Moneylenders Rules 2009
Table of Contents
Enacting Formula
Part I LICENSING OF MONEYLENDERS
1 Citation and commencement
1A Definitions
1B Forms
2 Particulars to be provided for applications
3 Security deposit
3A Minimum paid-up capital for licensees
4 Form of licence
5 Fees
Part II REGULATION OF BUSINESS OF MONEYLENDING
6 Principal place of business
7 Replacement licence
8 Licensee to inform borrower of terms of loan
9 Loan application
10 Note of contract for loan
10A Repayment instalments and intervals
11 Maximum rate of interest and late interest
12 Permitted fees
12A Maximum amount for aggregate of interest, late interest and permitted fees
12B Non-application of rules 11 and 12A to business loans
13 Statements of account
14 Receipt for payment
15 Cash account book
16 Loan account book
17 List of borrowers
17A Statements under section 38(5) of Act
Part III UNSECURED LOANS
18 Definitions of this Part
19 Unsecured loans by exempt moneylenders for persons with minimum income or assets
20 Unsecured loans by exempt moneylenders for persons with annual income of at least $20,000
21 Unsecured loans by licensees
21A No unsecured loan to excluded person
21B Prohibition of foreign sureties for unsecured loans
21C Restrictions on unsecured loans to foreign borrowers
22 Merger or consolidation of, or acquisition by, moneylender
Part IIIA RULES FOR PURPOSES OF PART IIIA OF ACT
22A Prescribed period of notice for application by designated credit bureau to cancel designation
22B Prescribed information to be obtained by licensee
22C Prescribed time for submitting information to designated credit bureau and requesting for credit report, etc.
22CA Prescribed credit bureau
22CB Prescribed person
22D Prescribed period for investigation and correction, etc., of borrower information by licensee
22E Contents, preparation and delivery of credit report
22EA Prescribed information that business report must not contain
22F Contents of loan information report
22G Prescribed manner and means of communications between licensees and designated credit bureau
22H Information to be kept by designated credit bureau relating to correction of data
22I Events to be notified by designated credit bureau to Registrar
Part IV MISCELLANEOUS PROVISIONS
23 Certificate of exemption
24 Fees for exemption
25 Search fee
25A Registrar’s notices, letters, correspondences, etc.
26 Revocation