PART 3 | REGULATION OF BUSINESS OF MONEYLENDING, ENFORCEMENT AND PROCEEDINGS |
| Regulation of advertising and marketing, etc. |
29.—(1) A licensee must not 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 is presumed, unless the contrary is proved, to contain information which is false or misleading in a material particular if the 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) | does not state the rate of interest expressed as a percentage per annum, month or other period that the licensee charges for offering loans; [Act 38 of 2023 wef 01/03/2024] | | (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. |
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| (3) Without limiting the Registrar’s power to issue directions under section 45(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. [16 |
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| Prohibition of unsolicited loans |
30.—(1) A licensee must not —| (a) | grant a loan to any person; | | (b) | grant approval to any person to obtain a loan from the licensee; or | | (c) | send or deliver, directly or indirectly, any article or document to any person on an undertaking by the licensee that the article or document, when used or produced in a specified manner, enables a loan to be obtained from the licensee, |
| without the person having first applied to the licensee in writing for the loan. |
| (2) 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. [17 |
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| Signage at place of business |
31.—(1) Every licensee must affix, in a conspicuous position at or in each of the licensee’s places of business, a sign bearing the licensee’s business name and the words “Licensed Moneylender” in the English language such as to be visible to any person immediately outside the place of business.| (2) Any licensee who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000. [18 |
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| Licensees to inform borrowers of terms of loan |
32.—(1) Every licensee must, before granting any loan to a borrower, inform the borrower in writing as to such matters relating to the terms and conditions of the loan as may be prescribed.| (2) The licensee must cause the written information provided to the borrower under subsection (1) to be signed by the borrower or the borrower’s agent together with a written acknowledgment by the borrower or the borrower’s agent (as the case may be) that the borrower has been informed by the licensee of the terms and conditions of the loan. |
(3) Where any loan has been granted in contravention of subsection (1) or (2), the licensee is not entitled to enforce —| (a) | the payment of all sums of interest, late interest and permitted fees payable under the contract for the loan, whether by the borrower or any surety; or | | (b) | any guarantee or security given for the loan to recover any such sum. |
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| (4) For the purposes of subsection (3), if any amount of interest, late interest or permitted fees has been paid, it is recoverable as a debt due to the borrower or surety (as the case may be) and if not recovered, is to be set off against the outstanding amount of the loan. |
| (5) Any licensee who contravenes subsection (1) or (2) 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. [19 |
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| Note of moneylender’s contract to be given to borrower |
33.—(1) No contract for a loan granted by a licensee, and no guarantee or security given by or on behalf of a borrower for the loan, is enforceable and no money paid by or on behalf of the licensee pursuant to the contract for the loan is recoverable in any court of law unless —| (a) | a note of the contract for the loan, in the prescribed form, is signed by the parties to the contract for the loan or their respective agents; | | (b) | where any party to the contract for the loan (including a surety) or the party’s agent does not understand the English language, the licensee or the licensee’s agent explains the terms of the note of the contract for the loan in a language that the party or the party’s agent understands before any of them signs the note; and | | (c) | a copy of the note of the contract for the loan, duly signed by the licensee or the licensee’s agent, is delivered to the borrower and the surety (if any) or their respective agents before or at the time the loan is paid to the borrower or any other person on the borrower’s direction. |
(2) A licensee shall be guilty of an offence if the licensee —| (a) | knowingly or recklessly makes or causes to be made any note of a contract for a loan in which the principal, the rate of interest or late interest or any permitted fee payable, is not truly stated; or | | (b) | makes or causes to be made any note of a contract for a loan in which the principal, the rate of interest or late interest or any permitted fee payable, is not stated. [7/2018] |
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(3) A licensee who is guilty of an offence under subsection (2) shall be liable on conviction —| (a) | to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both; or | | (b) | if the licensee is a repeat offender, to a fine not exceeding $40,000 or to imprisonment for a term not exceeding 12 months or to both. [7/2018] |
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(4) In subsection (3), a licensee is a repeat offender if the licensee has been convicted on at least one other earlier occasion of —| (a) | an offence under subsection (3) for contravening subsection (2); or | | (b) | an offence under section 20(2) of this Act as in force immediately before 30 November 2018, whether the conviction was before, on or after that date. [7/2018] |
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| (5) This section does not apply to any loan on revolving credit that may be drawn down and repaid by the borrower or the borrower’s agent at any time and from time to time subject to a limit approved by the licensee. [20 |
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| Provision of statements of account, loan documents and receipts |
