Debt Collection Bill

The Debt Collection Bill aims to regulate debt collection businesses and activities in Singapore through the establishment of licensing requirements and protective measures. Key points include:

• The bill mandates that individuals or entities must obtain a license to operate debt collection businesses or conduct debt collection activities, with provisions for applying and renewing licenses.
• It outlines enforcement powers for compliance officers and the Licensing Officer to investigate violations and take regulatory actions, including imposing penalties or revoking licenses.
• The bill introduces specific regulations for debt collectors, detailing approval processes for their deployment and the conditions under which they can operate.
• It provides a framework for appeals against decisions made under the act, allowing aggrieved parties to seek redress.
• Miscellaneous provisions include liability for individuals representing corporations, exemptions, and the authority for the Minister to implement supplementary regulations.