"(a) 'Financing companies' hereinafter called companies, are corporations, except banks, investments houses, savings and loan associations, insurance companies, cooperatives, and other financial institutions organized or operating under other special laws, which are primarily organized for the purpose of extending credit facilities to consumers and to industrial, commercial, or agricultural enterprises, by direct lending or by discounting or factoring commercial papers or accounts receivable, or by buying and selling contracts, leases, chattel mortgages, or other evidences of indebtedness, or by financial leasing of movable as well as immovable property;

"(b) 'Securities and Exchange Commission' shall mean the office of the Securities and Exchange Commission of the Philippines;

"(c) 'Credit' shall mean any loan, mortgage, financial lease, deed of trust, advance or discount, any conditional sales contract, contract to sell, or sale or contract of sale of property or service, either for present or future delivery, under which, part of all or the price is payable subsequent to the making of such sale or contract; any contract, any option, demand, lien or pledge, or to the other claims against, or for the delivery of, property or money, any purchase, or other acquisition of or any credit upon the security of, any obligation or claim arising out of the foregoing, and any transaction or series of transactions having similar purpose or effect;

"(d) 'Financial leasing' is a mode of extending credit through a non-cancelable lease contract under which the lessor purchases or acquires, at the instance of the lessee, machinery, equipment, motor vehicles, appliances, business and office machines, and other movable or immovable property in consideration of the periodic payment by the lessee of a fixed amount of money sufficient to amortize at least seventy (70%) of the purchase price or acquisition cost, including any incidental expenses and a margin of profit over an obligatory period of not less than two (2) years during which the lessee has the right to hold and use the leased property with the right to expense the lease rentals paid to the lessor and bears the cost of repairs, maintenance, insurance and preservation thereof, but with no obligation or option on his part to purchase the leased property from the owner-lessor at the end of the lease contract.

"(e) 'Purchase discount' is the difference between the value of the receivable purchased or credit assigned, and the net amount paid by the finance company for such purchases or assignment, exclusive of fees, services, charges, interest and other charges incident to the extension of credit.

"(f) 'Lease rentals' shall refer to the periodic payments made by the lessee to the lessor under Sec. 3(d), above."

"(a) All the requirements of existing laws to engage in the business for which the applicant is proposed to be incorporated or organized have been complied with;

"(b) The organization, direction and administration, as well as the integrity and responsibility of the organizers and administrators reasonably assure the protection of the interest of the general public;

"(c) All the requirements of this Act have been complied with: Provided, That financing companies duly incorporated or registered prior to the approval of this Act, and which are actually existing and operating as such, shall file an information sheet with the Securities and Exchange Commission in the form to be prescribed by the Securities and Exchange Commission within sixty (60) days after notice from the said Commission. No person, association, partnership, or corporation shall hold itself out as doing business as a 'financing company' or 'finance and investment company' or any other title or name tending to give the public the impression that it is engaged in the operations and activities of a financing company, unless so authorized under this Act."

"(a) Engage in quasi-banking and money market operations with the prior approval of the Bangko Sentral ng Pilipinas;

"(b) Engage in trust operations subject to the provisions of the General Banking Act upon prior approval by the Bangko Sentral ng Pilipinas;

"(c) Issue bonds and other capital instruments subject to pertinent rules and regulations of the Bangko Sentral ng Pilipinas;

"(d) Rediscount their paper with government financial institutions subject to relevant laws, rules and regulation;

"(e) Participate in special loan or credit programs sponsored by or made available through government financial institutions; and

"(f) Provide foreign currency loans and leases to enterprises who earn foreign currency by exports or other means, subject to existing laws and rules and regulations promulgated by the Bangko Sentral ng Pilipinas.

"(1) Name or description of property, including:

"(2) Acquisition cost;

"(3) Name of owner or finance company lessor;

"(4) Name of lessee;

"(5) Date of lease agreement or schedule;

"(6) Date of expiry of lease; and

"(7) Date of entry in lease registry."

"(1) Persons, associations, partnerships or corporations, including the managing officer thereof, that shall:

"(2) Any officer, employee, or agent of a financing company who shall:

"(3) Any officer, employee or examiner of the Securities and Exchange Commission directly charged with the implementation of this Act who shall commit, connive, aid or assist in the commission of acts enumerated under subSec.s 1 and 2 of this Sec.."