Moneylenders (Amendment No. 2) Rules 2007

Status:

Published in Subsidiary Legislation Supplement
on 15 Feb 2007

No. S 63

Moneylenders Act

(Chapter 188)

Moneylenders (Amendment No. 2) 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 No. 2) Rules 2007 and shall come into operation on 1st March 2007.

Amendment of rule 8

2. Rule 8 of the Moneylenders Rules (R 1) is amended by inserting, immediately after paragraph (2), the following paragraph:

“(3) For the purposes of section 19(2) of the Act, every moneylender shall keep, or cause to be kept, each record entered into such books of accounts for a period of not less than 5 years from —

(a)	the date the loan, to which the record relates, is fully repaid; or
(b)	the date the contract for the loan, to which the record relates, is otherwise terminated,

whether such loan is made or fully repaid, or such contract is terminated, before, on or after 1st March 2007, as the case may be.”.

Amendment of rule 12

2. Rule 12 of the Moneylenders Rules is amended by inserting, immediately after paragraph (2), the following paragraph:

“(3) For the purposes of section 19(2) of the Act, every moneylender shall keep, or cause to be kept, each memorandum of loan referred to in paragraph (1) for a period of not less than 5 years from —

(a)	the date the loan is fully repaid; or
(b)	the date the contract for the loan is otherwise terminated,

whether such loan is made or fully repaid, or such contract is terminated, before, on or after 1st March 2007, as the case may be.”.

[G.N. No. S 52/2007]

Made this 14th day of February 2007.

CHAN LAI FUNG

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW 25/001/001; AG/LEG/SL/188/2004/1 Vol. 1]

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