Truth in Lending

• It is the policy of the State to protect its citizens from a lack of awareness of the true cost of credit to the user by assuring a full disclosure of such cost with a view of preventing the uninformed use of credit to the detriment of the national economy
• "Creditor" means any person engaged in the business of extending credit (including any person who as a regular business practice make loans or sells or rents property or services on a time, credit, or installment basis, either as principal or as agent).
• Any creditor who in connection with any credit transaction fails to disclose to any person any information in violation of RA 3765 shall be liable to such person: in the amount of P100, or in an amount equal to twice the finance charged required by such creditor in connection with such transaction, whichever is the greater.