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Number of moneylenders in Singapore: 169
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Draft Moneylenders Bill released for public feedback
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Changes to Moneylenders Act approved in Parliament.
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Number of moneylenders stays stable, rising by 4 from 2008
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Changes to Moneylenders Act kick in
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Banks prepare to muscle their way into soft loans market
New products, system tweaks to tap lower-income pool SOME banks have responded swiftly to relaxed rules over unsecured loans by launching new products and tweaking their systems to attract more customers. POSB, Citibank and United Overseas Bank (UOB) are gearing up to cater for the new market segment created by the regulation changes, while OCBC Bank has already noticed a surge in applications for unsecured loans but is treading cautiously on the lending front. The new regulations - they came -
Loanshark harrasment cases rise sharply
Government signals strongly that borrowers too may face action WHEN times are bad, loansharks start surfacing. In just the first three months of the year, police had to deal with nearly 4,000 cases over their harassment tactics. That is double the number in the same period last year. It has become so bad that police are considering nailing those who borrow from loansharks as well. Said Deputy Prime Minister and Home Affairs Minister Wong Kan Seng yesterday: 'This will hold borrowers accounta -
Parliament plans tough measures on loan sharks
STIFF measures to combat loan sharks and their assistants are set to be introduced when Parliament sits on Monday. These are to be spelt out in amendments to the Moneylenders Act, with an eye on penetrating loan shark syndicates to stop their unrelenting and ruthless methods in getting borrowers to pay up. This loan shark problem was raised in Parliament in August, when MPs like Madam Cynthia Phua (Aljunied GRC) noted a rise in their terrorising ways. She said harassment incidents in her ward -
Further changes to Moneylenders Act passed
ARLIAMENT yesterday passed a slew of changes to the Moneylenders Act to give the authorities more ways to tackle the worsening loan shark scourge at every level. At the top: The assets of suspected kingpins under criminal detention can be frozen, and prosecutors will have greater access to the financial records of illegal moneylenders and their associates. The courts will be empowered to deal with those who orchestrate loan shark operations from overseas, and syndicate members can gain immunity -
Further changes to Moneylending Act take effect
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Crackdown on moneylenders
35 ordered to hand over files in official hunt for cases where properties targeted as collateral
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, th -
Moneylenders strike back against errant borrowers
They join forces to draw up blacklist of debt defaulters
WITH bad debts on the rise, licensed moneylenders are stemming their losses by banning certain individuals from borrowing from them.
Among those the Moneylenders' Association of Singapore will not lend to are people who have chalked up bad debts with its members, and people whose family members request that they be banned from borrowing. -
Moneylenders clean up their image
The Moneylenders' Association of Singapore has set up a website - sml999.com - which includes a public forum and borrower advice. A mediation centre will help lenders and their clients solve issues like overcharging. The website and services - which have been in the works for the past two years - will be officially launched on June 21. -
Complaints against moneylenders in 2010 triples to 64
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8 licences revoked and 4 refused renewal in 2010
Eight licences were revoked and four not renewed in 2010, because the holders had breached the Moneylenders Act or rules. Some were discovered to be former loansharks. -
Number of moneylenders jumps to 260
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Govt tightens Moneylenders Act again
From Jan 1, applicants for a licence or any person responsible for the management of the business must pass a written test on the Moneylenders Act and its rules. -
Worries over unintended boom for moneylenders
INCREASED enforcement against loan sharks may have the unintended result of increasing business for licensed moneylenders, wanrs the President of Credit Counselling Singapore. -
More youths arrested for loansharking
MORE young people were arrested for loansharking last year against the year before, many of them lured by the promise of easy money.
Between January and November last year, police caught 159 young people aged 19 years and below who were involved in loansharking and related harassment activities, a 12 per cent rise from the 142 nabbed in the same period in 2009.
In the first 11 months of last year, police arrested 1,443 people in total for loansharking and harassment activities, an increase of ab -
Call for review in Parliament
MP Ong Seh Hong raised the issue in Parliament and asked for the law to cap the interest moneylenders may charge. -
Loan sharks masquerade as licensed moneylenders
They tout services via fliers, online ads, but are not on approved list
ILLEGAL moneylenders pretending to be licensed operators are becoming brazen, dropping fliers and name cards at the doorsteps of flats and on car windshields across the island.
Some are also advertising their services on classified websites such as 88DB.com and gumtree.sg
Touting themselves as licensed operators to unsuspecting borrowers, they offer quick, hassle-free loans at exorbitant interest rates through bank transfers -
First licensed moneylender charged
Clampdown by the authorities comes amid rising concern over how these lenders operate
A LICENSED moneylender yesterday became the first to be hauled to court under rules designed to stamp out abuses in the industry.
The case comes as the authorities clamp down on licensed moneylenders with suspect business practices, amid growing concern over how some lenders have been operating.
A momth later, 3 more licensed moneylenders will be charged. -
Number of moneylenders rises to at least 264
The association expects the rise in numbers to continue unless the Moneylenders Act is revised again in relation to interest rates and other charges.
'The banks are tightening their lending to wage earners and small-time businesses,' said Mr Poh. 'These borrowers who at one time or another have faulted in credit-card payments, have received some sort of summons, and so on, are not able to secure loans and credit facilities from these banking and similar loan-and-cooperative societies. Such a gro -
Surge in complaints as masquerade continues
Surge in complaints over new tactic: Industry body
ILLEGAL moneylenders have been masquerading as licensed businesses in a new trend.
They send text messages to people who have borrowed money legally in the past, offering them loans. These SMSes purportedly come from known licensed lenders.
First, they ask for the debtors' bank details so the loans can be transferred immediately. They then ask the debtors to repay the loans into new account numbers that they send via SMSes.
Approaching potential -
Licensed moneylenders' client info 'breached'
CONFIDENTIAL client information belonging to as many as 100 licensed moneylenders in Singapore might have been compromised in the past two months.
Many moneylenders complain that persons masquerading as them have called their clients to offer fuss-free cash loans.
A spokesman for the Moneylender's Association of Singapore (MLAS) told The Straits Times that it was investigating the complaints.
The association has received reports from its members about their clients being harassed by text message -
Loanshark arrests double in 2010
,506 people were arrested for illegal moneylending and harassment in 2010, up 56 per cent from 965 in 2009.