News

Moneylenders, Pawnbrokers Agree To 3-Month Moratorium – Zuraida

The Licensed Money Lenders Association or the Credit Community, as well as the pawnbrokers association have agreed to a three-month moratorium to ease the burden on borrowers, says Housing and Local Government Minister Zuraida Kamaruddin.

Licensed moneylenders registered with the ministry, meanwhile, had agreed not to impose late charges throughout the Movement Control Order (MCO), she said in a statement today.

She said the matter was agreed after discussions with the respective associations following the announcement of additional measures under the Prihatin Rakyat economic stimulus package on April 6.

In the announcement, Prime Minister Tan Sri Muhyiddin Yassin called on licensed moneylenders registered under the Moneylenders Act 1951 that provide credit facilities to impose a six-month moratorium on loans for SMEs beginning April 2020, similar to that provided by banks in the country.

“The Credit Community is also advised not to charge interest rates in excess of what is stipulated under the Moneylenders Act 1951 (Act 400), namely 12 per cent for secured loans and 18 per cent for unsecured loans during the MCO period,” he said.

Zuraida announced the matter after the daily press conference by Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob following the Special Ministerial Committee meeting on the MCO here.

Zuraida said the government had also agreed that the premises of companies from the credit community or pawnbrokers be allowed to operate for two days a week.

She said the operating hours would be limited from 9 am to 2 pm to allow SMEs to carry out their transactions.

According to Zuraida, her ministry had received many inquiries from the public about the services of the credit community and pawnbrokers via its hotline during the MCO.

Zuraida said the companies would have to comply all with the directives and regulations under the Prevention and Control of Infectious Diseases Act 1988 (Act 342), including maintaining a social distance of at least one metre, wearing a three-ply face mask, and providing hand sanitizer to customers.

They should also regularly carry out the disinfection process at their premises, she said.

Members of the public and SMEs involved can obtain further information on the ministry’s services via its hotline at 03-8891 3975.

— BERNAMA

nur

Recent Posts

Meet Lee Jun Young Up Close in Kuala Lumpur, Tickets Now Available

Malaysian fans, the wait is finally over! Lee Jun Young, the multitalented actor, singer and… Read More

2 days ago

Lee Jung-jae and Lim Ji-yeon Reignite the Rom-Com Spark in Nice to Not Meet You, Exclusively on Prime Video

Prime Video has unveiled Nice to Not Meet You, an upcoming Korean rom-com series starring… Read More

2 days ago

Goodbye One-Off EPF, Hello Monthly Pension? Here’s What’s Brewing

If you’ve ever worried about spending all your EPF savings too fast after retirement, the… Read More

2 days ago

Generali Malaysia Strengthens East Malaysia Presence with New-Look Sandakan Branch

Generali Insurance Malaysia Berhad today announced the launch of its newly renovated branch in the… Read More

2 days ago

More Than a Makeover, L’Oréal Launches First-of-Its-Kind Social Salon in Asia

Malaysia is now home to Asia’s first-ever Beauty for a Better Life Salon, a dedicated… Read More

2 days ago

The Ordinary Opens Its First-Ever Pop-Up in Malaysia

The Ordinary has officially landed in Malaysia, not just in stores, but with its first-ever… Read More

2 days ago

This website uses cookies.