If a runner breaks the law...
The penalties for loan shark runners come under the Moneylenders Act, which was beefed up in 2010.
Under the revised law, even first-time offenders found guilty of loan shark harassment will be given at least three strokes of the cane.
Before that, only repeat offenders are mandatorily caned.
So, anyone found to act on behalf of an unlicensed moneylender by:
- Using threatening, abusive or insulting words, behaviour, writing or signs, or
- Causing alarm or annoyance to the borrower or surety, any member of their families, or any other person, will be jailed up to five years, fined up to $50,000 and caned up to six strokes.
The public can call the Police at 999 or the X-Ah Long hotline on 1800-924-5664 if they suspect anyone to be involved in illegal loan shark activities.