Personal Property Security Act

Sec 60

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.

Sec 61

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.

Sec 62

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.

Sec 63

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

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.

Sec 65

Should any provision herein be declared unconstitutional, the same shall not affect the validity of the other provisions of this Act.

Sec 66

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decrees, orders, and issuances or portions thereof, which are inconsistent with the provisions of this Act, are hereby repealed, amended, or modified accordingly: (a) Sections 1 to 16 of Act No. 1508, otherwise known as "The Chattel Mortgage Law": (b) Articles 2085-2123, 2127,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, 2243, 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".

Sec 67

This Act shall take effect fifteen (16) days after publication in at least two (2) newspapers of general circulation.

Sec 68

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: AUG 17 2018