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The Securities and Exchange Agency (SEC) has ordered Goodpocket and Easymoney Lending Corporation to cease lending operations until the commission issues the appropriate licenses.

Goodpocket and Easymoney were ordered by the Commission en banc to cease and desist from engaging in, carrying out, advertising, and facilitating any lending activity/transaction until they had the requisite approval and authorization from the SEC in an order issued on January 18.

The companies, their owners, operators, promoters, representatives, and agents were also ordered to stop offering and advertising their lending services on the internet or through any other medium, as well as to remove all documents related to it.

After discovering that Goodpocket and Easymoney were performing lending activities despite not being registered as a firm, the commission issued the order.

As a result, neither company holds a certificate of authority to operate as a lender or financier.

The Lending Company Regulation Act of 2007 (LCRA), or Republic Act 9474, requires persons or entities functioning as lending firms to register as corporations and get from the Securities and Exchange Commission (SEC) the requisite authority to operate.

“Thus, the act of these online lending operators in offering and supplying loans to the public constitutes true fraud,” the commission en banc stated.

The SEC has received complaints about the companies’ improper collection practices, which include libelous accusations against borrowers being posted on social media and being sent to their phone contacts.

“The actions of these unregistered online lending operators in illegally offering and providing loans to the public, charging high-interest rates, and subjecting their debtors to unfair treatment through abusive and even libelous language in collecting the loaned amount have no place in a society governed by and faithfully adheres to positive laws,” it continued.

The Securities and Exchange Commission (SEC) continues to oversee lending and financing firms for compliance with applicable laws, rules, and regulations.

Due to different infractions of applicable rules and regulations, the commission has revoked the licenses of 36 financing/lending companies to date.

It has also canceled the registration certificates of 2,081 lending organizations for failing to obtain the required certificate of authority, as required under the LCRA.

A total of 60 online lending apps have been ordered to shut down due to a lack of authority to operate as a lending or financing firm.

Visit the SEC’s lending and financing companies corner at https://www.sec.gov.ph/lending-companies-and-financing-companies-2/lending-companies-and-financing-companies-and-financing-companies-and-financing-companies-and-financing-companies-and-financing-companies-and-financing-compa

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