
MAS extends new car loan restrictions to non-regulated entities
No circumventing the Hire Purchase Art now.
In a release that also announced a 60-day reprieve for new loan restrictions on used cars, MAS said it has extended the scope of the financing restrictions to all entities that finance car purchases, including those that are not regulated by the central bank, an action which it had previously indicated.
The Ministry of Trade and Industry has issued new regulations pursuant to the Hire Purchase Act to ensure that MAS’ financing restrictions on the purchase of cars apply to these non-MAS regulated entities as well. The Ministry of Law has also today required licensed moneylenders to comply with MAS’ financing restrictions.