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Lawmakers File Bill to Regulate Online Lending Practices
Philippine lawmakers have filed a bill proposing stricter regulations for online lending, aiming to curb predatory practices like excessive interest rates, hidden charges, and abusive collection methods. Violators could face up to six years in prison and fines of up to P1 million.
LAWMAKERS on Thursday filed a bill seeking to curb abusive online lending practices, proposing stricter rules against harassment, hidden charges, excessive interest rates and deceptive collection methods. House Bill No. 10366 will require lenders to help borrowers’ repayment capacity, fully disclose loan terms and protect personal data. The measure also seeks to create a compensation board under the Securities and Exchange Commission for victims of abusive lending and authorizes the regulator to block unlicensed online lending apps. Violators could face up to six years in prison and fines of as much as P1 million. — Pexcel John Bacon
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BusinessWorld Nation