SEC closes 3 other online lending platforms
The Securities and Exchange Commission (SEC) ordered three other online lending platforms – Peso Tree, Pesoalo and Pinoy Cash Loan – to immediately end their illegal operations.
These three lending platforms were not registered as companies. None of them have the necessary certificate of authority to operate as a loan company.
The SEC’s Commission En Banc issued the order on Jan. 21, directing owners, operators, developers, representatives, agents, and all persons claiming and acting for and on their behalf to immediately cease and desist from s ‘initiate, promote and facilitate unauthorized loans. Activities.
The SEC also ordered Peso Tree, Pesoalo and Pinoy Cash Loan to stop advertising their lending activities on the Internet and to remove or remove presentations and promotional offers from the Internet.
The Loan Company Regulation Act 2007 states that a loan company must be incorporated only as a company. It further provides that no loan company shall carry on business without authorization to conduct business with the SEC.
Illegal lenders are liable to a fine of 10,000 to 50,000 pesos or imprisonment for six months to 10 years or both, under section 12 of the Company Regulation Act. loan.
The SEC has previously issued cease and desist orders covering a total of 48 online lending platforms and their operators to engage in lending or financing activities without incorporating and obtaining a certificate of authority.
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