SEC Revokes Registration and Authority to Operate of Surity Cash

​The Securities and Exchange Commission (SEC) has cancelled the lending license of Surity Cash Lending Investors Corp. doing business under the name of Surity Cash (Surity Cash), which operates online lending platform (OLPs) Surity Cash, for its unfair debt collection practices.

In an Order dated 14 January 2025, the SEC Financing and Lending Companies Department (FinLenD) found that Surity Cash violated SEC Memorandum Circular No. 18, Series of 2019 (MC 18) on the Prohibition on Unfair Debt Collection Practices.

Accordingly, FinLend revoked Surity Cash's Certificate of Authority to operate as a lending company and its primary registration.

The order was issued in response to five (5) formal complaints filed with the SEC regarding Surity Cash’s abusive collection practices.

MC 18 prohibits the use of unfair debt collection practices, including the use or threat of use of violence to harm the person, reputation, or property of any person; the use of obscenities, insults, or profane language; as well as the disclosure or publication of names of borrowers who allegedly refuse to pay debts, among others.

FinLenD Order dated 14 January 2025 became final and executory since Surity Cash failed to file any appeal or motion for reconsideration within the reglementary period.