Democrat Party to submit credit card draft laws to House
March 23, 2008
BANGKOK, March 23 (TNA) – The opposition Democrat Party was expected to submit three draft laws relating to the credit card business in Thailand for deliberation in the House of Representatives next week at the latest, senior party members said on Sunday.
Speaking at a press conference, Korn Chatikavanij, finance minister, and Pirapan Salirathavibhaga, justice minister, both of the shadow government formed by the Democrat Party said the three draft laws to be submitted to the House were a demand for legalized debts, credit information and credit cards.
Mr. Pirapan said his party would probably submit the draft laws for debate by members of the House of Representatives, or Lower House, this week or next week at the latest if they were not ready.
Presently, there are no laws which protect credit card issuers and holders in Thailand and default credit card holders are taken to court by the issuers if they prolong debt settlement.
There are now more than 12 million credit cards issued to holders throughout Thailand and the problem of default payment has become severe during the past 5-6 years, said Mr. Korn.
The problem had arisen due to a lack of good governance by the government and credit card issuers, which were either banks or non-bank institutions, Mr. Korn said. In order to prevent bad debts from getting worse, there must be a law limiting the number of cards each person could hold.
Mr. Korn said the draft laws would seek the establishment of an independent organization which would oversee debts of card holders and allow them to air complaints if the issuers used violence or illegal measures in demanding debt payment. (TNA) – E111
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