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19-07-2011, 03:13 PM
Moneylending: Tell us and we'll probe, replies registrar
[2011] 19 Jul_ST
Title: Moneylending: Tell us and we'll probe, replies registrar
Source: Straits Times
Author:
Legal News Archive
WE REFER to Mr Anthony Lim's letter ('Tactics were similar to those of loan sharks'; last Wednesday).
The Registry of Moneylenders strictly regulates and inspects the operations of
licensed moneylenders to ensure compliance with the Moneylenders Act and Rules, and will not hesitate to take
enforcement action against moneylenders who breach the law. Errant moneylenders could face warning, suspension, non-renewal or revocation of licence and, where there are even more serious breaches of the law, prosecution.
Borrowers, on their part, should take note of the terms and conditions of a loan, and should also carefully assess their own ability to service the loan, before entering into a loan agreement.
The Registry has made available on our website a guide to borrowers listing the factors to consider when obtaining a loan. The guide is in the Moneylending section under IPTO Services at www.ipto.gov.sg
Mr Lim stated that he was informed by the moneylender about the terms and conditions of the loan, including the repayment terms and forfeiture clause.
As we are unable to assess from these facts alone whether any breach of the Moneylenders Act and Rules has occurred, we would be grateful if Mr Lim can contact the Registry of Moneylenders at ipto_romp@ipto.gov.sg so that the Registry may obtain further details.
Alice Tan (Ms)
for Registrar of Moneylenders
Insolvency and Public Trustee's Office
Singapore
Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.
[2011] 19 Jul_ST
Title: Moneylending: Tell us and we'll probe, replies registrar
Source: Straits Times
Author:
Legal News Archive
WE REFER to Mr Anthony Lim's letter ('Tactics were similar to those of loan sharks'; last Wednesday).
The Registry of Moneylenders strictly regulates and inspects the operations of
licensed moneylenders to ensure compliance with the Moneylenders Act and Rules, and will not hesitate to take
enforcement action against moneylenders who breach the law. Errant moneylenders could face warning, suspension, non-renewal or revocation of licence and, where there are even more serious breaches of the law, prosecution.
Borrowers, on their part, should take note of the terms and conditions of a loan, and should also carefully assess their own ability to service the loan, before entering into a loan agreement.
The Registry has made available on our website a guide to borrowers listing the factors to consider when obtaining a loan. The guide is in the Moneylending section under IPTO Services at www.ipto.gov.sg
Mr Lim stated that he was informed by the moneylender about the terms and conditions of the loan, including the repayment terms and forfeiture clause.
As we are unable to assess from these facts alone whether any breach of the Moneylenders Act and Rules has occurred, we would be grateful if Mr Lim can contact the Registry of Moneylenders at ipto_romp@ipto.gov.sg so that the Registry may obtain further details.
Alice Tan (Ms)
for Registrar of Moneylenders
Insolvency and Public Trustee's Office
Singapore
Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.