Moneylenders (Amendment) Bill

The Moneylenders (Amendment) Bill seeks to amend the Moneylenders Act 2008 to modernize and strengthen regulatory measures for licensed moneylenders. Key amendments include the extension of notification periods from 7 days to 7 business days for various compliance matters. The bill allows licensees to request credit reports on sureties without consent before granting loans, and it enables designated credit bureaus to issue business reports to licensees. It broadens the scope of information disclosure and strengthens obligations regarding the protection of borrower information, while introducing new offenses for improper payment demands. The bill also permits the Registrar to share borrower and loan information with public sector agencies under specified conditions.