In a statement on Wednesday, the SEC revoked the incorporation papers and the lending license of Copperstone Lending Inc.
This decision came after the SEC’s Financing and Lending Companies Division (FinLend) identified violations of the Truth in Lending Act and internal regulations aimed at preventing unfair debt collection.
The revocation includes both Copperstone’s authority to operate as a lending company and its primary registration, and the company faces a penalty of P20,000 for these infringements. The SEC’s action follows numerous complaints about Copperstone’s practices, highlighting significant discrepancies between advertised and actual loan terms.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
