The Philippine Securities and Exchange Commission fined Nittan Capital Finance Inc. PHP 88,500 for failing to disclose the true cost of credit before a borrower signed a loan agreement. The company must also review and revise its disclosure statement templates, amortization schedules and loan information sheet to comply with the Truth in Lending Act and its implementing rules. The regulator identified material deficiencies involving upfront charges, amortization, conditional charges, taxes passed to the borrower and the effective interest rate. The fine comprises PHP 20,000 for a first offense and PHP 68,500 for 685 days of continued violation.
2026-03-16Philippine Securities and Exchange Commission
Philippine Securities and Exchange Commission fines Nittan Capital Finance PHP 88,500 over incomplete loan cost disclosures
The Philippine Securities and Exchange Commission fined Nittan Capital Finance Inc. PHP 88,500 for incomplete disclosure of loan costs before a borrower signed an agreement. The company must revise its disclosure documents and amortization schedules to comply with truth-in-lending requirements.