21 Nov '11, 7am

32 licensed moneylenders breach new advertising guidelines

32 licensed moneylenders breach new advertising guidelines

SINGAPORE: Thirty-two licensed moneylenders have been found to have breached new and stricter advertising rules under the Moneylenders Act. Since November 1, moneylenders are allowed to advertise only through specific channels such as in business directories, on their business website or at their business premises. They are no longer allowed to advertise through other channels, in particular newspapers and Short Message Services. Giving an update in Parliament on Monday, Law Minister K Shanmugam said all those who have breached the law have been warned. They have since complied with instructions to rectify the breaches. If they repeat the breaches, their licences may be revoked and they may face prosecution in court. Mr Shanmugam added that the Registry of Moneylenders does not impose a quota on moneylending licences. What it has done is to impose rigorous requirements on ...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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