to regulate debt collection activities.
The police will be given the powers to administer and enforce the licensing regime — such as granting and or refusing license applications, modifying licensing and approval conditions, and suspending or revoking licences or approvals. Mr Israel Shankar Ganesh, deputy chief executive officer and head of legal at debt collection firm JMS Rogers Global, told TODAY that the company supports the proposed legislations and believes that it will promote industry standards.
"We should not ignore the fact that too many restrictions will increase the difficulty of debt recovery jobs. The truth is, there are many people out there defaulting on payments and looking for loopholes to escape what they owe," she added. Mr Chin said that most debt collectors leave the industry after three months, usually because of the stress of the job.
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