New law against improper demand of debt

New law against improper demand of debt

                Following the announcement of a new Debt Demand Act, B.E. 2558 in March 2015, the government seeks to protect debtors against inappropriate debt demand methods through written, verbal or physical force.

                The Act which was effective since 2^nd September 2015 clearly outlines all the unacceptable actions which include:

1. Damage to body or reputation of the debtor.
2. Using offensive language against the debtor or others.
3. Disclose indebtness of the debtor to others.
4. Describe debt demand details in paper.
5. Posing as court or government officer.

                Those who work in the debt demanding business must register their business with the registrar under this Act. Violations of the Act will result in fines or imprisonment.

Credits:              Ministry of Finance

Arranged and translated by:  Interlex & Biz Counsellor