SEC Notice – Mindanao Times

0

THE Securities and Exchange Commission (SEC) has ordered PESOBEE, PESO T-SAFE ONLINE CASH, RUSHLOAN, SPENDCASH, TAPA and WITHU to immediately cease and desist from engaging in, performing, promoting and facilitating ANY ACTIVITY/LOAN TRANSACTION without the necessary licenses from the Commission.

The SEC has found that the operators of these online lending applications engage in illegal lending activities even though they are not registered as companies and do not have a certificate of authority issued by the Commission, as required by RA No. 9474, otherwise known as Loan. Act.

In addition, the unfair collection practices employed by these operators constitute unfair debt collection practices prohibited by SEC Circular Memorandum No. 18, Series of 2019 (Prohibition of Unfair Debt Collection Practices of Financing Companies and Lending Companies).

For complaints against individuals/companies engaging in non-CA lending activities, please email the Enforcement and Investor Protection Department at epd@sec.gov.ph

For complaints against abusive collection practices, please visit https://www.sec.gov.ph/loan-companies-and-finance-companies-2/complaints/

Share.

About Author

Comments are closed.