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New rules for money lenders.
(From New Straits Times (Malaysia))
KUALA LUMPUR, Sun. - Licensed money lenders with police records will have to close shop once the Housing and Local Government Ministry tables amendments to the Money Lenders Act 1951 in Parliament next month.
The amendments will be tabled in Cabinet later this month to finalise certain issues, especially the interest rate for money lending.
Ong said the Attorney-General's Chambers had finalised the amendments and would be submitting them to the ministry soon.
He added that the licences of those with criminal records would be revoked once the amendments to the Act had been passed.
The ministry is …
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