Alexa

Violence stemming from debt-collection should be brought under control

Violence stemming from debt-collection should be brought under control

Recently hair-raising violence induced by some underground banks and debt-collection companies abound in the news, including beating up debtors in the public and compelling female debtors to engage in prostitution.

The illegal underground banks suffered a big blow when the police staged a forceful crackdown against them not long ago that forced some of them to convert into pawnshops or put advertisements in newspapers to solicit business. However, the business they have been practicing and the violent nature remain the same.

Debt-collection companies have provided a legal cover for crime organizations to engage in violent debt-collecting activities. Some legal banks even commission debt-collection companies that have a tint of organized crime to collect debts for them, and the debtors are often subject to violence and terrorism, such as threat, abduction and torture.

Underground banks and debt-collection companies engaging in loan-sharking and violent debt collections, two big sources of trouble for public order in Taiwan, have recently come back to life because the law only impose punishments for usurious interests or interference of personal freedom on the convicted offenders, who can get out of prison within a year or two to continue their terrifying business.

I suggest that the Cabinet propose amendments to related laws in order to increase punishment for improper debt collecting behavior and for underground banks. Only through enforcement of more severe laws could the rampant violence involving underground banks and debt collections be brought down in Taiwan.