Written Answer by Minister for Law, K. Shanmugam, to Parliamentary Question on Licensed Moneylenders and Pawnbrokers

05 AUG 2014

5 Aug 2014 Posted in Parliamentary speeches and responses

Mr Lim Biow Chuan, Mountbatten SMC

Question
To ask the Minister for Law whether the Government will regulate the maximum number of money lenders and pawn brokers allowed in an HDB estate to ensure that credit is not too easily available.

Answer

  1. Madam Speaker, in respect of limits on the number of moneylenders by geographical location, I had previously explained my Ministry’s thinking on this issue before this House. Singapore is small and highly accessible. We do not think that travelling cost will effectively deter borrowing from moneylenders.

  2. Nevertheless, this is a position which we are reviewing. Members may be aware that my Ministry has set up an Advisory Committee on Moneylending to review our moneylending policies. The location of moneylenders in HDB estates is one of the issues the Committee has been asked to consider. We will share the Committee’s conclusions and recommendations when the Committee has completed its work.

Last updated on 05 Aug 2014