Section 26Sec./Art. 26

Administrative Sanctions on Credit Card Issuers. - The provisions of Section 37 of Republic Act No. 7653, otherwise known as "The New Central Bank Act", shall be made applicable to any credit card issuer, acquirer, their directors and officers including, but not limited to, the administrative sanctions that may be imposed, without prejudice to the criminal sanctions against the culpable persons provided in Section 25 of this Act, for any willful violation of this Act or any related rules, regulations, orders or instructions issued by the Monetary Board; Provided, That in addition to the administrative sanctions that may be imposed, the authority of the credit card issuer to issue credit cards may be suspended or cancelled by the BSP.