In the Matter of Revocation of Certificate of Registration

June 21, 2017CORPORATE GOVERNANCE AND FINANCE DEPARTMENTIN THE MATTER OF REVOCATION OF CERTIFICATE OF REGISTRATIONORDER OF REVOCATIONWHEREAS, all lending companies are required to be registered as stock corporation and to obtain a Certificate of Authority (CA) to operate as a lending company as provided under Section 4 of Republic Act No. 9474, otherwise known as the Lending Company Regulation Act of 2007;WHEREAS, the records of the Securities and Exchange Commission (SEC) show that there are several registered lending companies which failed to obtain a CA to operate as a lending company despite the more than sufficient time given to them within which to comply with the law since it became effective in 2007;WHEREAS, these companies were ordered and afforded more time within which to obtain the necessary CA but still failed to do so;WHEREAS, the SEC suspended the Certificate of Registration of eighty four (84) lending companies on 23 March 2017 and were given a period of sixty (60) days or until 23 May 2017 within which to obtain the necessary CA, otherwise their Certificate...