The Debt Collection Act was passed in Parliament on 13 September 2022 to prevent problematic conduct in the debt collection industry, by regulating the industry. Licensing requirements will be imposed on debt collection businesses and debt collectors, with appropriate levers to ensure that their conduct meets prescribed standards.
In preparation to operationalise the Act, the Police Licensing & Regulatory Department is calling for the debt collection industry to submit information on the conduct of their business. Information can be submitted via the FormSG link below between 27 March and 30 June 2023:
Further information on application for licences, licensing conditions, and other implementation details of the Debt Collection Act will be provided closer to the implementation date. More information can be found at SPF’s website at https://www.police.gov.sg/e-Services/Police-Licences/Debt-Collection-Business-Licence.
SINGAPORE POLICE FORCE
27 March 2023 @ 12:00 PM