34.—(1) Every licensee must, at least once every half year ending on 30 June or 31 December and not later than 21 days after that date, supply to every borrower, so long as a contract for a loan granted by the licensee to the borrower is subsisting, a statement of account in the English language containing such particulars as may be prescribed.(2) The statement of account under subsection (1) must be —| (a) | supplied to the borrower without charge; and | | (b) | sent by —| (i) | prepaid post to an address in Singapore, or by electronic communication to an email address, as specified by the borrower; or | | (ii) | any other method that is agreed in writing between the licensee and the borrower. [Act 38 of 2023 wef 01/03/2024] |
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(3) A licensee must, on a written application by a borrower or surety, or a former borrower or surety, and on the payment of a processing fee of $10 or any other prescribed amount, supply to the applicant or any other person on the applicant’s direction not later than 21 days after the date the application is made —| (a) | a statement of account in relation to the loan to which the applicant is or was a borrower or surety, containing the particulars prescribed under subsection (1), for any period of account, not exceeding the duration of the loan, as may be specified by the applicant which must not in any case be earlier than 5 years before the date the statement is prepared; or | | (b) | a copy of any document relating to a contract for a loan granted, or any guarantee or security given for the loan, in relation to which the applicant is or was a borrower or surety. |
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(4) A licensee who receives any cash payment from or on behalf of a borrower under a contract for a loan must immediately issue to the payer a receipt, which sets out in the English language —| (a) | the business name, the address of the place of business from which the loan was taken or the principal place of business, and the telephone number, of the licensee; and | | (b) | the amount paid and the date of the payment. |
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(5) A licensee who issues a receipt in accordance with subsection (4) must —| (a) | obtain, on the licensee’s copy of the receipt, a signature of the payer acknowledging that the payer has received the receipt; and | | (b) | where the payer is other than the borrower —| (i) | record, on the licensee’s copy of the receipt, such particulars of the payer as may be prescribed; and | | (ii) | attach such documents as may be prescribed to the licensee’s copy of the receipt. |
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| (6) The Minister may prescribe such other information to be provided, in such form or manner and within such time as may be prescribed, by a licensee to a borrower in relation to any payment made by or on behalf of the borrower to the licensee. |
| (7) Any licensee who, without reasonable excuse, contravenes subsection (1), (2), (3), (4) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. |
(8) Where a licensee has contravened subsection (1), (2), (3), (4) or (5), or any requirement relating to the provision of information prescribed under subsection (6), the licensee is not entitled to enforce —| (a) | the payment of all sums of interest, late interest and permitted fees payable under the contract for the loan, whether by the borrower or any surety; or | | (b) | any guarantee or security given for the loan to recover any such sum. |
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| (9) For the purposes of subsection (8), if any amount of interest, late interest or permitted fees has been paid, it is recoverable as a debt due to the borrower or surety (as the case may be) and if not recovered, is to be set off against the outstanding amount of the loan. [21 |
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| Charges other than permitted fees unenforceable |
35.—(1) The Minister may prescribe the types or amounts of costs, charges and expenses that a licensee may impose in respect of every loan granted by the licensee, including the fees or charges for or on account of legal costs.(2) For the purposes of subsection (1), the Minister may prescribe different types or amounts of costs, charges and expenses that a licensee may impose —| (a) | on different classes or descriptions of borrowers; and | | (b) | in relation to different classes or descriptions of loans. [7/2018] |
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(3) Where, under any contract for a loan between a licensee and a borrower, the borrower is required to pay to the licensee any sum (not being a sum for or on account of stamp duties or fees payable by or under this Act or any other written law) on account of costs, charges or expenses other than or in excess of the permitted fees, the sum —| (a) | is not recoverable from the borrower or any surety; | | (b) | if so paid, is recoverable as a debt due to the borrower or surety, as the case may be; and | | (c) | if not recovered, is to be set off against the outstanding amount of the loan, and all sums of interest, late interest and permitted fees payable under the contract for the loan. |
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| (4) A licensee shall be guilty of an offence if the licensee enters into a contract for a loan under which the borrower is required to pay any sum (not being a sum for or on account of stamp duties or fees payable by or under this Act or any other written law) on account of costs, charges or expenses other than or in excess of the permitted fees. [7/2018] |
| (4A) A licensee shall be guilty of an offence if the licensee, without reasonable excuse, demands payment from a borrower of any sum (not being a sum for or on account of stamp duties or fees payable by or under this Act or any other written law) on account of costs, charges or expenses other than or in excess of the permitted fees. [Act 38 of 2023 wef 01/03/2024] |
| (5) A licensee who is guilty of an offence under subsection (4) or (4A) 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. [22 [7/2018] [Act 38 of 2023 wef 01/03/2024] |
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| Maximum rate of interest and late interest |
