The Securities and Exchange Commission (SEC) has given 13 financing and lending companies a fresh chance to resume operations after lifting their cease-and-desist orders or suspensions.
In an advisory, the SEC said the registrations of the following firms have been reinstated, allowing them to operate again:
- Copperstone Lending Inc. (doing business as Pesoforrest, Pococash, Blue Peso, Moca Moca, Peso Buffet, Load Cash, and Quickla)
- Elending Lending Inc.
- Second Pay Financing Inc.
- Tekwang Lending Inc.
- Jia Financing Inc.
- Hupan Lending Technology Inc.
- Cashbee Lending Services Inc.
- Kayamo Atlas Lending Corporation
- Luckyshell Fintech Lending Corporation
- The Golden Legacy Financing Corporation
- Just Smile Lending Corporation
- Surity Cash Lending Investors Corporation (operating as Surity Cash)
- Sumulong Financing Inc. (doing business as GoPeso, FastPeso, and Fundly).
The SEC stressed that the firms may only resume financing and lending activities if they strictly comply with existing laws and SEC regulations. It also clarified that lifting the penalties does not remove the rights of borrowers who may have complaints against the companies.
“For clarity, the lifting, modification, or reversal of the foregoing penalties does not extinguish the rights of existing or former borrowers, nor does it preclude the filing, investigation, or resolution of complaints arising from any violation committed by the said entities,” the SEC said.
The commission encouraged the public to report prohibited practices such as unfair debt collection, misrepresentation, harassment, unauthorized disclosure of personal information, and overcharging.