Moneylenders Act 2008 - Singapore Statutes Online

Regulation of advertising and marketing, etc.

16.—(1) No licensee shall knowingly or recklessly issue or publish, or cause to be issued or published, any advertising or marketing material in any form, or any business letter, circular or other document, which contains any information which is false or misleading in a material particular.

(2) For the purpose of subsection (1), any advertising or marketing material or any business letter, circular or other document shall be presumed, unless the contrary is proved, to contain information which is false or misleading in a material particular if such material or document —

(a)	does not state the business name of the licensee;
(b)	states the business name of the licensee in an inconspicuous manner;
(c)	states that the licensee offers loans at a specified percentage of interest without stating the rate of the interest, and the actual rate of interest charged is not per annum;
(d)	states that the licensee offers loans at a specified rate of interest but the actual rate of interest charged is higher; or
(e)	states that the licensee offers loans at a specified percentage rate of interest without stating that conditions apply, or without stating the conditions which apply, when the rate of interest offered is subject to conditions.

(3) Without prejudice to the generality of the power of the Registrar to issue directions under section 26(1), the Registrar may issue directions to any licensee with respect to the issue, publication or contents of advertising or marketing materials or the conduct of advertising or marketing activities.

(4) Any licensee who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both.

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