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Public consultation on legislative amendments to unsecured credit rules
Posted on Monday, December 17, 2007 - 07:00 PM

Last year, MAS and the Ministry of Law ("MinLaw") conducted a joint public consultation on the proposed changes to the unsecured credit rules for financial institutions and the proposed application of these rules to moneylenders with appropriate modifications. MAS had also conducted another consultation this year on the exemption for financial institutions from the maximum credit limit when granting credit to individuals with greater financial means. Pursuant to the feedback received, MAS and MinLaw have proceeded to draft respective rules applicable to unsecured lending by financial institutions regulated under MAS and moneylenders under MinLaw.

2. MAS and MinLaw would like to invite interested parties to forward their views and comments on these draft rules. Electronic submission is encouraged. Please submit your written comments by 17 January 2008 to:

Prudential Policy Department
Monetary Authority of Singapore
10 Shenton Way
MAS Building
Singapore 079117
Fax: 62203973
Email: policy@mas.gov.sg

OR

Legal Policy Division
Ministry of Law
100 High Street #08-02
The Treasury
Singapore 179434
Fax: 6332884
Email: ipto_romp@ipto.gov.sg

3. Please also note that all submissions received may be made public unless confidentiality is specifically requested for whole or part of the submission.

4. Consultation paper on legislative amendments to unsecured credit rules can be found at the MAS or the MinLaw Websites.

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