Proposal to introduce a new Moneylenders Bill 2008
1. The Ministry of Law has released a draft Moneylenders Bill 2008 for public consultation.
2. The Moneylenders Act was enacted in 1959 as a piece of social legislation to safeguard borrowers from unscrupulous moneylenders who charge exorbitant interest.
3. Over the years, the moneylending business landscape has changed significantly. Thus, a major review of the Moneylenders Act was carried out to update the laws governing moneylending to ensure that they remain relevant, keeping pace with changes in consumer credit, business financing, the moneylending industry as a whole and the principles underlying the regulation of the financial industry in general.
4. The Ministry of Law and the Registry of Moneylenders have completed this review. A key outcome is the introduction of a Moneylenders Bill 2008 to repeal and replace the current Moneylenders Act.
5. Interested parties are invited to fax/email their feedback on the Moneylenders Bill 2008 to:
The Registry of Moneylenders
45 Maxwell Road, #06-11
The URA Centre East Wing, Singapore 069118
Fax: 6325 1416
E-mail: ipto_romp@ipto.gov.sg
5. The consultation period ends on Friday, 12 September 2008.
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