Moneylenders Act - Singapore Statutes Online

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3 Certain persons and firms presumed to be moneylenders

4 Appointment of Registrars

5 Licences to be taken out by moneylenders

6 Particulars to be shown on licences

7 List to be published

9 Grounds for refusing licence

10 Revocation of licence

11 Names to be stated on documents issued by moneylenders

12 No circular implying a banking business to be issued

13 Restriction on moneylenders’ advertisements

14 Board to be affixed at place of business of moneylender

15 Contract by unlicensed moneylender unenforceable

16 Note or memorandum of moneylender’s contract to be given to borrower

18 Prohibition of compound interest

19 Accounts to be kept in permanent books

20 Obligation to supply information as to state of loan and copies of documents relating thereto

21 Provisions as to bankruptcy proceedings for moneylenders’ loans

22 Accounts under section 20 to be produced when suing in court

23 Prescribed maximum rate of interest

24 Burden of proof of amount lent

25 Repayment of loan

26 Prohibition of charge for expenses on loans by moneylender

27 Calculation of interest

28 Notice and information to be given on assignment of moneylender’s debts

29 Application of this Act as respects assignees

30 Attestation of certain promissory notes

31 Penalty for taking promissory note in which amount left blank or not truly stated

32 False statements or representations to induce borrowing an offence

33 Harassing debtor, besetting his residence, etc.

34 Special provisions relating to non-resident principal

35 Powers of police officer

35A Jurisdiction of courts

36 Power of Minister to grant exemptions

Licences to be taken out by moneylenders

5.—(1) Every moneylender residing and carrying on the business of moneylending in Singapore whether as principal or as agent shall take out a licence annually.

(2) A licence shall be taken out in respect of each name under which moneylending business is conducted. No licence shall be granted to a person not ordinarily resident in Singapore or to a firm where the person proposed to be responsible for the management of the firm is not ordinarily resident in Singapore.

(3) A licence taken out by a person as a partner in a firm shall be deemed to be a licence to the firm, and every other partner actively conducting in Singapore the moneylending business of that firm shall be subject to the provisions of this Act in like manner as if he had himself taken out the licence and shall be deemed to hold a licence.

(4) Licences shall be substantially in such form as the Minister may direct and shall be granted, on payment of the prescribed fee, by the Registrar or an Assistant Registrar or by officers authorised by either of them.

(5) Every licence shall come into operation on the date specified therein and shall be valid for a period of 12 months.

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