May 19, 2010
18 complaints on moneylenders
<!-- by line --> By Lim Wei Chean
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THE Registrar of Moneylenders received 18 complaints last year and did not renew the licences of three lenders, said Associate Professor Ho Peng Kee, Senior Minster of State for Law. He was responding to queries from Madam Halimah Yacob (Jurong GRC) and Dr Lam Pin Min (Ang Mo Kio GRC) on licensed moneylenders. He said that the Moneylenders Act was amended in November 2008 to put in place additional safeguards to protect borrowers and the amendments took place on March 1 last year.
The amendments gave the Registrar of Moneylenders greater investigative and regulatory powers, which include not renewing the licences of errant moneylenders. Prof Ho also assured the House that the ministry is keeping a close watch on the situation, adding that no migration of illegal moneylenders has been detected so far. At the end of 2008 and 2009, there were 173 and 221 licensed moneylenders respectively. Last year, licensed moneylenders granted $288.8m in loans, compared to $188.5m in 2008.