| 36.—(1) A licensee must not enter into a contract for a loan under which the interest or late interest charged exceeds the maximum rate of interest or late interest prescribed by the Minister. [7/2018] | (2) For the purposes of subsection (1), the Minister may prescribe different maximum rates of interest or late interest for different classes or descriptions of borrowers or loans. [7/2018] |
(3) Where any contract for a loan has been entered into by a licensee in contravention of subsection (1) —| (a) | the contract is unenforceable against the borrower or any surety; | | (b) | the licensee is not entitled to enforce any guarantee or security given for the loan; and | | (c) | any money paid by or on behalf of the licensee under the contract is not recoverable in any court of law. [7/2018] |
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| (4) Any licensee who charges interest or late interest at a rate exceeding the maximum rate of interest or late interest that is prescribed for the loan 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. [22A [7/2018] |
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| Reopening of certain transactions |
37.—(1) When proceedings are brought in any court by a licensee for the recovery of a loan or the enforcement of a contract for a loan or any guarantee or security given for a loan, and the court is satisfied that the interest or late interest charged in respect of the loan is excessive and that the transaction is unconscionable or substantially unfair, the court is to reopen the transaction and take an account between the licensee and the person sued.| (2) In taking an account under subsection (1), the court may reopen any account already taken between the parties to the proceedings and relieve the person sued from payment of any sum in excess of the sum adjudged by the court to be fairly due in respect of such principal, interest and late interest as the court, having regard to the risk and all the facts and circumstances of the case (including facts and circumstances arising or coming to the knowledge of any party after the date of the transaction), may determine to be reasonable. |
(3) In relieving the person sued under subsection (2), the court may, without affecting its power to grant any further or other equitable relief —| (a) | order the licensee to repay any excess paid to the licensee; | | (b) | set aside either wholly or in part, or revise or alter, any guarantee or security given or the contract for the loan; and | | (c) | if the licensee has disposed of the security, order the licensee to indemnify the borrower or other person sued for the loss of the security. |
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(4) Any court has and may exercise the powers referred to in subsections (1), (2) and (3) in relation to proceedings for relief brought by a borrower, a surety or other person liable to repay a loan to a licensee —| (a) | despite any provision or agreement to the contrary; | | (b) | even though the time for repayment of the loan or any instalment thereof may not have arrived; and | | (c) | even though the licensee’s right of action for the recovery of the loan is barred. |
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| (5) Where a licensee has filed, in the bankruptcy of a borrower or surety, a proof of debt arising from a loan granted by the licensee, the Official Assignee may exercise such powers as may be exercised by a court under this section when assessing whether the debt or liability is proved and its value. |
(6) Nothing in this section derogates from —| (a) | the jurisdiction or powers of any court; or | | (b) | the powers of the Official Assignee. [23 |
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| Accounts, etc., to be kept and submissions to Registrar |
38.—(1) Subject to subsection (4), every licensee must keep, or cause to be kept —| (a) | every loan application form, and a copy of every document supporting the application, received by the licensee —| (i) | in a case where the loan application is not approved, for a period of 5 years after the date on which the form or copy is received; or | | (ii) | in a case where the loan application is approved, for a period starting on the date on which the licensee receives the form or copy (as the case may be) and ending 5 years after the date on which the loan is fully repaid or on which the contract for the loan is otherwise terminated; [Act 38 of 2023 wef 01/03/2024] [Act 38 of 2023 wef 01/03/2024] |
| | (b) | the note of contract in the prescribed form for every loan granted to a person by the licensee for a period starting on the date on which the licensee issues the note of contract and ending 5 years after the date on which the loan is fully repaid or on which the contract for the loan is otherwise terminated; [Act 38 of 2023 wef 01/03/2024] | | (c) | the following documents:| (i) | a cash account book, in the prescribed form, containing an entry on every sum received or paid by a licensee relating to any recent loan; | | (ii) | a loan account book, in the prescribed form, containing an entry on every amount of repayment or sum paid to the account of any recent loan; | | (iii) | a list of borrowers containing the prescribed particulars of every borrower who is granted a recent loan; and |
| | (d) | such other documents as may be prescribed, for such period as may be prescribed. [7/2018] |
| (2) Subject to subsection (3), despite the revocation or expiry of the licence of a person, the person must continue to keep or cause to be kept each document mentioned in subsection (1) until the expiry of the period for which the document is required under subsection (1) to be kept or caused to be kept. [7/2018] |
| (3) Despite subsection (2), the Registrar may specify by written notice to the person whose licence is revoked or has expired, the time after which any document kept or caused to be kept under subsection (1) is to be disposed of by the person. [7/2018] |
| (4) Despite subsection (1), a licensee must keep or cause to be kept any loan application form, note of a contract for a loan or other document referred to in that subsection, which has been specified or described by the Registrar in relation to a specific transaction or borrower or as belonging to a class of documents, for such longer time as may be required in connection with an investigation into an offence under this Act. [7/2018] |
