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MANILA - The Securities and Exchange Commission (SEC) continues its crackdown against illegal lending after ordering eight online lending operators to stop conducting lending activities without the necessary license. In an order issued February 8, the commission en banc directed CashWill, PesoBee, Peso T-Safe Online Cash, RushLoan, SkyMart, SpendCash, Tapa, and WithU, to immediately cease and desist from operating, engaging in, carrying out, abetting, and/or promoting lending/financing businesses and related activities until they have incorporated and secured from the SEC authorization to pursue such activities. The companies, their agents, representatives and promoters, as well as the owners and operators of their hosting sites, were further enjoined to cease from offering and/or advertising their lending business and related business through the internet or any other media, and to remove all materials involving such. The SEC issued the order after finding that none of the groups were ....

Exchange Commission , Lending Company Regulation , Pesot Safe Online Cash , Lending Company Regulation Act , Manila The Securities And Exchange Commission Sec Continues Its Crackdown Against Illegal Lending After Ordering Eight Online Operators To Stop Conducting Activities Without Necessary License In An Order Issued February 8 , He Commission En Banc Directed Cashwill , Pesot Safe Online Cash , Nd Withu , O Immediately Cease And Desist From Operating , Engaging In , Carrying Out , Nd Or Promoting Lending Financing Businesses And Related Activities Until They Have Incorporated Secured From The Sec Authorization To Pursue Such Companies , Their Agents , Epresentatives And Promoters , S Well As The Owners And Operators Of Their Hosting Sites , Ere Further Enjoined To Cease From Offering And Or Advertising Their Lending Business Related Through The Internet Any Other Media , Nd To Remove All Materials Involving Such The Sec Issued Order After Finding That None Of Groups Were Registered Asa Corporation With Commission Accordingly , Hey Also Lack The Certificate Of Authority To Operate Asa Lending Financing Company Ca Republic Act 9474 , R The Lending Company Regulation Act Of 2007 Lcra , Equires Persons Or Entities Operating As Lending Companies To Register Corporations And Secure From The Sec Necessary Authority Operate Quott He Commission Finds That Continued Operation Of Online Operators Constitutesa Clear Violation , Nd Should Be Penalized Pursuant To The Lcra Because It Engages In Or Carries Outa Lending Business Without Required License Form Commission , Uot The Commission En Banc Held Quot Acts Of Unregistered Online Lending Operators In Illegally Offering And Providing Loans To Public , Harging High Interest Rates , Nd Subjecting Its Debtors To Unfair Treatment Through Abusive And Even Libelous Language In Collecting The Loaned Amount , Uot It Said Further , He Commission Found That The Online Lending Operators Have Been Imposing Onerous And Unreasonable Terms ,