Republic Acts1 min read
Section 26Sec./Art. 26
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Penalties. - Breach by the Servicer of its obligations arising from the failure to abide by the standard of conduct set forth in the preceding section shall subject the Servicer to the penalty of revocation of its corporate registration and a fine of not less than One Million pesos (P1,000,000.00) and shall subject its officers and employees responsible for such noncompliance with the standard of conduct referred to above, to a penalty of imprisonment for not more than five (5) years and a fine of not less than One Hundred Thousand pesos (100,000.00).
Breach arising from bad faith or gross negligence shall subject the Servicer to revocation of its corporate registration and a fine of not less than Five million pesos (P5,000,000.00) and shall subject the officers and employees responsible for such breach to a penalty of imprisonment for not more than six (6) years and one (1) day up to a maximum of twenty (20) years and a fine of not less than Five hundred thousand pesos (P500,000.00).
ARTICLE IV
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