Legal lenders @ E-Maps

Thursday July 9, 2009

By AU YEONG HOW

 The public can access information on 3,000 authorised moneylenders nationwide through E-Maps:

Electronic Money Lender and Pawnbroker System, a government portal to assist borrowers. If you need to borrow money urgently, do not take a loan from unlicensed moneylenders or Ah Long. Instead get the service from any licensed moneylender. The Housing and Local Govern­ment Ministry Secretary-General Datuk Ahmad Kabit said people can get loans from about 3,000 authorised moneylenders nationwide.

Ahmad Kabit: This will invariably prevent the Ah Long menace and educate our society and prevent people from borrowing from unscrupulous individuals. He said to facilitate the public to check on these licensed moneylenders, the ministry has a portal called E-Maps: Electronic Money Lender and Pawnbroker System to assist borrowers.

 “The portal E-Maps is at our website (www.kpkt.gov.my) which was launched last month. “Through this system, the public can get information about the licensed moneylenders’ companies and their status,” he said. He said among the information available on the web are the contact numbers, license and permit number and expiry date, registered address and the company’s management staff and directors. Ahmad said the government was very concerned about the Ah Long menace and hence the ministry was duty bound to look into all issues related to license moneylenders in order to protect borrowers’ rights and interests.

To regulate the moneylender activities and effectiveness, he said the Ministry has established the Moneylenders and Pawnbrokers division to protect the interest of the borrower. Ahmad said the role of the division was to formulate policies, issue licenses to eligible moneylenders and implement rules and regulations to govern them. Among the regulations introduced are Moneylenders Act 1951 (Act 400) and Moneylenders (Control and Licensing) Regulations 2003 and Moneylenders (Compounded Offence) Regulations. Licensed moneylenders are a valid entity and registered with the ministry and the authorised moneylenders must display the original license issued by the ministry at their registered premises.

“Our society has been plagued with Ah Long issues and the problem has been a thorn in the flesh for sometime. Hence, we are urging the public not to borrow from unauthorised operators. “This will safeguard them from violent harassment that may cause harm and the loss of life,” Ahmad said.

Recently, the media reported how three men were chained, confined in a small cell and not fed adequately like the detainees in Guatanamo, Cuba or Abu Ghraib prison in Iraq. Harsh punishments were meted out after they were unable to pay debts amounting to RM4,000. Realising the severity of the Ah Long issue, Ahmad said the Government through the ministry advised people not to deal with Ah Long for quick money and choose other legal establishments and financial institutions.

Moneylenders and pawnbrokers come under the supervision of his ministry and people should apply for loans from banks, cooperatives and other licensed establishments. Ahmad said, the objective of setting up licensed moneylenders and pawnbrokers is part of the Government’s social obligation to help those who are in need of financial assistance. “This will invariably prevent the Ah Long menace and educate our society and prevent people from borrowing money from unscrupulous individuals,” he said.

People who borrow money from licensed moneylenders are advised to understand the guidelines and the portion in agreement so that the interest of both parties are protected. He added borrowers need not worry because they are protected under the rules and regulations of the Moneylenders Act 1951 compared to unauthorised dealers who resort to violence should the borrowers fail to settle their dues.

He said the majority of the borrowers take up Ah Long loans because they do not bother about the high interest charged should they default in payments. “This is a stark contrast with borrowers from the licensed moneylenders where the interest rates do not exceed 12% annually or one percent per month for loan with collateral. “The interest rate for loan without collateral does not exceed 18% annually or 1.5% monthly,” he said.

Besides more stringent enforcement by the Ministry’s officials, he said they have also collaborated with the police to tackle the Ah Long menance. Ahmad reiterated that the Ministry was reviewing the existing moneylending laws, especially the Moneylenders Act 1951 to make them more relevant. He said they hoped more stringent laws and punishment would be introduced to stop this illegal moneylending activity.

8 Responses

  1. need money RM80,000 to settle my debts

  2. We are a company engaged in the manufacture of packaging design for all products, good food, drinks, cigarettes, and others. We serve the whole package of making packaging ranging from inner pack, outer pack, box, leaflet and promotional media product.
    Our 15 years of experience in this field makes us ensure that the quality of your products the more classy, elegant and attract consumers.
    We provide a much cheaper price for you.

  3. i need rm 5,000 for business.

  4. i need RM30,000 to settle my outstanding debts with bank debts, traffic summons n pay back money lenders. My ex husband drove me to keep on borrowing until i cant pay back, n now the banks n money lenders are chasing me, n i have to keep on changing jobs to avoid them. im black listed in Bank Negara because of this.

  5. I would like to inform all the related persons that I have been fooled
    by the so called Euro Star Express Courier (both from UK and Malaysia)
    and Malaysian Shipment for a package that I should have received long
    ago. I was sent a package from my friend Ashton Zak from UK to Nepal.
    The package travel led through UK-Germany-Malaysia. From Malaysia, it
    was to be delivered to Nepal. But my package was dumped and I was
    asked for money in return of that package .I tracked the package
    through tracking number 8034178206 in eurostarxpresscourier.com and it
    show that the package is in Malaysia . Due to importance of that
    package, I paid 12400 RM & 800 USD to different person but still I
    have been asked for additional 500 USD. I have spent such a huge sum
    of money to receive a parcel. Now I begin to have a feeling of being
    fooled by all. I do not know who is responsible for this. Neither i
    got my package nor i got my money back that i paid for the package. If
    the company is fraud then who is going to punish? how i will get the
    justice? Your country is being rich by cheating poor and innocent
    ladies? Is this politics of your or we can understand this is the law.
    Now suggest me to get justice.

    looking for your favorable response. hope to get the justice on it…

  6. I have a question about illegal pawnbrokery done by some of the Jewellers.

    4 years ago, my mother has pawn her jewels to Jewellery shop in our Town.

    Every 6 months we have been paying the interest. This time around, we have missed out and it went to 8 months 4 days. Upon discussion with the shop assistant and assurance from her that the Jewel is still safe in theri locker. We have paid 9 months interest and was been informed that the bosses are not around and went on vacation. Thus we wont be able to take the jewels back paying the amount which have been given to us previously. This happened last Saturday.

    I have mentioned that the following Saturday I will pay the cash and take the jewels. The shop assistant agreed.

    Today, I was shocked to receive a call which says that the jewels are no more and the 9 months interest will be returned.

    There was no letter. notification, sms was been given to us. Photostat of IC and my personal HP number was been given and till now there was no change of address and hp number.

    I have just checked and read the invoice that we had carefully., it says we sold the jewels to them. However the date of payment and the date of expiry is stated. The weight and the value given to us is also clearly stated.

    I have spoken to the shop assistant personally and mentioned that the current value or the same weight item shall be returned to us after I pay the amount stated in the invoice.

    Informed that I will wait for the final outcome by tomorrow 12pm.

    My mother is not literate and I was 22 or 23 during this happened. We were not aware of this.

    Is there a chance of winning in case if we file a case under consumer ACT.

    Please advice sir.

  7. Would appreciate speedy response.. looks like we are not only the victim.. just got to know another poor soul been cheated and then til now the jewelry is not been returned.. even they are ready to pay the amount paid before

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