the government has introduced more rules for licensed moneylenders which will come into effect from november 01, 2011.
some of these rules include:
1. moneylenders cannot place ads in newspapers
2. moneylenders have to subscribe to a telephone land line approved by
the registry of moneylenders and use it as the business contact
number
3. the manager of each moneylending outlet must be approved by the
registry
4. they must display the registry's notes to borrowers when obtaining
loans from moneylenders - a checklist for borrowers reminding them
to ask for information such as interest rates and what will happen
if they cannot pay - in a prominent location in the office
5. they cannot collect any fees before the loan is granted
6. they cannot obtain a borrower's singpass, or other confidential
passwords
7. they cannot make upfront deduction of interest payments from full
loan amount
8. they have ......