THE Securities and Exchange Commission (SEC)-Bacolod Extension Office has conducted a series of free orientation last week.
The activity was attended by different lending and financing companies from Bacolod City and other localities in Negros Occidental.
These include EMB Capital Lending Corp, T&S Credit and Lending Corp., RA Financial Services Inc., Smart Finance Corp., Apex Credit and Finance Corp., Bacolod GM Lending Corp., Credit Mix Inc., TMGSI Finance Corp., Commercial Credit Corp. of Negros, Boston Finance, Victorias North Star Lending Corp., Opti Prime Lending Corp. and Goldcheck Finance.
The orientation focused on the salient provisions of Republic Act (RA) 9474 or the Lending Regulation Act of 2007, RA 376 or the Truth in Lending Act, RA 8556 or the Financing Company Act of 1998, and their Implementing Rules and Regulations, Memorandum Circulars 18 and 19 series of 2019 and Memorandum Circular 7 series of 2011.
These are the primary governing laws for the lending and financing companies. Borrowers can also benefit from awareness of the aforementioned laws, the commission said.
The next two batches of orientation will be on January 22 and February 4 from 9 a.m. to 11 a.m.
The active participation of the lending and financing companies could be a positive indication of their willingness to be a consistent compliant corporation, it added. (PR)