12 Feb 2015 Posted in Parliamentary speeches and responses
Ms Foo Mee Har, Member of Parliament for West Coast GRC
To ask the Minister for Law what measures are being considered to ensure that debt collectors are bound by a code of conduct which defines the tactics and practices that may be employed in collecting debts.
Creditors such as banks, licensed moneylenders or judgment creditors can and do take steps to recover their debts and may engage debt collectors to do so on their behalf. The actions taken by creditors or debt collectors in collecting debts cannot contravene the law. So for example, the Penal Code makes it an offence if hurt or threatening behavior is involved. In addition, the new Protection from Harassment Act provides civil and criminal remedies against unreasonable harassing behaviour.
Where licensed moneylenders are concerned, the Registry of Moneylenders conducts checks to ensure that persons who have previously engaged in criminal conduct are not allowed to assist in any aspect of the moneylending business, including the collection of debts. Borrowers who encounter criminal behaviour from licensed moneylenders or their debt collectors should report the matter to the police or the Registry of Moneylenders. Moneylenders found to have committed offences may have their licences suspended, not renewed or revoked by the Registry.
The Advisory Committee on Moneylending was set up last year to review the moneylending regime. The Committee will also be looking at the conduct of debt collectors engaged by moneylenders. The Committee targets to issue its final report by the first quarter of 2015.
Last updated on 12 Feb 2015