Section 4
SEC. 4. The same Act is hereby amended by adding a new section after Section 34-A thereof, to read as follows: "SEC. 34-B. Administrative sanctions oil non-bank financial intermediaries performing quasi-banking functions. —The Monetary Board is hereby authorized, at its discretion, to impose upon non-bank financial intermediaries performing quasi-banking functions, their directors and/ or officers, for any willful delay in the submission of reports or publications thereof as required by law, rules or regulations; any refusal to permit examination into the affairs of the institution; any willful making of a false statement to the Board or to the appropriate supervising or examining department or its examiners; any willful failure or refusal to comply with, or violation of, any law pertaining to non-bank financial intermediaries performing quasi-banking functions or any order, instruction or regulation issued by the Monetary Board, or any order, instruction or ruling by the Governor; or any commission of irregularities, the following administrative sanctions : "(a) Fines not in excess of five hundred pesos a day for each type of violation; "(b) Suspension or, after due hearing, removal of directors and/or officers; "(c) Suspension of access to Central Bank credit facilities; and/or "(d) Suspension or, after due hearing, revocation of quasi-banking license. "The above administrative sanctions need not be applied in the order of their severity. "The Governor is authorized to render opinions, decisions, or rulings which shall be final and executory until reversed or modified by the Monetary Board on matters regarding application or enforcement of laws pertaining to non-bank financial intermediaries performing quasi-banking functions, implementation of Monetary Board regulations, policies or instructions pertaining to non-bank financial intermediaries with quasi-banking functions, including their method of accounting or manner of keeping the accounts, books and financial records, and their submission of reports. "The Governor is likewise hereby authorized, at his discretion, to impose upon non-bank financial intermediaries with quasi-banking functions for any failure to comply with the requirements of law, Monetary Board regulations and policies, and/or instructions issued by the Monetary Board or by the Governor, fines not in excess of five hundred pesos a day for each type of violation, the imposition of which shall be final and executory until reversed, modified or lifted by the Monetary Board on appeal."