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SEC halts operations of 6 lending firms over regulatory violations

The Securities and Exchange Commission has issued cease and desist orders (CDO) against six financing and lending companies for non-compliance with regulatory requirements.

These companies include 9F Lending Philippines, Elending Lending, Hovono Lending Corp., Makati Loan, Second Pay Financing and Tekwang Lending Corp.

The CDOs were issued pursuant to Republic Act 11765, also known as the Financial Consumer Products and Services Consumer Protection Act.

The firms were found to have failed to meet obligations outlined in various SEC memorandum circulars and orders.

These include requirements for submitting annual impact evaluation reports, providing official contact information, disclosing advertisements on online lending platforms, and several other orders related to complaints handling mechanisms, registration with the Credit Information Corporation, and disclosure of third-party service providers.

The CDOs serve as a regulatory response to ensure compliance and protect financial consumers in the Philippines.

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