The Securities and Exchange Commission said Tuesday it issued cease-and-desist order against six financing and lending companies which are not compliant with the rules and regulations of the commission.
It said the order was issued pursuant to the Republic Act No. 11765, or the Financial Consumer Products and Services Consumer Protection Act. It said these rules include submission of an official e-mail and contact number, disclosure of advertisements and reporting of online lending platforms, registration with the Credit Information Corp. and submission of the list of third-party service providers.
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