Nov 23, 2009
Stiffer laws on loan sharks
By Chong Chee Kin
First-time loan sharks will be jailed up to four years and fined the minimum $30,000. -- PHOTO: TNP
SWEEPING new laws that target loanshark syndicate bosses, runners and even borrowers have been proposed to deal with the burgeoning illegal moneylending problem.
Under the Moneylenders (Amendment) Bill introduced in Parliament on Monday, penalties for loansharking and harassing debtors have also been increased.
For example, first-time loan sharks will be jailed up to four years and fined the minimum $30,000.
Those who harass debtors and cause damage to property by setting shoe racks on fire, for instance, will be caned at least three strokes.
Repeat offenders will be caned up to 10 strokes. Currently, the maximum they face is six strokes of the rotan.
Borrowers may also be brought to court if they give false addresses that lead to innocent people being harassed by loansharks.
Read the full report in Tuesday's edition of The Straits Times.
Stiffer laws on loan sharks
By Chong Chee Kin
First-time loan sharks will be jailed up to four years and fined the minimum $30,000. -- PHOTO: TNP
SWEEPING new laws that target loanshark syndicate bosses, runners and even borrowers have been proposed to deal with the burgeoning illegal moneylending problem.
Under the Moneylenders (Amendment) Bill introduced in Parliament on Monday, penalties for loansharking and harassing debtors have also been increased.
For example, first-time loan sharks will be jailed up to four years and fined the minimum $30,000.
Those who harass debtors and cause damage to property by setting shoe racks on fire, for instance, will be caned at least three strokes.
Repeat offenders will be caned up to 10 strokes. Currently, the maximum they face is six strokes of the rotan.
Borrowers may also be brought to court if they give false addresses that lead to innocent people being harassed by loansharks.
Read the full report in Tuesday's edition of The Straits Times.
