S
Sun Wukong
Guest
May 20, 2010
Eye on moneylenders
35 ordered to hand over files in official hunt for cases where properties targeted as collateral
<!-- by line --> By Mavis Toh
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COMPLAINTS against moneylenders have risen sharply and the Registry of Moneylenders is now taking them to task. The registry, run by the Insolvency & Public Trustee's Office, recently sent out letters to at least 35 moneylenders, demanding that they hand over their files on some of their cases. Those who fail to do so can be fined the maximum $20,000 and jailed for up to six months. In particular, the registry is looking for cases where the moneylenders filed caveats against their debtors' properties - a move which ensures they get first bite of the proceeds from a property's sale if the borrower cannot pay up.
Read the full exclusive story in Thursday's edition of The Straits Times.
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