may have to apply for licenses, under a proposed law to regulate and better manage debt collection activities in Singapore.
There were 272 such reports in 2021, up from 134 in 2015. The number of reports on debt collection harassment hit a peak of 590 in 2018. If the Bill is passed, debt collection activities will be defined as “any activity undertaken in Singapore that involves finding the debtor of a debt, or requesting, demanding or collecting from the debtor money due under the debt”, said MHA in the press release.
Debt collectors must not display or use any physically threatening words, behaviour, writing or signs. They also must not post or display any notices relating to the debt on a property that does not belong to the debtor, or at his workplace or any public place.
Is it effective? To me it definitely make no difference.