SEC Suspends 84 Lending Firms

SEC Suspends 84 Lending Firms

The Securities & Exchange Commission (SEC) has suspended the Certificates of Registration of at least 84 credit and lending companies pursuant to SEC Resolution No. 174, dated March 7, 2017.

It may be recalled that the SEC has undertaken severe measures against the proliferation of “informal lenders,” or persons who engage in lending without primary registration (of incorporation) and secondary license (to extend loans to the public) from the SEC.

Under the Lending Company Regulation Act of 2007, or Republic Act No. 9474, it is illegal to act as a lending company or lending investor unless the entity registers as a corporation and secures a license to operate as one from the SEC.

The public is enjoined to get in touch with the SEC for any information concerning persons and entities engaged in illegal lending. You may call the Corporate Governance and Finance Department at (02) 818-5476 or 818-5516, or make an online report through the i-Message Mo on the Commission’s website.

For the complete list of entities with suspended registration, click here.

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