Moneylenders Rules 2009 - Singapore Statutes Online

No. S 72

Moneylenders Act 2008

(Act 31 of 2008)

Moneylenders Rules 2009

In exercise of the powers conferred by section 37 of the Moneylenders Act 2008, the Minister for Law hereby makes the following Rules:

PART I

LICENSING OF MONEYLENDERS

Citation and commencement

1. These Rules may be cited as the Moneylenders Rules 2009 and shall come into operation on 1st March 2009.

Particulars to be provided for applications

2.—(1) Before approving an application for the issue or renewal of a licence, the Registrar may require the applicant to produce such evidence as he may reasonably specify to determine if there exists any ground for refusing the application under section 7 of the Act.

(2) Without prejudice to the generality of paragraph (1), the Registrar may require the applicant to produce —

(a)	particulars of the bank account of the applicant;
(b)	particulars of any manager, director, partner or substantial shareholder of the applicant; and
(c)	particulars of all outstanding loans previously made by the applicant, or by any company, partnership or limited liability partnership of which he is or was a substantial shareholder, director, partner or manager (as the case may be).

(3) Before approving a place of business for moneylending under section 10 of the Act, the Registrar may require the applicant for the issue of a licence or the licensee (as the case may be) to produce such evidence as he may reasonably specify to determine if there exists any ground for not approving that place of business under section 10 of the Act.

(4) Without prejudice to the generality of paragraph (3), the Registrar may require the applicant or licensee to produce particulars of the place and evidence of his ownership or occupation of the place.

Security deposit

3.—(1) A security deposit placed with the Accountant-General under section 5(5)(c), 6(4)(c) or 10(3)(c) of the Act for any place of business shall, unless the Registrar has given notice under section 11(2) of the Act of his intention to forfeit the deposit or any part of it, be returned to the licensee on the cessation of the licensee’s business of moneylending at the place.

(2) Where, after having given the notice referred to in paragraph (1), the Registrar does not forfeit the deposit or forfeits a part of it, he shall return the deposit or the part of the deposit (as the case may be) which is not forfeited to the licensee.

(3) Where a licensee —

(a)	ceases to conduct a business of moneylending at a place; and
(b)	applies for approval under section 10 of the Act to carry on such business at another place,

the security deposit for the first-mentioned place may be transferred and placed with the Accountant-General as the security deposit for the second-mentioned place, unless the Registrar has forfeited the deposit or has given notice under section 11(2) of the Act of his intention to forfeit the deposit.

Form of licence

4. A licence issued under section 5 of the Act or renewed under section 6 of the Act shall be in such form as the Registrar may determine.

Fees

5.—(1) The licence fee for the issue or renewal of a licence under section 8(1) of the Act shall be $1,200 for every period of 12 months of the licence or part thereof.

(2) The licence fee for each additional place of business of a licensee under section 8(3) of the Act shall be $1,200 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.

(3) If the period remaining of the licence from the date referred to in paragraph (2) is less than 12 months, the fee of $1,200 referred to in that paragraph shall be reduced by an amount to be computed as follows:

where A

is the number of months remaining of the period of the licence from the date referred to in paragraph (2) (a period of less than one month being treated as a full month).

Made this 20th day of February 2009.

CHAN LAI FUNG

Permanent Secretary,
Ministry of Law,
Singapore.

[LAW 06/011/016; AG/LEG/SL/188/2004/1 Vol. 1]

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