SINGAPORE — The Government is looking to introduce laws to regulate debt collection activities in Singapore, following a"high number of police reports" against debt collectors who act"in a manner that caused alarm and nuisance to members of the public" in the past few years.
Among other things, a debt collector must verify that the subject of their activities is the debtor and not"display or use any physically threatening words, behaviour, writing, sign or visible representation". This includes a screening process by the police, and is “similar to the application process for many other regulatory regimes”.
Under the proposed regulation, both physical and non-physical activities — such as making visitors to a debtor’s workplace or residents and making phone calls to debtors — will be considered debt collection activities. “However, in view of the increasing concerns, there may be a need to institute upstream regulatory interventions on the industry, to better manage the disamenities from such activities.”
Under this framework, companies that fall under the class license will not need to apply for licensing or approval. However, they must comply with debt collection rules that are part of the proposal.
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