Written Reply to Parliamentary Question on Whether Any Licence Application Under the Debt Collection Act 2022 Has Been Rejected

Question:

Ms Hany Soh: To ask the Minister for Home Affairs (a) whether any applications for a licence under the Debt Collection Act 2022 (DCA) have been rejected since the commencement of the DCA on 1 December 2023; and (b) if so, how many applications have been rejected and what are the reasons.

Answer:

Mr K Shanmugam, Minister for Home Affairs and Minister for Law:

1. As of 30 September 2024, Police have rejected six applications for a licence to operate a debt collection business under the Debt Collection Act. Police assessed that the applicants and key appointment holders do not fulfil the fit and proper criteria, including because of criminal antecedents of unlicensed moneylending, and voluntarily causing hurt to others.