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60In force
An Act for the regulation of moneylending and for matters connected therewith.
Persons presumed to be moneylenders Any person, other than an excluded moneylender, who lends a sum of money in consideration of a
Appointment of Registrar, etc. The Minister may appoint any public officer to be the Registrar of Moneylenders and such number of public
Publication of lists The Registrar may, from time to time, cause to be published in such manner as he may determine —
Other offences under this Part Any person who, in connection with an application for the issue or renewal of a licence or
Note of moneylender’s contract to be given to borrower No contract for a loan granted by a licensee, and no guarantee or
Charges other than permitted fees unenforceable The Minister may prescribe the types or amounts of costs, charges and expenses that a licensee
False statements or representations to induce borrowing an offence If any moneylender, any director, partner, agent or employee of the moneylender, or
Powers of police officer Any police officer not below the rank of sergeant who is authorised in writing by the Registrar, or
Composition of offences The Registrar, or the Commissioner of Police or any police officer authorised in writing by the Commissioner of Police,
Class exemption The Minister may make rules to exempt any class of persons from any, but not all, of the provisions of
Short title and commencement This Act may be cited as the Moneylenders Act . Section 5(3)(b ) shall come into operation on
Interpretation In this Act, unless the context otherwise requires — Authority means the Monetary Authority of Singapore established under section 3 of
No moneylending except under licence, etc. No person shall carry on or hold himself out in any way as carrying on the
Renewal of licences An application for the renewal of a licence shall be made not later than one month before the expiry
Other grounds for refusing to issue or renew licence, etc. For the purposes of sections 5 and 6, the Registrar may refuse
Licence fee Every licensee shall pay such licence fee as may be prescribed for the issue or renewal of the licence by
Revocation or suspension of licence The Registrar may revoke a licence, or suspend it for such period as he considers appropriate, if
Approval of places of business An applicant for the issue of a licence or a licensee who intends to carry on the
Forfeiture of security deposit The Registrar may, without prejudice to the exercise of any other power under this Act, forfeit the whole
Approval and notification of change of profile Every licensee shall obtain the approval of the Registrar — before changing his business name;
Unlicensed moneylending Subject to subsection (1A), any person who contravenes, or who assists in the contravention of, section 5(1) shall be guilty
Interpretation of this Part In this Part, unless the context otherwise requires — account means any deposit or current account opened with
Proceeds of unlicensed moneylending In this Part, property is proceeds of unlicensed moneylending if it is wholly or partly derived or realised,
Order specifying proceeds of unlicensed moneylending Where — the Minister is satisfied that a person has been associated with activities which contravene
Orders: further provisions Where the Minister makes an order under section 15C, he shall — either publish the order in the Gazette
Freezing proceeds of unlicensed moneylending A person shall not deal with any specified property, or any funds in any specified account, unless
Exception A person is not guilty of an offence under section 15E if he credits a specified account with interest or other
Circumvention of section 15E Where a person — enters into; or knowingly does any act in furtherance of, any arrangement which facilitates,
Licences The Minister may grant a licence to exempt any act from the prohibition in section 15E. 5/2010 A licence may be
Regulation of advertising and marketing, etc. No licensee shall knowingly or recklessly issue or publish, or cause to be issued or published,
Prohibition of unsolicited loans No licensee shall — grant a loan to any person; grant approval to any person to obtain a
Signage at place of business Every licensee shall affix, in a conspicuous position at or in each of his places of business,
Licensees to inform borrowers of terms of loan Every licensee shall, before granting any loan to a borrower, inform the borrower in
Provision of statements of account, loan documents and receipts Every licensee shall, at least once every half year ending on 30th June
Re-opening of certain transactions When proceedings are brought in any court by a licensee for the recovery of a loan or the
Accounts to be kept and submissions to Registrar Every licensee shall keep or cause to be kept, for a period of not
Power to inspect, and require information or documents For the purpose of determining whether this Act has been complied with, the Registrar
Power to obtain information from Comptroller of Income Tax In the course of any investigation or proceedings into or relating to an
General power to issue directions The Registrar may issue directions, either of a general or specific nature, to any licensee or exempt
Harassing borrower, besetting his residence, etc. Subject to subsection (3), where an unlicensed moneylender — displays or uses any threatening, abusive or
Abetment of section 28 For the purposes of Chapter V of the Penal Code (Cap. 224), a person shall be taken to
Offences involving minors below 16 Subject to subsection (2), any person of or above the age of 21 years who causes or
Offence of providing false contact information A person shall be guilty of an offence if — in connection with a loan by
Special provisions relating to non-resident principal When any fine is imposed on an agent who is or has been licensed to carry
Public Prosecutor’s power to order inspection of customer information The Public Prosecutor may, if he considers that any evidence of the commission
Certain offences seizable and non-bailable Every offence under section 14 or 28 shall be deemed to be a seizable and non-bailable offence
Jurisdiction of court Notwithstanding any provision to the contrary in the Criminal Procedure Code (Cap. 68), a District Court shall have jurisdiction
Examination of offenders Whenever 2 or more persons are charged with an offence under section 14 or 28, whenever committed, or with
Offences by bodies corporate, etc. Where an offence under this Act committed by a body corporate is proved — to have been
Exemption on application The Minister may, upon the application of any person and the payment of such fees as may be prescribed,
Rules The Minister may make rules for carrying out the purposes and provisions of this Act. Without prejudice to the generality of
Transitional and savings provisions Notwithstanding the repeal of the Moneylenders Act, as from — every licence granted under the repealed Moneylenders Act
This Legislative History is provided for the convenience of users of the Moneylenders Act. It is not part of the Act. Ordinance
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