NLA passes the first reading of Debt Collection Bill

[Lite Beer]

NLA passes the first reading of Debt Collection Bill

BANGKOK: -- The National Legislative Assembly today passed the first reading of the Debt Collection Bill which will give better protection to the debtors against the use of force, intimidation or other improper means to demand debt repayment by the creditors or their nominees.

The bill was passed by 168 votes without any objection. A 25-member committee was also set up to scrutinize the bill within seven days after which it will be resubmitted to the NLA for deliberations for the third and final readings.

Since the bill does not cover unorganized debts which are a major problem for many low-income earners who have fallen into the unorganized debt trap, the issue will be incorporated in the bill during the scrutinizing process.

Mr Sutham Panthusak, a member of the NLA, said that the bill would prevent influential creditors from threatening or intimidating their debtors. The use of violent means to demand debt repayments had led to many criminal offences involving the debtors, he said.’

According to the bill, creditors or their representatives cannot demand debt collection after 8 pm until 9 am of the next day. They must also refrain from using any means which will shame or defame the debtors.

Source: http://englishnews.thaipbs.or.th/nla-passes-first-reading-debt-collection-bill/?utm_source=rss&utm_medium=rss&utm_campaign=nla-passes-first-reading-debt-collection-bill

-- Thai PBS 2014-08-29

[Farma]

It was interesting listening to the morning loudspeaker announcement in our town earlier this week.

A long list of names and amounts of people with outstanding debts for loans taken from the "village fund" was read out for all to hear. Some of the amounts were 1 million baht.

I guess they will have to refrain from this practice once the bill is passed into law.

[BillyBobThai]

The assembly hall looks empty.

[rubl]

It was interesting listening to the morning loudspeaker announcement in our town earlier this week.

A long list of names and amounts of people with outstanding debts for loans taken from the "village fund" was read out for all to hear. Some of the amounts were 1 million baht.

I guess they will have to refrain from this practice once the bill is passed into law.

With one million Baht village funds someone must really be honest and repay frequently for others to be able to rake up one million Baht debts.

[rickirs]

"The bill was passed by 168 votes without any objection."

The bill was perfect on its 1st reading! An NLA without any opposition voice might well be the sign of legislation to come in this "new" government. Given that the NLA is operating under martial law that forbids any open speech or action that creates public conflict or unhappiness to the Thai people, unanimous legislative votes should be expected as a rule of thumb (and guess under whose thumb).

There might not be any reason for there ever to be a full NLA membership present for legislation - just need three people present: a Speaker to present the bill, a Member to call for a Vote, and a Member to Vote for approval. Think how efficient a three-member NLA would be and how much money would be saved!

[sanuk711]

It was interesting listening to the morning loudspeaker announcement in our town earlier this week.

A long list of names and amounts of people with outstanding debts for loans taken from the "village fund" was read out for all to hear. Some of the amounts were 1 million baht.

I guess they will have to refrain from this practice once the bill is passed into law.

Farma---just out of interest, what is the (dock-beer) % rate for funds lent from your village. How long are the loans lent for.

What are the guarantees in place for the village if they default.

.

PS...oh yer & where can I get a loan from , because I had a dream about a Loto number............

Edited August 30, 2014 by sanuk711

[Utley]

The result of this legislation will be no more loans available to people who don't qualify for bank loans.

[SOTIRIOS]

...do these money lenders pay taxes.....

...are foreigners allowed to lend money......or is it 'a protected profession'.....

[Farma]

It was interesting listening to the morning loudspeaker announcement in our town earlier this week.

A long list of names and amounts of people with outstanding debts for loans taken from the "village fund" was read out for all to hear. Some of the amounts were 1 million baht.

I guess they will have to refrain from this practice once the bill is passed into law.

Farma---just out of interest, what is the (dock-beer) % rate for funds lent from your village. How long are the loans lent for.

What are the guarantees in place for the village if they default.

.

PS...oh yer & where can I get a loan from , because I had a dream about a Loto number............

Couldn't tell you as the wife and I never had the need to ask. We were surprised to hear the names being read out as we had never heard that type of announcement before. We live in a medium sized town and a few of the names were familiar.

[kimamey]

...do these money lenders pay taxes.....

...are foreigners allowed to lend money......or is it 'a protected profession'.....

I don't know for sure but I think it might be illegal for anyone other than a bank or registered loan company.

I remember seeing a few threads on here a while back about loans and although there were quite a few who said their wives did it they weren't allowed to but I'm sure someone said it wasn't legal. Not that that will make much difference.

[brucec64]

"The bill was passed by 168 votes without any objection."

The bill was perfect on its 1st reading! An NLA without any opposition voice might well be the sign of legislation to come in this "new" government. Given that the NLA is operating under martial law that forbids any open speech or action that creates public conflict or unhappiness to the Thai people, unanimous legislative votes should be expected as a rule of thumb (and guess under whose thumb).

There might not be any reason for there ever to be a full NLA membership present for legislation - just need three people present: a Speaker to present the bill, a Member to call for a Vote, and a Member to Vote for approval. Think how efficient a three-member NLA would be and how much money would be saved!

To further increase efficiency, they should skip the reading of all NCPO bills, since they will all be perfect, and go straight to the unanimous vote.

[belg]

what about those people who have debts with loanshars ... why not ask them to go to police, tell them who is the loanshark, what is the amount due, what is the intrest demanded... collect all the info to verify ... bring all the loansharks together and put them in prison ?

now is that too much to ask or to difficult to do or is there some kind of conflict of intrest amongst the people who should enfore the law ??????