13 Oct '11, 8am

More stringent rules for licensed moneylenders announced

More stringent rules for licensed moneylenders announced

Advertisements in newspapers will be prohibited. There will also be restrictions on the content advertised. -- ST PHOTO: BRYAN VAN DER BEEK By Stacey Chia Senior Parliamentary Secretary for Law Sim Ann announced new measures to tighten regulation of licensed moneylenders' advertising and marketing activities and licence conditions on Thursday. From Nov 1, licensed moneylenders will only be able to advertise through specific channels such as business and consumer directories, on their business websites and within or outside the approved place of business. Advertisements in newspapers will be prohibited. There will also be restrictions on the content advertised. Licensing conditions will also be tightened to raise the professional standards of the moneylending industry. For example, moneylenders will have to subscribe to a telephone land line and computerise their business o...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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