The Ministry of Finance plan to amend and revise a fair debt collection law in Thailand received support from the Bank of Thailand (BoT) Assisstant Governor Kirk Vanikkul who said it could help to provide clarity in regards to the statutory demand procedure. At present, the Central Bank only provides guideleines in relation to the supervision of banks and non-bank financial institutions and the possibility of clearer regulation and supervision in this area through an amendment to the law would be justified, said Mr. Vannikul.
For individuals or companies who believe they have been exploited or unfairly treated, they may apply BoT guidelines in choosing to sue the courts, but the procedure is still unclear. As a result, Mr Vanikkul said that by revising the law to provide clairty would be useful and beneficial to Thailand’s debt collection system.
When asked about an amendment to the Credit Card Business Act, Mr. Vannikul said that while he had no knowledge yet of such a revision, the Ministry of Finance did have the right to amend the law if deemed appropriate and also have the right to appoint a committee to supervise and monitor business credit card operations.
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