(5) Every licensee must submit to the Registrar the following statements, in such form and manner, at such frequency, and within such time, as may be prescribed:| (a) | a statement showing every moneylending transaction entered into by the licensee during such period as may be prescribed; | | (b) | a statement showing the licensee’s cash and loan position for such period as may be prescribed. [7/2018] |
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| (6) Every licensee must, when so required by the Registrar, account for or explain any item or particulars appearing in any statement submitted to the Registrar under subsection (5). |
| (7) Any person who contravenes subsection (1), (2) or (4), or who fails to comply with the Registrar’s notice under subsection (3), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. [7/2018] |
(8) Any person who —| (a) | fails to submit to the Registrar any statement under subsection (5); or | | (b) | fails to comply with any requisition made by the Registrar under subsection (6), |
| shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. |
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(9) Any licensee who knowingly or recklessly furnishes to the Registrar any information —| (a) | in a statement under subsection (5); or | | (b) | in an account or explanation to the Registrar under subsection (6), |
| which is false or misleading in a material particular shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. |
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| (10) Where a licensee submits a statement after the time for submission prescribed under subsection (5), the Registrar may impose a late submission fee not exceeding $100 for every day or part of a day that the submission is late, subject to a maximum of $2,000. |
(11) In this section —“recent loan”, in relation to a cash account book, loan account book or list of borrowers kept or caused to be kept by a licensee, means a loan granted by the licensee whether before, on or after 30 November 2018 —| (a) | that has not been fully repaid and the contract for the loan has not otherwise been terminated; or | | (b) | where the loan has been fully repaid or the contract for the loan has otherwise been terminated, the full repayment or the termination of which (as the case may be) occurred within the period of 5 years before the date of the last entry in the cash account book, loan account book or list of borrowers, as the case may be. [24 [7/2018] |
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| Audit of licensee’s accounts |
39.—(1) Despite the provisions of the Companies Act 1967, a licensee must —| (a) | on an annual basis, appoint an auditor who is a public accountant under the Accountants Act 2004; and | | (b) | if for any reason its auditor ceases to be its auditor, appoint another auditor who is a public accountant under the Accountants Act 2004, as soon as practicable after the cessation. [7/2018] |
| (2) The licensee must notify the Registrar in writing of an appointment under subsection (1) as soon as practicable after the appointment. [7/2018] |
(3) The Registrar may appoint an auditor —| (a) | if the licensee fails to comply with subsection (1); or | | (b) | if the Registrar considers it desirable that another auditor should act with the auditor appointed by the licensee under subsection (1), |
| and may at any time fix the remuneration to be paid by the licensee to the auditor the Registrar appoints. |
[7/2018] |
(4) The duties of an auditor appointed under subsection (1) or (3) are —| (a) | to carry out, for the year in respect of which the auditor is appointed, an audit of the licensee’s accounts; and | | (b) | to make a report on the licensee’s financial statements or consolidated financial statements in accordance with section 207 of the Companies Act 1967. [7/2018] |
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(5) The Registrar may, by written notice to an auditor appointed under subsection (1) or (3), impose all or any of the following duties on the auditor in addition to those provided for under subsection (4), and the auditor must carry out the duties so imposed:| (a) | a duty to submit any additional information in relation to the audit that the Registrar considers necessary; | | (b) | a duty to enlarge or extend the scope of the audit of the licensee’s business and affairs; | | (c) | a duty to carry out any other examination, or establish any procedure, in relation to the audit in any particular case; | | (d) | a duty to make a report on any of the matters mentioned in paragraphs (b) and (c). [7/2018] |
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(6) The licensee must remunerate the auditor in respect of —| (a) | the remuneration the Registrar has fixed under subsection (3); and | | (b) | the discharge of all or any of the additional duties of the auditor imposed under subsection (5). [7/2018] |
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(7) Despite any other provision of this Act or the provisions of the Companies Act 1967, the Registrar may, if the Registrar is not satisfied with the performance of any duty by the auditor of the licensee, at any time direct the licensee —| (a) | to remove the auditor; and | | (b) | to appoint another auditor who is a public accountant under the Accountants Act 2004. [7/2018] |
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(8) The licensee must submit, or cause to be submitted, the following documents to the Registrar within such time as the Registrar may specify by written notice:| (a) | a copy of the auditor’s report made under subsection (4)(b), attached to the licensee’s financial statements or consolidated financial statements; | | (b) | a copy of any report made under subsection (5)(d). [7/2018] |
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(9) If an auditor, in the course of performing the auditor’s duties, is satisfied that —| (a) | there has been a serious breach or non-observance of the provisions of this Act; | | (b) | a criminal offence involving fraud or dishonesty has been committed; or | | (c) | serious irregularities have occurred, including irregularities that compromise the confidentiality, security or integrity of any data obtained, used or disclosed by the licensee, |
