In the past, the types of assets that could be used as collaterals in favor of financial institutes without having to transfer the possession were limited to immovable property and certain movable property with registration.
According to the Social Security Office, the updated Social Security Act B.E. (No. 4) will be effective on 20th October 2015 after it was announced in the Royal Thai Government Gazette earlier this year.
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.