Practice question
A loan officer receives a payment from the successful borrower after approval, expressly as a reward for obtaining that approval. The officer says timing after approval makes the payment categorically unrelated and lawful. Which Section 55.1(c) analysis is sound?
- Every postapproval payment is automatically exempt.
- The proved connection with approval matters; later timing alone does not remove the stated prohibition.
- Only payments made before a written application count.
- A borrower can legalize it merely by calling it a souvenir.
- The officer's job title prevents application.
Legal references
- RA8791, General Banking Law, Sections2 and55: https://lawphil.net/statutes/repacts/ra2000/ra_8791_2000.html
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