SEC Suspended Additional 20 Lending Companies Posted 06 April 2017

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SEC SUSPENDED ADDITIONAL 20 LENDING COMPANIES

The Securities and Exchange Commission suspended the certificates of registration as   corporations of additional   20 lending   companies   which  failed   to  obtain   a Certificate  of  Authority  (CA)  to Operate  as  a  Lending  Company  required  under Republic Act No. 9474 or the Lending Company Regulation Act of 2007.

On March 07, 2017, the SEC suspended the certificates of registration of 84 lending companies for their failure to obtain Certificate of Authority to Operate as Lending Company.

The SEC is the lead agency in the administration of said law. Section 4 of R.A. 9474 states  that  “xxx  No  lending  company  shall  conduct  business  unless  granted  an authority to operate by the SEC”.

The list of the suspended 20 lending companies is in Annex A.

 

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