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. |
1A.—(1) In these Rules —| “business day” means any day other than a Saturday, Sunday or public holiday; [S 697/2021 wef 30/09/2021] |
“business loan” means a loan granted by a licensee to any of the following:| (a) | a company incorporated under the Companies Act 1967 or any corresponding previous legislation, and carrying on business for, at least one year before the grant of the loan; [S 899/2022 wef 31/12/2021] | | (b) | a limited liability partnership registered under the Limited Liability Partnerships Act 2005, and carrying on business for, at least one year before the grant of the loan; [S 899/2022 wef 31/12/2021] | | (c) | a person registered under the Business Names Registration Act 2014 or any corresponding previous legislation, and carrying on business under the business name in respect of which the person is registered for, at least one year before the grant of the loan; [S 899/2022 wef 31/12/2021] |
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“excluded person” means an individual —| (a) | who has submitted a written request, in such form and manner as the Registrar may specify, to the designated credit bureau to be excluded from obtaining any unsecured loan (except a debt consolidation loan) from a licensee after the date of the submission of the request; and [S 142/2019 wef 29/03/2019] | | (b) | whose request has not been withdrawn in such form and manner as the Registrar may specify; |
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| “revolving credit loan” means a loan on revolving credit that may be drawn down subject to a limit approved by the moneylender who granted the loan and which may be repaid at any time and from time to time in any amount. |
(2) In these Rules —| (a) | a reference to a loan granted to a person includes a reference to a loan granted to that person and one or more other persons, whether jointly or otherwise; | | (b) | a reference to an application for a loan made by a person includes a reference to an application made by that person and one or more other persons; and | | (c) | a reference to a person’s share of the amount of a loan is a reference to —| (i) | where the loan is a revolving credit loan granted solely to that person or jointly to that person and one or more other persons — the maximum amount that may be drawn down under the loan; | | (ii) | where the loan is a revolving credit loan granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the maximum amount that may be drawn down under the loan by the percentage of the loan that the person is liable for under the contract for the loan; | | (iii) | where the loan is not a revolving credit loan and is granted solely to that person or jointly to that person and one or more other persons — the whole amount of the loan; and | | (iv) | where the loan is not a revolving credit loan and is granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the whole amount of the loan by the percentage of the loan that the person is liable for under the contract for the loan. |
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(3) In these Rules, a reference to a person’s share of the outstanding amount of a loan is a reference to —| (a) | where the loan is a revolving credit loan, except in Part IIIA —| (i) | granted solely to that person or jointly to that person and one or more other persons — the maximum amount that may be drawn down under the loan; and | | (ii) | granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the maximum amount that may be drawn down under the loan by the percentage of the loan that the person is liable for under the contract for the loan; |
| | (b) | where the loan is a revolving credit loan in Part IIIA —| (i) | granted solely to that person or jointly to that person and one or more other persons — the outstanding balance of the loan; and | | (ii) | granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the outstanding balance of the loan by the percentage of the loan that the person is liable for under the contract for the loan; and |
| | (c) | where the loan (not being a revolving credit loan) is —| (i) | granted solely to that person or jointly to that person and one or more other persons — the outstanding balance of the loan; and | | (ii) | granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the outstanding balance of the loan by the percentage of the loan that the person is liable for under the contract for the loan. [S 755/2018 wef 30/11/2018] |
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| 1B. The Forms to be used for the purposes of these Rules are those set out on the website of the Ministry of Law at http://www.mlaw.gov.sg/rom, and any reference in these Rules to a numbered form is to be construed as a reference to the current version of the form bearing the corresponding number which is displayed at that website. [S 755/2018 wef 30/11/2018] |
| 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 8 of the Act. [S 899/2022 wef 31/12/2021] (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 director or substantial shareholder of the applicant; [S 755/2018 wef 30/11/2018] [S 142/2019 wef 29/03/2019] | | (ba) | particulars of any person who has taken part, is taking part or will be taking part (whether directly or indirectly), in the management of the applicant’s business of moneylending; and [S 755/2018 wef 30/11/2018] [S 142/2019 wef 29/03/2019] | | (bb) | particulars of any assistant employed or engaged, or who will be employed or engaged, by the applicant. [S 755/2018 wef 30/11/2018] [S 142/2019 wef 29/03/2019] | | (c) | [Deleted by S 142/2019 wef 29/03/2019] |
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| (2A) Without prejudice to the generality of paragraph (1), the Registrar may require any person who is or will be taking part (whether directly or indirectly) in the management of the applicant’s business of moneylending to take and pass a written test on his knowledge and understanding of the provisions of the Act and the rules made under the Act. [S 475/2011 wef 22/08/2011] [S 755/2018 wef 30/11/2018] [S 142/2019 wef 29/03/2019] |
| (2B) The test under paragraph (2A) shall be conducted in such manner and on such date as the Registrar determines. [S 475/2011 wef 22/08/2011] |
| (3) Before approving a place of business for moneylending under section 11 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 11 of the Act. [S 899/2022 wef 31/12/2021] |
| (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 its ownership or occupation of the place. [S 142/2019 wef 29/03/2019] |
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| 3.—(1) For the purposes of sections 5(6)(c), 6(4)(c) and 11(3)(c) of the Act, the amount of deposit in respect of each place of business is $20,000. [S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] | (2) A security deposit placed with the Accountant-General under section 5(6)(c), 6(4)(c) or 11(3)(c) of the Act for any place of business shall, unless the Registrar has given notice under section 12(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. [S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] |
| (3) Where, after having given the notice referred to in paragraph (2), 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. [S 755/2018 wef 30/11/2018] |
(4) Where a licensee —| (a) | ceases to conduct a business of moneylending at a place; and | | (b) | applies for approval under section 11 of the Act to carry on such business at another place, [S 899/2022 wef 31/12/2021] |
| 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 12(2) of the Act of his intention to forfeit the deposit. |
[S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] |
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| Minimum paid-up capital for licensees |
| 3A. For the purposes of section 7(1)(a) and (b) and (2) of the Act, the prescribed amount is $100,000. [S 142/2019 wef 29/03/2019] [S 899/2022 wef 31/12/2021] |
| 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. |
| 5.—(1) The non-refundable application fee payable under section 5(4)(b) of the Act in respect of an application for the issue of a licence shall be $600. [S 899/2022 wef 31/12/2021] | (2) The licence fee for the issue or renewal of a licence under section 9(1) of the Act shall be $1,500 for every period of 12 months of the licence or part thereof. [S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] |
| (3) The licence fee for each additional place of business of a licensee under section 9(3) of the Act shall be $1,500 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 11 of the Act. [S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] |
(4) If the period remaining of the licence from the date referred to in paragraph (3) is less than 12 months, the fee of $1,500 referred to in that paragraph shall be reduced by an amount to be computed as follows: | | | 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). |
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[S 304/2010 wef 01/07/2010] [S 755/2018 wef 30/11/2018] |
| (5) If the Registrar requires an applicant for the issue or renewal of a licence or a person who is or will be taking part (whether directly or indirectly) in the management of the applicant’s business of moneylending to take a test under rule 2(2A), then the applicant shall pay to the Registrar a non-refundable registration fee of $130 (inclusive of goods and services tax) for every person required to take the test. [S 475/2011 wef 22/08/2011] [S 755/2018 wef 30/11/2018] |
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