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SEC orders 8 online illegal lenders to stop operations - Vimarsana News

SEC orders 8 online illegal lenders to stop operations

Published: February 15, 2022

MANILA - The Securities and Exchange Commission (SEC) continues its crackdown against illegal lending after ordering eight online lending operators to stop conducting lending activities without the necessary license. In an order issued February 8, the commission en banc directed CashWill, PesoBee, Peso T-Safe Online Cash, RushLoan, SkyMart, SpendCash, Tapa, and WithU, to immediately cease and desist from operating, engaging in, carrying out, abetting, and/or promoting lending/financing businesses and related activities until they have incorporated and secured from the SEC authorization to purs...

Source: philippinetimes.com

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Exchange Commission Lending Company Regulation Pesot Safe Online Cash Lending Company Regulation Act Manila The Securities And Exchange Commission Sec Continues Its Crackdown Against Illegal Lending After Ordering Eight Online Operators To Stop Conducting Activities Without Necessary License In An Order Issued February 8 He Commission En Banc Directed Cashwill Pesot Safe Online Cash Nd Withu O Immediately Cease And Desist From Operating Engaging In Carrying Out Nd Or Promoting Lending Financing Businesses And Related Activities Until They Have Incorporated Secured From The Sec Authorization To Pursue Such Companies Their Agents Epresentatives And Promoters S Well As The Owners And Operators Of Their Hosting Sites Ere Further Enjoined To Cease From Offering And Or Advertising Their Lending Business Related Through The Internet Any Other Media Nd To Remove All Materials Involving Such The Sec Issued Order After Finding That None Of Groups Were Registered Asa Corporation With Commission Accordingly Hey Also Lack The Certificate Of Authority To Operate Asa Lending Financing Company Ca Republic Act 9474 R The Lending Company Regulation Act Of 2007 Lcra Equires Persons Or Entities Operating As Lending Companies To Register Corporations And Secure From The Sec Necessary Authority Operate Quott He Commission Finds That Continued Operation Of Online Operators Constitutesa Clear Violation Nd Should Be Penalized Pursuant To The Lcra Because It Engages In Or Carries Outa Lending Business Without Required License Form Commission Uot The Commission En Banc Held Quot Acts Of Unregistered Online Lending Operators In Illegally Offering And Providing Loans To Public Harging High Interest Rates Nd Subjecting Its Debtors To Unfair Treatment Through Abusive And Even Libelous Language In Collecting The Loaned Amount Uot It Said Further