Practice question
A corporation lends only its own owners’ capital and does not obtain funds as deposits. Does lending alone conclusively make it a bank under section 3.1?
- No, the deposit-funding element must also be established
- Yes, every lender is a bank
- Yes, every corporation is a bank
- Yes, if a loan earns interest
- Yes, if it prints bank on a leaflet
Legal references
- https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html — RA 8791, sections 3 and 6
- https://www.bsp.gov.ph/Regulations/Issuances/2020/c1105.pdf — BSP Circular 1105 (2020), digital-bank classification
Answer this question in flashcards to review your response and continue practicing.