Known to be one of the most law-abiding countries in the world, the Ministry of Law Singapore is one of the several government bodies operating to help improve the lives of the people in the country.

Key Vital Roles

The Ministry of Law plays several key roles. Among the important ones under the purview of the Ministry of Law includes being the key party to formulate and derive policies in areas such as:

  • Intellectual Property
  • Legal and Law
  • Insolvency
  • Legal aid
  • Community mediation
  • Pawnbroking
  • Moneylending
  • and others

Advocate voice and regulation in moneylending

What makes the Ministry of Law so significant is that it plays a major role in the moneylending sector of Singapore. In this context, the Ministry is responsible to provide the framework and regulations by which moneylenders can operate in the country. In other words, the Ministry of Law checks and balances the boundaries by which the moneylenders operate so that the rights and interests of the borrowers are protected. This in return helps to protect the moneylenders as well.
As such, the Ministry of Law is responsible and is the custodian of the Moneylenders Act. Besides that, there is a register of licensed moneylenders that provide the public with a guide on who are the legal credit companies operating in the country.

Helping moneylenders

There are a lot of resources available from the Ministry of Law that helps everyone involved. For the moneylenders, issues such as the following can be resolved.

  • Applying for a moneylender’s license
  • Renewing the moneylender’s license
  • Starting a moneylending business
  • Obtaining a certificate of exemption under the Moneylender’s Act