Financing and Lending Companies (FCs and LCs) that are operating Online Lending Platforms (OLPs) and Online Lending Applications (OLAs) are ordered to register with the Credit Information Corporation (CIC) within 30 days from receipt of this Order or its publication, whichever is earlier, and submit their respective basic credit data as required in CIC Circular No. 2, series of 2021.
To register, CIC Circular No. 2, series of 2021 requires the submission of the following documents and/or requirements, as may be applicable:
- Certificate of Registration which may be issued either by the SEC and the CDA;
- SEC Articles of Incorporation or CDA Articles of Cooperation, whichever is applicable;
- Secretary’s Certificate; and
- Submitting Entity Information Sheet.
The above shall be submitted to the Data Submission Team at [email protected].
Non-compliance shall be penalized in accordance with existing laws, SEC Memorandum Circulars, and other relevant regulations. Such penalties shall include, but is not limited to, suspension and/or revocation of the Certificate of Authority to Operate as a Financing or Lending Company.
For those who have already registered but have no access to the Covered Entity Portal, there is no need to re-submit the above documents. The entity will receive a link from the Data Submission System for updating of the Submitting Entity Information Sheet.