Question & AnswerQ&A (Republic Act No. 8484)
The short title of Republic Act No. 8484 is the "Access Devices Regulation Act of 1998."
The policy recognizes advances in technology and the widespread use of access devices in commercial transactions, aiming to protect the rights and define the liabilities of parties by regulating issuance and use of access devices.
An access device means any card, plate, code, account number, electronic serial number, personal identification number, or other telecommunications service, equipment, or instrumental identifier that can be used to obtain money, goods, services, or any other thing of value or to initiate a transfer of funds (other than transfers solely by paper instrument).
Prohibited acts include producing, using, trafficking counterfeit or unauthorized access devices, using access devices with intent to defraud, possessing counterfeit access devices, unauthorized solicitation or sale of access devices, multiple imprinting on sales slips, disclosing access device information without permission, and other fraudulent activities related to access devices.
The penalties include a fine of P10,000 or twice the value obtained (whichever is greater) and imprisonment from six (6) to twenty (20) years depending on the offense severity and if there are prior convictions.
Section 4 requires disclosure of annual percentage rates, fees (annual, transaction, penalty), balance calculation methods, cash advance fees, over-the-limit fees, and additional disclosure if applications or solicitations are done through publications including statement accuracy date and contact information.
They may face suspension or cancellation of their authority to issue credit cards by the Bangko Sentral ng Pilipinas, Securities and Exchange Commission, or other government agencies after notice and hearing.
Section 11 states that if two or more persons conspire and one does an act to effect the conspiracy, each party shall be punished as if they committed the actual offense.
Possessing access devices without authority, counterfeit access devices, or device-making equipment without lawful business is prima facie evidence of intent to defraud. Also, cardholders who abandon residence without notifying and have unpaid balances over P10,000 past due 90 days are presumed to have intent to defraud.