Moneylenders (Amendment) Bill

Bill No. 4/2012

Read the first time on 14th February 2012.

An Act to amend the Moneylenders Act (Chapter 188 of the 2010 Revised Edition).

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:

Short title and commencement

1. This Act may be cited as the Moneylenders (Amendment) Act 2012 and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Amendment of section 10

2. Section 10 of the Moneylenders Act is amended —

(a)	by deleting the word “commence” in subsection (1) and substituting the words “carry on”;
(b)	by deleting the word “commences” in subsection (13)(a) and substituting the words “carries on”; and
(c)	by deleting the words “continues to carry on the business of moneylending in” in subsection (13)(b) and substituting the words “carries on the business of moneylending at”.

Amendment of section 14

3. Section 14(3A) of the Moneylenders Act is amended —

(a)

by deleting the words “contravention of subsection (1)” and substituting the words “contravention of section 5(1)”;

(b)

by deleting the word “or” at the end of paragraph (e); and

(c)

by deleting the full-stop at the end of paragraph (f) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:

“(g)

he provides or gives access to the name of or other information relating to any other person (referred to as a potential borrower), or otherwise refers a potential borrower, to a person whom he knows or has reasonable grounds to believe is carrying on a business in contravention of section 5(1), intending to facilitate or knowing it to be likely to facilitate the lending of money by such person to the potential borrower.”.

Amendment of section 25

4. Section 25 of the Moneylenders Act is amended —

(a)

by inserting, immediately after the words “other document” in subsection (1)(b), the words “either forthwith or at such other time and place and in such manner as the Registrar or the authorised officer may require”;

(b)

by inserting, immediately after subsection (1), the following subsection:

“(1A) 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).”; and

(c)

by inserting, immediately after the words “other document” in subsection (2)(b), the words “at such time and place or in such manner as”.

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