Louis Ng on Moneylenders (Amendment) Bill
This Bill will give licensed moneylenders access to relevant credit information before deciding to grant loans. It also requires licensed moneylenders to take additional steps to protect information. These will help to support efforts for financially prudent borrowing, said MP Louis Ng. Speaking in Parliament on Wednesday (Nov 22), he also sought clarifications on the Bill. One of them relates to the safeguards for borrowers’ information. He wanted to know what is considered “purposes related to the welfare and protection of applicants” and who the prescribed persons are intended to be. He also wanted to know how the safeguards are extended to information provided to other third parties, as well as the steps to ensure that the information is kept secure and not used for other purposes.
This Bill will give licensed moneylenders access to relevant credit information before deciding to grant loans. It also requires licensed moneylenders to take additional steps to protect information. These will help to support efforts for financially prudent borrowing, said MP Louis Ng. Speaking in Parliament on Wednesday (Nov 22), he also sought clarifications on the Bill. One of them relates to the safeguards for borrowers’ information. He wanted to know what is considered “purposes related to the welfare and protection of applicants” and who the prescribed persons are intended to be. He also wanted to know how the safeguards are extended to information provided to other third parties, as well as the steps to ensure that the information is kept secure and not used for other purposes.
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