Moneylenders (Amendment) Rules 2010

Status:

Published in Subsidiary Legislation Supplement
on 01 Jul 2010

No. S 304

Moneylenders Act

(Chapter 188)

Moneylenders (Amendment) Rules 2010

In exercise of the powers conferred by section 37 of the Moneylenders Act, the Minister for Law hereby makes the following Rules:

Citation and commencement

1. These Rules may be cited as the Moneylenders (Amendment) Rules 2010 and shall come into operation on 1st July 2010.

Deletion and substitution of rule 5

2. Rule 5 of the Moneylenders Rules 2009 (G.N. No. S 72/2009) is deleted and the following rule substituted therefor:

“Fees

5.—(1) The non-refundable application fee payable under section 5(3)(b) of the Act in respect of an application for the issue of a licence shall be $600.

(2) The licence fee for the issue or renewal of a licence under section 8(1) of the Act shall be $1,320 for every period of 12 months of the licence or part thereof.

(3) The licence fee for each additional place of business of a licensee under section 8(3) of the Act shall be $1,320 for every period of 12 months or part thereof remaining of the period of the licence from the date of approval of that place of business for moneylending under section 10 of the Act.

(4) If the period remaining of the licence from the date referred to in paragraph (3) is less than 12 months, the fee of $1,320 referred to in that paragraph shall be reduced by an amount to be computed as follows:

$110 x (12 — A),

where A

is the number of months remaining of the period of the licence from the date referred to in paragraph (3) (a period of less than one month being treated as a full month).”.

Made this 10th day of June 2010.

CHAN LAI FUNG

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW 25/001/001 Vol. 1; AG/LLRD/SL/188/2010/1 Vol. 1]

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