Act No. 3291

: The maximum interest rate allowed is twelve percent per annum for loans or renewals secured by a mortgage upon real estate with a duly registered title.
: Compound interest shall not be reckoned except by agreement, or if the debt is judicially claimed, in which case it shall draw six percent per annum interest.
: Pawnbrokers may charge a maximum interest rate of two and one-half percent per month when the sum lent is less than one hundred pesos.
: No, it is unlawful for a pawnbroker or their agent to divide the pawn offered into two or more fractions in order to collect greater interest than permitted.
: It is unlawful for pawnbrokers to require an additional charge as an insurance premium for the safekeeping and conservation of the pawned article.
: The borrower may recover the whole interest, commissions, and premiums paid in excess, plus costs and attorney's fees, through an action against the lender filed within two years after payment.
: No, the Act does not apply to pending transactions or obligations contracted prior to approval, except renewals made after the Act takes effect.
: Such covenants or stipulations in contracts are void, except for clerical errors made without intent to evade the law.
: Yes, they may charge an additional premium not exceeding two percent per annum, fixed by their board of directors.
: No, a creditor cannot require interest payment in advance for a period longer than one year.