balance of the credit cardobligation, including amounts payableunder installment terms or deferredpayment schemes, if the contract betweenthe issuer and the cardholder contains an“acceleration clause” and the totaloutstanding balance of the credit card isclassified and reported as past due.§ 4320Q.9 (2008 - 4337Q.9)Confidentiality of information. QBs andsubsidiary/affiliate credit card companiesshall keep strictly confidential the data onthe cardholder or consumer, except underthe following circumstances:a. disclosure of information is with theconsent of the cardholder or consumer;b. release, submission or exchange ofcustomer information with other FIs, creditinformation bureaus, credit card issuers,their subsidiaries and affiliates;c. upon orders of court of competentjurisdiction or any government office oragency authorized by law, or under suchconditions as may be prescribed by theMonetary Board;d. disclosure to collection agencies,counsels and other agents of the QB or cardcompany to enforce its rights against thecardholder;e. disclosure to third party serviceproviders solely for the purpose of assistingor rendering services to the QB or cardcompany in the administration of its creditcard business; andf. disclosure to third parties such asinsurance companies, solely for the purposeof insuring the QB from cardholder defaultor other credit loss, and the cardholder fromfraud or unauthorized charges.§ 4320Q.10 (2008 - 4337Q.10)Suspension, termination of effectivity andreactivation. QBs or their subsidiary/affiliatecredit card companies shall formulatecriteria or parameters for suspension,revocation and reactivation of the right touse the card and shall include in theircontract with cardholders a provisionauthorizing the issuer to suspend or terminateits effectivity, if circumstances warrant.§ 4320Q.11 (2008 - 4337Q.11)Inspection of records covering credit cardtransactions. QBs or their subsidiary/affiliatecredit card companies shall make availablefor inspection or examination by theappropriate department of the SES completeand accurate files on card applicant/cardholder to support the consideration forapproval of the application anddetermination of the credit limit which shallbe in accordance with the verified debtrepayment ability and/or net worth of thecard applicant/cardholder.§ 4320Q.12 (2008 - 4337Q.12) OffsetsFor purposes of transparency and adequatedisclosure, the credit card issuer shallinform/notify the credit cardholder in theagreement, contract or any equivalentdocument governing the issuance or use ofthe credit card that, pursuant to theprovisions of Articles 1278 to 1290 of theNew Civil Code of the Philippines, asamended the use of his credit card willsubject his deposit/s with the QB to offsetManual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart III - Page 19