Senate Majority Leader Joel Villanueva is urging the upper chamber to investigate the rise of unauthorized and unregistered online lending platforms in the country.
Villanueva filed proposed Senate Resolution 641 amid reports of harassment and intimidation by online lending platform collecting agents of individuals who were unable to pay their loans on time.
Further, Villanueva said several online lending platforms engage in irresponsible data harvesting and violate their clients’ right to privacy and safe and secure transactions to force them to pay their balance. “Likewise, measures have to be put in place and properly implemented to guarantee that consumers are only transacting with registered and authorized online lending companies to protect their interest and general welfare,” he added.
These lending platforms reportedly violated SEC Memorandum Circular No. 19, series of 2019, which requires financing and lending companies to report and register their online lending platforms as business names, as well as display on their advertisements and platforms their respective corporate names, SEC Registration Numbers and Certificate of Authority Numbers.
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