Loan sharking laws a step closer

SOMEONE found guilty of blackmailing another person into handing over property or money could face up to 14 years in prison, once the bills regulating loan sharking are passed in two weeks’ time.

According to the Chairman of the House Legal Affairs Committee, DISY’s Ionas Nicolaou, the Committee yesterday wrapped discussions on the relevant bills.

“If someone is blackmailed out of property or money, the person responsible could be punished with up to 14 years in prison,” Nicolaou said.

Similarly, if someone is convicted of threatening another person for money, creating a feeling of fear in that person, they could be subject to up to a year in prison.

Regarding loan sharking, people will be allowed to take out loans from persons other than banks, but it will only be considered legal if the interest charged is less than 10 units higher than the average interest charged by banks in the preceding year.

The bills will be submitted to the Plenum in a fortnight.

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