It is strengthening the enforcement powers of the Registry of Moneylenders, including safeguarding borrowers' information from loansharks and clarifying the provisions governing moneylenders' place of business.
Senior Parliamentary Secretary Sim Ann said moneylenders meet the needs of people who are unable to borrow from the banks.
Abolishing the industry would only drive it underground. The government prefers the approach whereby the industry is allowed to operate but it is regulated to give protection to borrowers.
ORIGINAL SOURCE
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