Law Ministry proposes amendments to Moneylenders Act

The Law Ministry is moving to ensure more regular and thorough enforcement checks on moneylenders as part of efforts to tighten regulation of the industry.

Proposing amendments to the Moneylenders Act yesterday, the ministry sought to strengthen the Registry of Moneylenders' enforcement powers, to allow the registry to engage any person, such as auxiliary police officers, to assist in conducting inspections.

The powers to seize documents or equipment from the premises inspected, however, will continue to be exercised by public officers.

The ministry also wants to make it a criminal offence for any person to share a potential borrower's information with an unlicensed moneylender, or refer a potential borrower to an unlicensed moneylender. Changes will be debated at a future Parliament sitting.

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