Moneylenders Act 2008
Table of Contents
Long Title
Part 1 PRELIMINARY
1 Short title and commencement
2 Interpretation
3 Persons presumed to be moneylenders
4 Appointment of Registrar, etc.
Part 2 LICENSING OF MONEYLENDERS
5 No moneylending except under licence, etc.
6 Renewal of licences
7 Licensees to be companies
8 Other grounds for refusing to issue or renew licence, etc.
9 Licence fee
10 Revocation or suspension of licence
11 Approval of places of business
12 Forfeiture of security deposit
13 Approval before employing or engaging assistant, etc.
14 Approval, notification and submission of information relating to person taking part in management, etc.
15 Approval of change in business name
16 Notification of certain events
17 Approval concerning substantial shareholding
18 Publication of lists
19 Unlicensed moneylending
20 Other offences under this Part
Part 2A FREEZING OF PROCEEDS OF UNLICENSED MONEYLENDING
21 Interpretation of this Part
22 Proceeds of unlicensed moneylending
23 Order specifying proceeds of unlicensed moneylending
24 Orders: further provisions
25 Freezing proceeds of unlicensed moneylending
26 Exception
27 Circumvention of section 25
28 Licences
Part 3 REGULATION OF BUSINESS OF MONEYLENDING, ENFORCEMENT AND PROCEEDINGS
29 Regulation of advertising and marketing, etc.
30 Prohibition of unsolicited loans
31 Signage at place of business
32 Licensees to inform borrowers of terms of loan
33 Note of moneylender’s contract to be given to borrower
34 Provision of statements of account, loan documents and receipts
35 Charges other than permitted fees unenforceable
36 Maximum rate of interest and late interest
37 Reopening of certain transactions
38 Accounts, etc., to be kept and submissions to Registrar
39 Audit of licensee’s accounts
40 Powers of auditor appointed by Registrar
41 Restriction on right to communicate certain matters relating to audit of licensee’s accounts
42 Offence to destroy, conceal, etc., records to prevent, delay, etc., audit of licensee’s accounts
43 Power to inspect, and require information or documents
44 Power to obtain information from Comptroller of Income Tax
45 General power to issue directions
46 False statements or representations to induce borrowing an offence
47 Harassing borrower, etc.
48 Abetment of section 47
49 Offences involving minors below 16
50 Offence of providing false contact information
51 Special provisions relating to non-resident principal
52 Powers of police officer
53 Public Prosecutor’s power to order inspection of customer information
Part 3A COLLECTION, USE AND DISCLOSURE OF BORROWER INFORMATION AND DATA
Division 1 — General
54 Interpretation of this Part
55 Application of this Part
Division 2 — Designation of designated credit bureau and cancellation of designation
56 Designation, etc., of designated credit bureau
57 Functions of designated credit bureau
58 Cancellation of designation by Registrar
59 Application by designated credit bureau to cancel designation
Division 3 — Control of designated credit bureau
60 Power to issue directions
61 Registrar’s control over designated credit bureau
62 Assumption of control
63 Other provisions concerning assumption of control
64 Responsibilities of directors, officers, etc., of designated credit bureau during period of control
65 Remuneration and expenses of statutory manager
Division 4 — Duties of licensees in relation to borrower information and data, etc.
66 Duties to obtain and submit borrower information, etc., before granting loan
66A Obtaining, etc., information and requesting credit report in relation to surety
67 Credit report to be disposed of or kept by licensee
68 Duty to submit information of repayments and instalments
69 Duty to maintain confidentiality of borrower information
70 Duty to maintain security and integrity of borrower information, etc.
71 Duty to correct borrower information
72 Duty to submit borrower information to Registrar
73 Duties under this Part applicable in relation to persons with revoked or expired licences
Division 5 — Duties of designated credit bureau in relation to borrower information and data, etc.
74 Production of credit reports and charging of fees, etc.
74A Business report in relation to licensee
75 Duties relating to borrower information
76 Duty to maintain security and integrity of data
77 Duty to provide loan information report
77A Disposal of report delivered in error
78 Correction of data, etc., on request
79 Obligation to notify Registrar of certain events
80 Obligation to provide information to Registrar
Division 6 — Disclosure to public agencies
81 Disclosure of borrower information and data to public agencies
81A Registrar may share information pursuant to data sharing direction
Division 7 — Audit of designated credit bureau
82 Audit of designated credit bureau’s accounts
83 Powers of auditor appointed by Registrar
84 Restriction on auditor’s and employee’s right to communicate certain matters
85 Offence to destroy, conceal, alter, etc., records
Part 4 MISCELLANEOUS
86 Certain offences arrestable and non-bailable
87 Jurisdiction of court
88 Examination of offenders
89 Offences by bodies corporate, etc.
90 Composition of offences
91 Exemption on application
92 Class exemption
93 Rules
94 Transitional and saving provisions
Legislative History
Abbreviations
Comparative Table