—(1) Any public company proposing to conduct financing business in Singapore shall, before commencing any such business, apply in writing to the Authority for a licence under this Act.
(2) In considering any application by a public company for a licence, the Authority may require to be satisfied as to —
the financial condition of the company;
the character of the management of the company;
the adequacy of the capital structure and earning prospects of the company;
the objects of the company as disclosed in its memorandum of association;
the convenience and needs of the community to be served; and
whether the public interest will be served by the granting of a licence.
(3) The Authority may grant a licence with or without conditions, or refuse to grant a licence.
(4) The Authority may at any time vary or revoke any existing conditions of a licence or impose additional conditions.
(5) Where a licence is granted subject to conditions, the finance company shall comply with those conditions and any finance company that fails to comply with any of the conditions of its licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine of $2,000 for every day during which the offence continues after conviction.
(6) Any person who knowingly or recklessly furnishes any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.
(7) Every finance company shall pay such annual licence fee (including fees in respect of each of its branches) as the Authority may determine by notice in writing and in such manner as the Authority may determine.
(8) Any applicant who is aggrieved by the refusal of the Authority to grant a licence under subsection (3) may, within 30 days of the decision of the Authority, appeal in writing to the Minister whose decision shall be final and shall be given effect to by the Authority.