Written by Admin on July 11, 2013. Posted in Business, News
Myanmar Police Force will prosecute unlicensed creditors over complaints, answered Myanmar police chief Kyaw Kyaw Tun in response to MP Thein Nyunt's question at the lower house Tuesday.
He also said ward or village-tract administrators have been directed to handle negotiations and settlements as regard the cases.
The unlicensed loan sharks could be brought to justice in accord with ward or village-tract administrator law prescribed a year ago.
He suggested that the lawmakers could revise and amend the Money Lenders Act 1945, assuring the home ministry's support for amending the law. He is also the deputy minister for home affairs.
Lawmaker Thein Nyunt told Myanma Alinn, "First I was convinced by the answer that unlicensed small-scale creditors would be prosecuted over complaints."
The outspoken lawmaker also welcomed the suggestion to amend the law.
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Source: http://www.news.myanmaronlinecentre.com/2013/07/12/unlicensed-loan-sharks-to-be-prosecuted-over-complaints-says-police-chief/
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