Can a corporation created under SPC (Special Purpose Corp) do business as home funding institution that adopts 10.5 % rate of interest, ask for exhorbitant miscellaneous fees at 5% interest base on the contract price and not the outstanding payment due and does not issue official receipt because of an on going legal case?
1 Answer from Attorneys
you question is not clear. But if this corporation you are referring to is engaged in lending then it has to comply with the law governing lending corporations. There is no limit on the interest but it should not be too high..
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