Republic Acts1 min read
Section 5Sec./Art. 5
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Lending Companies. - Section 6 of Republic Act No. 9474, otherwise known as the "Lending Company Regulation Act of 2007", is hereby amended to read as follows:
"Sec. 6. Citizenship Requirements. - A lending company may be owned up to one hundred percent (100%) by foreign nationals: Provided, However, That where the loan is secured by land, a lending company, more than forty percent (46%) of whose capital is owned by foreign nationals, may bid and take part in any sale of such land as a consequence of such mortgage, avail of enforcement proceedings, take possession, and transfer their rights to qualified Philippine nationals for a period not exceeding five (5) years from actual possession: Provided, further, That title to said land shall not be transferred to such lending companies: Provided, finally, That investments of a lending company shall be in accordance with the provisions of the Constitution."
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