| the auditor must immediately report the matter to the Registrar. |
[7/2018] |
(10) Where an auditor or employee of the auditor discloses in good faith to the Registrar —| (a) | the auditor’s or the employee’s knowledge or suspicion of any of the matters in subsection (9); or | | (b) | any information or other matter on which that knowledge or suspicion is based, |
| the disclosure is not a breach of any restriction upon the disclosure imposed by any law, contract or rules of professional conduct, and the auditor or employee is not liable for any loss arising out of the disclosure or any act or omission in consequence of the disclosure. |
[7/2018] |
| (11) Any licensee who contravenes subsection (1) or (8) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. [7/2018] |
| (12) Any auditor who contravenes subsection (5) or (9) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. [7/2018] |
(13) In this section —| “consolidated financial statements” and “financial statements” have the meanings given by section 209A of the Companies Act 1967; |
| “data” and “integrity” have the meanings given by section 54. [24A [7/2018] |
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| Powers of auditor appointed by Registrar |
40.—(1) An auditor appointed by the Registrar under section 39(3) may, for the purpose of carrying out an examination or audit —| (a) | examine, on oath or affirmation, any officer or employee of the licensee, or any other auditor of the licensee appointed under section 39 or under the Companies Act 1967; | | (b) | require any officer or employee of the licensee, or any other auditor of the licensee appointed under section 39 or under the Companies Act 1967, to produce any book held by or on behalf of the licensee relating to the licensee’s business of moneylending; | | (c) | make copies of or take extracts from, or retain possession of, any book mentioned in paragraph (b) for such period as may be necessary to enable it to be inspected; | | (d) | employ such persons as the auditor considers necessary to assist the auditor in carrying out the examination or audit; and | | (e) | authorise in writing any person employed by the auditor to do, in relation to the examination or audit, any act or thing that the auditor could do as an auditor under this subsection, other than the examination of a person on oath or affirmation. [7/2018] |
(2) Any individual who, without reasonable excuse —| (a) | fails to answer any question put to that individual; or | | (b) | fails to comply with any request made to that individual, |
| by an auditor appointed under section 39(3) or a person authorised under subsection (1)(e) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. |
[7/2018] |
| (3) In this section, “officer”, in relation to a licensee, means any director, member of the committee of management, chief executive, manager, secretary or other similar officer of the licensee and includes any person purporting to act in any such capacity. [24B [7/2018] |
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| Restriction on right to communicate certain matters relating to audit of licensee’s accounts |
41.—(1) Except as may be necessary for carrying into effect the provisions of this Act, or for the purpose of an investigation into any offence under any written law, or so far as may be required for the purposes of any legal proceedings (whether civil or criminal) —| (a) | an auditor appointed under section 39; or | | (b) | any employee of such auditor, |
| must not disclose any information that comes to the auditor’s or employee’s knowledge in the course of performing the auditor’s or employee’s duties, to any person other than the Registrar, and in the case of an employee of such auditor, the auditor. |
[7/2018] | (2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. [24C [7/2018] |
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| Offence to destroy, conceal, etc., records to prevent, delay, etc., audit of licensee’s accounts |
42.—(1) Any individual who, with intent to prevent, delay or obstruct the carrying out of any examination or audit under section 39 or 40 —| (a) | destroys, conceals or alters any book relating to the business of a licensee; or | | (b) | sends, or conspires with any other person to send, out of Singapore, any book or asset of any description belonging to, or in the possession or under the control of the licensee, |
| shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. |
[7/2018] (2) If, in any proceedings for an offence under subsection (1), it is proved that the individual charged with the offence —| (a) | destroyed, concealed or altered any book mentioned in subsection (1)(a); or | | (b) | sent, or conspired to send, out of Singapore, any book or asset mentioned in subsection (1)(b), |
| the onus of proving that, in so doing, the individual did not act with intent to prevent, delay or obstruct the carrying out of an examination or audit under section 39 or 40 lies on that individual. |
[24D [7/2018] |
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| Power to inspect, and require information or documents |
43.—(1) For the purpose of determining whether this Act has been complied with, the Registrar or an officer duly authorised by the Registrar (called in this section an authorised officer) may at any time —| (a) | inspect any premises where a moneylender is or is believed to be carrying on business and the books, records and other documents kept there; | | (b) | require the moneylender or any other person to furnish any information, book, record or other document either forthwith or at such other time and place and in such manner as the Registrar or the authorised officer may require; | | (c) | make or cause to be made a copy of any book, record or other document inspected or produced; | | (d) | take photographs or video recordings of the premises inspected or any part of those premises; and | | (e) | seize and remove from the premises any book, record or other document, or any machine or equipment containing any book, record or other document. [8/2012] |
| (2) The Registrar or an authorised officer may be assisted by any other person or persons when exercising the powers under subsection (1)(a), (b), (c) or (d). [8/2012] |
