Section 8
SEC. 8. Section 29 of the same Act is hereby amended, by adding the following subsections after Subsection (c) thereof, which read as follows: "SEC. 29(c-1). Whenever any officer, employee, or agent of a savings and loan association makes false entries in any association report or statement thereby affecting the financial interest of, or causing damage to, the association or any person; or without order of a court of competent jurisdiction, discloses to any unauthorized person any information relative to the funds or properties in the custody of the association belonging to private individuals, corporations, or any other entity: Provided, That with respect to bank deposits, Section 4(a) of this Act shall prevail; or accepts gifts, fees or commissions or any other form of remuneration in connection with the approval of a loan from said association; or overvalues or aids in overvaluing any security for the purpose of influencing in any way the action of the association on any loan, such officer, employee or agent shall be punished by a fine of not more than two thousand pesos or imprisonment for not more than one year, or both, at the discretion of the court; "(c-2). Whenever any applicant for a loan from, or borrower of, a savings and loan association fraudulently overvalues property offered us security for a loan from the said association; or furnishes false, or makes willful misrepresentation of, material facts for the purpose of obtaining, renewing, or increasing a loan or extending the period thereof; or attempts to defraud the said association in the event of a court action to recover a loan; or offers any officer, employee or agent of a savings and loan association any gift, fee, commission, or other form of compensation in order to influence such association personnel into approving a loan application, such applicant or borrower shall be punished by a fine of not more than two thousand pesos or imprisonment for not more than one year, or both, at the discretion of the court; "(c-3). Whenever any examiner, officer or employee of the Central Bank of the Philippines, who is assigned to examine, supervise, assist or render technical service to a savings and loan association, commits any of the acts enumerated in subsection c-1 of this section or connives or aids in the commission of the same, he shall be punished by a fine of not more than two thousand pesos or imprisonment of not more than one year or both, at the discretion of the court."