—(1) No person shall carry on or hold himself out in any way as carrying on the business of moneylending in Singapore, whether as principal or as agent, unless —
he is authorised to do so by a licence;
he is an excluded moneylender; or
he is an exempt moneylender.
(1A) For the purposes of subsection (1), a person who wholly or partly carries on, from a place outside Singapore, the business of moneylending in Singapore shall be taken to have carried on that business in Singapore.
(2) The Minister may prescribe different classes or descriptions of licences for the purposes of this Act.
(3) An application for the issue of a licence shall be —
made in such form and manner as may be determined by the Registrar; and
accompanied by the payment of a non-refundable application fee of a prescribed amount, which shall be paid in such manner as may be specified by the Registrar.
[5/2010 wef 01/07/2010]
1 Section 5(3)(b) came into operation on 1st July 2010vide G.N. No. S 303/2010.
(4) The Registrar may issue a licence with or without conditions, or he may refuse to issue a licence.
(5) Without prejudice to section 7, the Registrar shall not issue a licence —
where any information or statement furnished by the applicant that is material to his application for the issue of a licence under this section is incomplete, false or misleading;
where the applicant does not satisfy the requirements of the class or description of the licence applied for; or
where the applicant does not place with the Accountant-General as security for the proper conduct of his business of moneylending in Singapore, in such form as the Registrar may determine, a deposit of $20,000 for each place of business in respect of which he is to be licensed.
(6) Every licence shall come into operation on the date specified therein, and shall be valid for a period of 12 months or such other prescribed period as may be specified in the licence.
(7) The Registrar may at any time, by notice in writing to the licensee, vary or revoke any of the existing conditions of the licence or impose new conditions.
(8) Where a licence is issued to a firm, every partner of the firm actively conducting the business of moneylending of that firm in Singapore shall be subject to this Act as if he holds the licence.