PUTRAJAYA, June 27 — The Ministry of Housing and Local Government will ensure that the community credit sector or licensed money lenders comply with the provisions under the Moneylenders Act 1951 .
Based on statistics from the department, a total of 434 investigation papers involving ‘Ah Longs’ were opened between January and May this year, it said, adding a total of 1,082 cases of these illegal money lenders were investigated last year. “This is to provide exposure and information to the community to borrow money from licensed community credit companies and financial institutions regulated by the government and not fall into the Ah Long’s trap,” it said, adding the public could search for licensed community credit companies in Peninsular Malaysia as well as lodged complaints regarding errant money lenders via the i-KrediKom mobile application.
In 2003, it said, the government created Act 400 which is placed under the responsibility of the ministry and in 2019 these money lending companies were rebranded as credit community companies.
Anyone now seemed can be Usurer or AhLong even big time developers used such murderous tools to package their properties sales so that it is easy to reduce their Unsalable glut to unwary potentials, as the interests are much higher than banks..Ill-Omened.
Idiot..to deal.with illegals buntings and advertisements put up by those loan sharks also your ministry has failed..how to.dwal.with the ah long gang honchos threatening their debtors? Not condoning the unpaid debts though!