(3) Any person who, without reasonable excuse, fails or refuses —| (a) | to grant to the Registrar or an authorised officer access to the premises or any part of the premises, or to any book, record or other document, under subsection (1)(a); | | (b) | to furnish the Registrar or an authorised officer with any information, book, record or other document at the time and place or in the manner required under subsection (1)(b); | | (c) | to permit the Registrar or an authorised officer to make or cause to be made a copy of any book, record or other document under subsection (1)(c); | | (d) | to permit the Registrar or an authorised officer to take any photograph or video recording of the premises inspected or any part of those premises under subsection (1)(d); or | | (e) | to permit the Registrar or an authorised officer to seize or remove from the premises any book, record or other document, or any machine or equipment containing any book, record or other document under subsection (1)(e), |
| 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. |
[8/2012] |
| (4) Any person who obstructs or prevents the Registrar or an authorised officer from exercising his or her powers under subsection (1) in any manner other than as described in subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. |
(5) Any person who, knowingly or recklessly —| (a) | gives to the Registrar or an authorised officer any information under subsection (1) that is false or misleading in a material particular; or | | (b) | produces to the Registrar or an authorised officer, or grants him or her access to, any book, record or other document under subsection (1) which contains a statement or omits any matter which renders it false or misleading in a material particular, |
| shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. |
[25 |
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| Power to obtain information from Comptroller of Income Tax |
44.—(1) In the course of any investigation or proceedings into or relating to an offence by any person under section 19 or 47, whenever committed, or a conspiracy to commit, or an attempt to commit, or an abetment of any such offence, the Public Prosecutor may, despite any other written law to the contrary, by written notice require the Comptroller —| (a) | to furnish, as specified in the notice, all information available to the Comptroller relating to the affairs of that person or of the spouse, son or daughter of that person; and | | (b) | to produce or furnish, as specified in the notice, any document or a certified copy of any document relating to that person, spouse, son or daughter which is in the possession or under the control of the Comptroller. |
| (2) The Comptroller to whom a notice is sent by the Public Prosecutor under subsection (1) is, despite any written law or any oath of secrecy to the contrary, legally bound to comply with the terms of that notice within the time specified in the notice. |
| (3) In this section, “Comptroller” means the Comptroller of Income Tax, or any Deputy Comptroller or Assistant Comptroller of Income Tax appointed under section 3(1) of the Income Tax Act 1947. [25A |
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| General power to issue directions |
45.—(1) The Registrar may issue directions, either of a general or specific nature, to any licensee or exempt moneylender for or in respect of every purpose which the Registrar considers necessary for carrying out the provisions of this Act.(2) Without limiting subsection (1), the Registrar may by such directions —| (a) | require any licensee or exempt moneylender to display or exhibit such cautionary statements as the Registrar thinks fit in a conspicuous position at or in every place of business for moneylending; | | (b) | require any licensee or exempt moneylender to provide cautionary statements in writing to borrowers; or | | (c) | set out the manner in which any licensee or exempt moneylender must conduct the business of moneylending. |
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| (3) Any licensee or exempt moneylender who fails or refuses to comply with any direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. |
| (4) To avoid doubt, any written direction issued under subsection (1) is deemed not to be subsidiary legislation. [26 |
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| False statements or representations to induce borrowing an offence |
46. Any moneylender, any director, partner, agent or employee of the moneylender, or any person who is responsible for the management of the business of moneylending of the moneylender, who —| (a) | by any false, misleading or deceptive statement, representation or promise; or | | (b) | by any dishonest concealment of material facts, |
| fraudulently induces or attempts to induce any person to borrow money or to agree to the terms on which money is or is to be borrowed, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $40,000 or to imprisonment for a term not exceeding 2 years or to both. |
[27 |
47.—(1) Subject to subsection (3), where an unlicensed moneylender —| (a) | displays or uses any threatening, abusive or insulting words, behaviour, writing, sign or visible representation; or | | (b) | commits any act likely to cause alarm or annoyance to a borrower or surety, any member of the family of the borrower or surety, or any other person, |
| in connection with a loan to the borrower, whether or not the unlicensed moneylender does the act personally or by any person acting on the unlicensed moneylender’s behalf, the unlicensed moneylender shall be guilty of an offence and — |
| (c) | in the case where the unlicensed moneylender is a body corporate, shall be liable on conviction to a fine of not less than $10,000 and not more than $100,000; or | | (d) | in any other case —| (i) | shall on conviction be punished with imprisonment for a term not exceeding 5 years and shall also be liable to a fine of not less than $5,000 and not more than $50,000; and | | (ii) | in the case of a second or subsequent offence, shall on conviction be punished with imprisonment for a term of not less than 2 years and not more than 9 years and shall also be liable to a fine of not less than $6,000 and not more than $60,000. |
