According to Housing and Local Government Minister Datuk Chor Chee Heung, the changes in the Moneylenders Act will now make sure that the unlicensed loan providers do not function smoothly here.
The preventive measure government took to save the general public from the loan sharks include heavy charges and punishment to those found guilty.
Moreover, he mentioned that even the licensed loan providers will also be facing check and balance in strict and hence efficacious way.
He explained that the alteration in the Act does not have any clause regarding the unauthorized loan providers publishing ads for promoting their business.
Moreover, all the authorized loan providers will need to show their license nearly every time.
However, one of the major issues highlighted by, Chong Chieng Jen (DAP – Bandar Kuching) while discussion of the amendments was that, a lot of police officials are also involved along with these loan sharks and therefore this issue should also be looked into. He said a couple of police officials get a percentage of the profit from the loan sharks.
At this point Khalid Abd Samad (PAS – Shah Alam) suggested that to repress the vicious plans of unauthorized loan providers, the banks need to provide a lot of micro-credit programs. But, unfortunately he maintained that banks do not seem to be interested in such programs.
