The Securities and Exchange Commission (SEC) said Wednesday it cancelled the license of Copperstone Lending, operator of online lending platforms Moca Moca and Pesobuffet, after the company was allegedly found to have engaged in unfair debt collection practices.
The SEC’s Financing and Lending Companies Division said in an order dated April 11 Copperstone violated Republic Act No. 3765, or the Truth in Lending Act (TILA) and SEC Memorandum Circular No. 18.
Aside from canceling Copperstone’s certificate of authority to operate as a lending company and its primary registration, the SEC also fined the company P20,000 for violating the TILA.
The order was issued in response to complaints filed with the SEC regarding Copperstone ‘s online lending platform, the corporate regulator said.
