SEARCH THIS SITE FOR HOUSE DESIGN, OVERSEAS FILIPINO NEWS, FREE ONLINE STUDIES, CASH LOANS and BANK LOANS, PROPERTY FOR SALE, HOUSE AND LOT, FORECLOSED, CARS FOR SALE and anything beneficial for the Filipinos at home and abroad

Thursday, March 23, 2017

Warning to all Loan Seekers: Here are the 84 Lending Companies Suspended by SEC

Because of illegal operations, the Securities and Exchange Commission (SEC) has suspended for 60 days the license of 84 lending companies throughout the country.  According to Inquirer report, the suspended lending companies failed to obtain a secondary license or a certificate of authority, to operate as a lending company.  The said clearances or documents are prescribed under Republic Act No. 9474 or the Lending Company Regulation Act of 2007.


Because of illegal operations, the Securities and Exchange Commission (SEC) has suspended for 60 days the license of 84 lending companies.

According to Inquirer report, the suspended lending companies failed to obtain a secondary license or a certificate of authority, to operate as a lending company.

The said clearances or documents are prescribed under Republic Act No. 9474 or the Lending Company Regulation Act of 2007.




The suspension takes place after SEC sent out more than 300 show-cause letter twice to every registered lending company which did not possess any license to operate a business.

They are mandated to explain why certificates of registration (as a corporation) should not be suspended in view of the failure to secure the certificate. 

Out of the 300 letters, 84 were returned to sender.










Aside from suspension, a fine of not less P10,000 or imprisonment of not less than six months but not more than 10 years or both, await those who violate the law.

SEC added, that if they still do not respond within the suspension period, proceedings for revocation of their certificates of registration will immediately ensue.

SEC's action is in support of President Duterte's severe measure against the illegal operation of some lending companies

Here's the list of suspended illegal lenders.



According to the Law, before a lending company to operates, it needs an authority to operate from the SEC.

SEC director Justina Callangan, of the SEC’s Corporate Governance and Finance Department said that the 84 lending had given more than sufficient time to comply with the law, hence, their continued noncompliance warranted their suspension.


SEE MORE:

Do You Know How to Apply for Pag-IBIG Short Term Loan?























©2017 THOUGHTSKOTO