Moneylenders (Amendment) Rules 2007

Status:

Published in Subsidiary Legislation Supplement
on 01 Feb 2007

No. S 52

Moneylenders Act

(Chapter 188)

Moneylenders (Amendment) Rules 2007

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 2007 and shall come into operation on 1st February 2007.

Amendment of rule 5

2. Rule 5 of the Moneylenders Rules (R 1) is amended by deleting “$1,050” and substituting “$1,200”.

Amendment of rule 17

3. Rule 17 of the Moneylenders Rules is amended by deleting paragraph (1) and substituting the following paragraph:

“(1) The following fees shall be charged for exemptions granted under section 36(1) of the Act and any extensions thereof granted under section 36(2) of the Act:

(a)

for any exemption granted under section 36(1) of the Act —

(i)	an annual fee of $3,000 for the duration of the exemption where the person exempted carries on the business of moneylending solely to natural persons who are members of the public;
(ii)	an annual fee of $1,000 for the duration of the exemption where the person exempted carries on the business of moneylending solely to persons other than those specified in sub-paragraph (i); or
(iii)	an annual fee of $4,000 for the duration of the exemption where the person exempted carries on the business of moneylending to persons referred to in sub-paragraphs (i) and (ii); and

(b)

for any extension granted under section 36(2) of the Act of such an exemption —

(i)	an annual fee of $3,000 for the duration of the extension where the person exempted carries on the business of moneylending solely to natural persons who are members of the public;
(ii)	an annual fee of $1,000 for the duration of the extension where the person exempted carries on the business of moneylending solely to persons other than those specified in sub-paragraph (i); or
(iii)	an annual fee of $4,000 for the duration of the extension where the person exempted carries on the business of moneylending to persons referred to in sub-paragraphs (i) and (ii).”.

Made this 31st day of January 2007.

CHAN LAI FUNG

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW 02/005/1.4 Vol. 2; AG/LEG/SL/188/2004/1 Vol. 1]

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