Thailand Passes First Debt-Collection Law to Stop Abuse

A new debt-collection law that prohibits the use of abuse to collect debts and imposes new penalties was approved and will take effect within the next 6 months, reports Thai PBS.

A first inThailand’s history, the new law makes it illegal for debt collectors or credit lenders to get their money back through the use of abusive, threatening or deceptive practices such as public announcement of debtor’s names, false representation as a lawyer or government official, or imposing unfair fees.ช

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Violators could face 3-5 years in prison and/or a fine of 300,000-500,000 baht under the new law, according to Thai PBS.

The new law was announced in the Royal Gazette on March 6 and will take effect with 180 days after the announcement.

Read the full story here.