Loansharks told to register or face criminal charges

 

 

BANGKOK: -- All providers of informal or unregulated loans are told to register their businesses, otherwise they will face tough legal action.

 

The warning by the Ministry of Finance followed yesterday’s meeting of the committee in charge of unregulated or informal loans.

 

The ministry’s permanent secretary Somchai Sujjapongse revealed that the ministry was in the process of calling on all providers of such loans to officially register their businesses.

 

The action followed recent cabinet’s decision to regulate all unregulated loans businesses, he said.

 

Meanwhile the Ministry of Justice is reported to be preparing new legislation on the issue for the cabinet’s approval.

 

As such, there is no need for the government to invoke Section 44 of the interim constitution to take action.a against loan sharks.

 

Full story: http://englishnews.thaipbs.or.th/loansharks-told-to-register-or-face-criminal-charges/

 

-- © Copyright Thai PBS 2016-11-15

TIT

 

and next week they announce all bank robbers must register or face charges.

 

Both are robbing.

...am I reading the headline right?!

Register with whom? The police?

21 minutes ago, rkidlad said:

Register with whom? The police?

That would be a family business...... but register this time????

24 minutes ago, rkidlad said:

Register with whom? The police?

Correct. Commissions need to be paid on the amount of the loan transactions registered with the police. As it stands at present they are missing out on valuable income.

You must register an illegal business,Thainess at its most confusing.

regards Worgeordie

Or else? Bt500 fines are too high...

Joke of the day...next.

Officially loaning money is not illegal, so long as you don't charge crazy interest rates.

Thai law states creditors may only ask for a maximum of 15 per cent interest per year, and must register their businesses for tax purposes. Failure to do so may result in jail, a B1,000 fine, or both


 

17 minutes ago, seancbk said:

Officially loaning money is not illegal, so long as you don't charge crazy interest rates.

Thai law states creditors may only ask for a maximum of 15 per cent interest per year, and must register their businesses for tax purposes. Failure to do so may result in jail, a B1,000 fine, or both

 

There has been some discussion about pico loans by the government. Up to 50,000 baht, at a maximum of 3 per cent a month or 36 per cent a year.

 

It's not law yet though.

2 hours ago, blackcab said:

3 hours ago, seancbk said:

Officially loaning money is not illegal, so long as you don't charge crazy interest rates.

Thai law states creditors may only ask for a maximum of 15 per cent interest per year, and must register their businesses for tax purposes. Failure to do so may result in jail, a B1,000 fine, or both

 

There has been some discussion about pico loans by the government. Up to 50,000 baht, at a maximum of 3 per cent a month or 36 per cent a year.

 

It's not law yet though.

I found an article about loan sharks in Thailand (Phuket specifically).

It is a bit old (2012) but the details are no doubt still valid.

This is taken from that article (easy enough to Google and find the source article) :-

 

Significantly, a national policy ended two years ago that – up until that point – was significantly helping to reduce the number of loan sharks in Thailand.

The policy said that people, who had evidence they were in trouble with loan sharks, could approach a bank, and, provided they met all the conditions, refinance their debt. This meant the bank would pay off the loan shark debt, and the borrower would repay the bank the money at a lower interest rate.

Around 1,000 debtors in Phuket (with a total debt value of some B300 million) took advantage of this project, which ran for about two years. This bright initiative helped to reduce the number of loan shark operators on the 
island, because they simply couldn’t compete with the rates offered by the banks.

Today however, there is little help available for those with spiralling debt, made worse by the obscene interest rates charged by illegal loan sharks, particularly for those who are unable for whatever reason unable to borrow money from a bank.

 

4 hours ago, seancbk said:

Officially loaning money is not illegal, so long as you don't charge crazy interest rates.

Thai law states creditors may only ask for a maximum of 15 per cent interest per year, and must register their businesses for tax purposes. Failure to do so may result in jail, a B1,000 fine, or both


 

Good to read where someone has checked the facts instead of just mouthing off. Congrats.

2 minutes ago, sandgroper2 said:

4 hours ago, seancbk said:

Officially loaning money is not illegal, so long as you don't charge crazy interest rates.

Thai law states creditors may only ask for a maximum of 15 per cent interest per year, and must register their businesses for tax purposes. Failure to do so may result in jail, a B1,000 fine, or both


 

 

 

Good to read where someone has checked the facts instead of just mouthing off. Congrats

Thanks Sandgroper.  

 

22 hours ago, MobileContent said:

TIT

 

and next week they announce all bank robbers must register or face charges.

 

Both are robbing.

 

I disagree. Loan sharks usually provide high-interest loans to people who don't have any money. These are high-risk loans that are often never repaid. The interest rates they charge reflect the risk. 

 

 

"All providers of informal or unregulated loans are told to register their businesses, otherwise they will face tough legal action."

 

And then all murderers, robbers, and every other person engaged in illegal activities, or has committed a crime, will be asked to register voluntarily. That will make Thailand the first crime free nation. 

 

I am amazed that Thailand has come up with such a brilliant plan. They should share this plan with the rest of the world and gain its respect.

Edited November 16, 20169 yr by jaltsc

21 hours ago, Brer Fox said:

Correct. Commissions need to be paid on the amount of the loan transactions registered with the police. As it stands at present they are missing out on valuable income.

They would be better of to send out deceptive prize notices. Any loan sharks that register are to dumb to be in business. This was a rather poor thought out proposal. There has to be some cheese or a carrot offered. I imagine these guys are laughing up their sleeve at this one. 

Edited November 16, 20169 yr by elgordo38

21 hours ago, rkidlad said:

Register with whom? The police?

    

4 hours ago, seancbk said:

Officially loaning money is not illegal, so long as you don't charge crazy interest rates.

Thai law states creditors may only ask for a maximum of 15 per cent interest per year, and must register their businesses for tax purposes. Failure to do so may result in jail, a B1,000 fine, or both


 

Wow what an incentive to register. 

The next thing, once successful they will ask murderers, rapists, paedos, theives and kidnappers to register or face the consequences.

 

You really couldn't make this 5hit up could you?