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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

A business argues that only traditional deposit-taking banks can ever fall within the BSP's statutory regulatory and examination mandate. The Monetary Board identifies a money service business within its amended section 3 authority. The business challenges that authority solely because it is not a bank. Which response is best?

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The absence of deposits necessarily eliminates all BSP authority. The business automatically becomes a Cabinet department. Only a private association may authorize money services. Amended section 3 includes the specified regulatory and examination powers over money service businesses as determined by the Monetary Board; nonbank status alone does not defeat that authority.

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