Section 11
SEC. 11. The first paragraph or Section 34-B of the same Act is hereby amended to read as follows: "SEC. 34-B. Administrative sanctions on 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 and 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, institution 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: Fines not in excess of five hundred pesos a day for each type of violation; Suspension or, removal of directors and/or officers; Suspension of access to Central Bank credit facilities; and/or Suspension or, after due hearing, revocation of quasi-banking license. The Monetary Board may preventively suspend any director or officer of a non-bank financial intermediary performing quasi-banking functions pending an investigation whenever warranted by the circumstances as determined by the Monetary Board. When the case against the director or officer under preventive suspension is not finally decided by the Central Bank within a period of ninety (90) days after the date of suspension, said director or officer shall be reinstated: Provided, That when the delay in the disposition of the case is due to the fault, negligence or petition of the director of officer, the period of delay shall not be counted in computing the period of suspension herein provided."