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Albee readies law on ATM loans



on Thursday, November 10, 2016
BY Carla P. Gomez

Rep. Alfredo Abelardo“Albee” Benitez (Neg. Occ., 3 rd District) Tuesday said he is filing a bill to regulate money lenders charging 5-6 interest rates using the borrowers' ATM cards as collateral.

He pointed out that when loans are made in banks, land is used as collateral and it goes through a process.

To ensure that money lenders who use ATM cards as collateral do not abuse those who borrow from them, Benitez said he is filing the bill to protect the borrowers.

Under his proposed law, money lenders not registered with the government will face arrest and penalties, Benitez said.

Some borrowers do not even know how much they pay in interest to the loan sharks, he added.*CPG


Source: 
The Visayan Daily Star

@senso for A BETTER BACOLOD

Ang isa sa akon mga handom para sa Bacolod.

Ako ang kapitan sg sini nga barko. Indi ini magkadto sa wala ukon sa tuo, kundi derecho sa direksyon sang pagbag-o sang gobyerno para sa kaayuhan sang Bacolodnon.