Latest Breaking News On - Manila the securities and exchange commission sec has ordered three online lending operators to stop their activities without necessary authorization from employing abusive collection practices in an order issued april 26 - Page 1 : comparemela.com
MANILA - The Securities and Exchange Commission (SEC) has ordered three online lending operators to stop their lending activities without the necessary authorization from the Commission and to stop employing abusive collection practices. In an order issued April 26, the commission en banc directed Golden Cash, Help Cash, and Grace Cash to immediately cease and desist from engaging in, carrying out, promoting and facilitating any lending activity/transaction until they have secured the necessary registration and license from the commission. The owners, operators, promoters, representatives, and agents of the online lending operators were also directed to stop from engaging in unfair debt collection practices, as defined under SEC Memorandum Circular No. 18, Series of 2019 (MC 18). The commission also ordered the online lending operators to stop offering and advertising their lending business through the internet or any other media, and to delete materials involving such. The SEC issued