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(2) Subject to subsection (3), any person who, acting on behalf of an unlicensed moneylender, commits or attempts to commit any of the acts specified in subsection (1) shall be guilty of an offence and —| (a) | shall on conviction be punished with imprisonment for a term not exceeding 5 years and shall also be liable to a fine of not less than $5,000 and not more than $50,000; and | | (b) | in the case of a second or subsequent offence, shall on conviction be punished with imprisonment for a term of not less than 2 years and not more than 9 years and shall also be liable to a fine of not less than $6,000 and not more than $60,000. |
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(3) Subject to sections 325(1) and 330(1) of the Criminal Procedure Code 2010 —| (a) | except as provided in paragraph (b), a person who is convicted for the first time of an offence under subsection (1) or (2) shall also be liable to be punished with caning with not more than 6 strokes; | | (b) | a person who is convicted for the first time of an offence under subsection (1) or (2) shall also be punished with caning —| (i) | with not less than 3 and not more than 6 strokes if it is proved to the satisfaction of the court that, in the course of committing the offence, damage was caused to any property; | | (ii) | with not less than 5 and not more than 8 strokes if it is proved to the satisfaction of the court that, in the course of committing the offence, hurt was caused to another person; and | | (iii) | with not less than 6 and not more than 12 strokes if it is proved to the satisfaction of the court that, in the course of committing the offence, hurt was caused to another person and damage was caused to any property; |
| | (c) | except as provided in paragraph (d), a person who is convicted of a second or subsequent offence under subsection (1) or (2) shall also be liable to be punished with caning with not more than 12 strokes; and | | (d) | a person who is convicted of a second or subsequent offence under subsection (1) or (2) shall also be punished with caning —| (i) | with not less than 5 and not more than 10 strokes if it is proved to the satisfaction of the court that, in the course of committing the offence, damage was caused to any property; | | (ii) | with not less than 6 and not more than 12 strokes if it is proved to the satisfaction of the court that, in the course of committing the offence, hurt was caused to another person; and | | (iii) | with not less than 9 and not more than 18 strokes if it is proved to the satisfaction of the court that, in the course of committing the offence, hurt was caused to another person and damage was caused to any property. [15/2010] |
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(4) For the purposes of paragraph (a) of subsection (1), a person who —| (a) | uses any threatening, abusive or insulting words in any telephone call made by the person; or | | (b) | by any means sends any thing which contains any threatening, abusive or insulting words, writing, sign or visible representation, |
| whether from a place in Singapore or outside Singapore, to any person or place in Singapore is taken to have committed an act referred to in that paragraph. |
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| (5) For the purposes of paragraph (b) of subsection (1), a person who makes any telephone call, or by any means sends any article, message, word, sign, image or representation, whether from a place in Singapore or outside Singapore, to any person or place in Singapore, which is likely to cause alarm or annoyance to a person referred to in that paragraph, is taken to have committed an act referred to in that paragraph. |
| (6) For the purposes of subsection (2), any person who does any of the acts specified in subsection (1) in connection with a demand for the repayment of a loan to an unlicensed moneylender is presumed, until the contrary is proved, to act on behalf of the unlicensed moneylender. |
(7) For the purposes of subsection (3), a person is deemed to have caused damage to any property if the person does any of the following acts:| (a) | defacing the property by means of any pen, marker or any other delible or indelible substance; | | (b) | defacing the property by affixing, posting up or displaying on the property any poster, placard, bill, notice, paper or other document; | | (c) | defacing the property through the use of paint, coffee, soya sauce or any other delible or indelible substance; | | (d) | destroying or damaging the property through the use of fire or any other substance; | | (e) | doing any other act of mischief which causes a change in any property or which diminishes its value or utility. [28 |
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48.—(1) For the purposes of Chapter 5 of the Penal Code 1871, a person (P) is taken to have abetted the commission of an offence under section 47 if —| (a) | P gives instruction to another person to carry out any act specified in section 47(1) in connection with a demand for the repayment of a loan to an unlicensed moneylender; | | (b) | P provides or arranges transport for another person for the purpose of carrying out any such act knowing or having reasonable cause to believe that the act is in connection with such a demand; | | (c) | P acts as or arranges a lookout for a person carrying out any such act knowing or having reasonable cause to believe that the act is in connection with such a demand; or | | (d) | P provides or arranges transport for another person for the purpose of that other person acting as a lookout for a person carrying out any such act, and P knows or has reasonable cause to believe that the act is in connection with such a demand. |
(2) For the purposes of Chapter 5 of the Penal Code 1871, where —| (a) | a person gives instruction to another person to carry out any act specified in section 47(1) in connection with a demand for the repayment of a loan to an unlicensed moneylender; and | | (b) | a person, knowing or having reasonable cause to believe that the act is in connection with a demand, verifies that the act has been carried out in accordance with such instruction, |
| the person referred to in paragraph (b) is taken to have abetted the commission of an offence under section 47(1) or an offence under subsection (1)(a) (as the case may be) by the person giving the instruction. |
