Congressional Oversight and Periodic Review.
SEC. 60. Congressional Oversight and Periodic Review. - A Congressional Oversight Committee shall be created that will conduct a periodic review every five (5) years commencing from the effectivity of this Act. The Congressional Oversight Committee shall be composed of the Chairperson of the Senate Committee on Banks, Financial Institutions and Currencies, the Chairperson of the House of Representatives Committee on Banks and Financial Intermediaries, and representatives of other relevant congressional committees.
Interpretation.
SEC. 61. Interpretation. - If there is conflict between a provision of this Act and a provision of any other law, this Act shall govern unless the other law specifically cites or amends the conflicting provisions of this law.
Implementing Rules and Regulations.
SEC. 62. Implementing Rules and Regulations. — Within six (6) months from the passage of this Act, the DOF in coordination with the Department of Justice, through the LRA, shall promulgate the necessary rules and regulations for the effective implementation of this Act.
Rules on Enforcement Procedure.
SEC. 63. Rules on Enforcement Procedure. - Subject to Section, 47, the expedited hearing/proceedings shall be conducted irua.summary manner consistent with the declared policies of this Act and in accordance with the rules of procedure that the Supreme Court may promulgate.
SEC. 64. Sourcing of Funds, - The funds needed for the implementation of this Act shall be taken from the Special Account arising from revenues collected by the LRA under Section 111 of Presidential Decree No. 1529. without need for any further government approval.
Separability Clause.
SEC. 65. Separability Clause. - Should any provision herein be declared unconstitutional, the same shall not affect the validity of the other provisions of this Act.
Repealing Clause.
SEC. 66. Repealing Clause. - The following laws, and all laws, decrees, orders, and issuances or portions thereof, which are inconsistent with the provisions of this Act, are hereby repealed, amended, or modified accordingly:
(a) Sections 1 to 16 of Act No. 1508, otherwise known as "The Chattel Mortgage Law":
(b) Articles 2085-2123, 2127, 2140-2141, 2241, 2248, and 2246-2247 of Republic Act No. 386, otherwise known as the "Civil Code of the Philippines";
(c) Section 13 of Republic Act No. 5980, as amended by Republic Act No. 8556, otherwise known as the "Financing Company Act of 1998";
(d) Sections 114-116 of Presidential Decree No. 1529, otherwise known as the "Property Registration Decree";
(e) Section 10 of Presidential Decree No. 1529, insofar as the provision thereof is inconsistent with this Act; and
(f) Section 5(e) of Republic Act No. 4136. otherwise known as the "Land Transportation and Traffic Code".
Effectivity.
SEC. 67. Effectivity. — This Act shall take effect fifteen (16) days after publication in at least two (2) newspapers of general circulation.
Implementation.
SEC. 68. Implementation. - Notwithstanding the entry into force of this Act under Section 67, the implementation of the Act shall be conditioned upon the Registry being established and operational under Section 26.
Approved,
(SGD.) VICENTE C. SOTTO III
President of the Senate
(SGD.) PANTALEON D. ALVAREZ
Speaker of the House
of Representatives
This Act which is consolidation of House Bill No. 6907 and Senate Bill No. 1459 was passed by the House of Representatives and the Senate on May 30, 2018.
(SGD.) MYRA MARIE D. VILLARICA
Secretary of the Senate
(SGD.) CESAR STRAIT PAREJA
Secretary General
House of Representatives
Approved: AUG 17 2018
(SGD.) RODRIGO ROA DUTERTE
President of the Senate
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