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| (3) To avoid doubt, this section does not affect the term “abetment” under the Penal Code 1871. [28A |
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| Offences involving minors below 16 |
49.—(1) Subject to subsection (2), any person of or above 21 years of age who causes or procures any person below 16 years of age to commit an offence under section 19 or 47 shall be guilty of an offence and —| (a) | if the offence under section 19 is thereby committed, shall on conviction be punished with imprisonment for a term not exceeding 7 years and shall also be liable to a fine of not less than $30,000 and not more than $300,000; | | (b) | if the offence under section 47 is thereby committed, shall on conviction be punished with imprisonment for a term of not less than 2 years and not more than 9 years and shall also be liable to a fine of not less than $6,000 and not more than $60,000; or | | (c) | in any other case, shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. |
(2) Subject to sections 325(1) and 330(1) of the Criminal Procedure Code 2010 —| (a) | a person who is convicted of an offence under subsection (1) for causing or procuring any person below 16 years of age to commit an offence under section 19 shall, if the offence under section 19 is thereby committed, also be liable to be punished with caning with not more than 12 strokes; and | | (b) | a person who is convicted of an offence under subsection (1) for causing or procuring any person below 16 years of age to commit an offence under section 47 shall, if the offence under section 47 is thereby committed, also be liable to be punished with caning with not more than 12 strokes. [28B [15/2010] |
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| Offence of providing false contact information |
50.—(1) A person (P) shall be guilty of an offence if —| (a) | in connection with a loan by an unlicensed moneylender to P or any other person, P gives any contact information which P knows or believes to be false to the unlicensed moneylender or a person acting on the moneylender’s behalf, having reasonable cause to believe that the moneylender or a person acting on the moneylender’s behalf will use the information for the purpose of committing an offence under section 47(1) or (2) against any other person; and | | (b) | the unlicensed moneylender or a person acting on the moneylender’s behalf uses the contact information for the purpose of committing an offence under section 47(1) or (2) against any other person. |
| (2) Any person who is guilty of an offence under subsection (1) shall be liable on conviction to imprisonment for a term not exceeding 12 months. |
| (3) In subsection (1), “contact information” means a residential address, business address, telephone number, facsimile number or any other information given to enable an unlicensed moneylender to contact a borrower. [28C |
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| Special provisions relating to non-resident principal |
51.—(1) When any fine is imposed on an agent who is or has been licensed to carry on a business of moneylending in Singapore on behalf of a principal not resident in Singapore in respect of an offence under this Act committed by the agent in the course of carrying on the business, the fine is, unless the court imposing the fine otherwise directs, recoverable out of the property belonging to the principal or the agent, or to both, and situated within Singapore.| (2) Any property of the principal mentioned in subsection (1) may be taken under or pursuant to an enforcement order and sold under any warrant issued against the agent for the levy of the amount of the fine. [Act 25 of 2021 wef 01/04/2022] |
(3) When it is made to appear to any court by any person entitled to make an application under section 37 that any transaction entered into with a moneylender not resident in Singapore prima facie ought to be reopened, the court may —| (a) | issue an order of attachment attaching any property of the moneylender situated within Singapore until such time as the moneylender submits to the jurisdiction of the court and gives security to the satisfaction of the court that any order made against the moneylender for repayment of any sum or for an indemnity will be duly satisfied; and | | (b) | authorise the service out of the jurisdiction of any summons or other process applying for the reopening of the transaction under section 37. [29 |
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| 52. Any police officer not below the rank of sergeant who is authorised in writing by the Registrar, or by a police officer not below the rank of Assistant Superintendent of Police, may at all times enter the premises of any licensee, or any person who is suspected of carrying on the business of moneylending, to inspect or seize any book, record or other document relating to any moneylending transaction without a warrant being issued by a Magistrate for that purpose. [30 |
| Public Prosecutor’s power to order inspection of customer information |
53.—(1) The Public Prosecutor may, if he or she considers that any evidence of the commission of an offence under section 19 or 47, whenever committed, or a conspiracy to commit, an attempt to commit, or an abetment of such an offence, by a person is likely to be found in any document containing customer information relating to that person, to the spouse, son or daughter of that person, or to a person reasonably believed by the Public Prosecutor to be a trustee or an agent for that person, by order authorise any police officer of or above the rank of assistant superintendent so named to inspect any document of a bank specified in the order.| (2) The police officer so authorised may, at all reasonable times, enter the bank specified in the order and inspect the documents kept in the bank and may take copies of any relevant entry in any such document. |
| (3) The Public Prosecutor may delegate his or her power under this section to a Deputy Public Prosecutor or the Commissioner of Police, except the power of delegation conferred by this subsection. |
| (4) In this section, “customer information” has the meaning given by section 40A of the Banking Act 1970. [30A |
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