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Small Cash Loans Instant Approval – The recent rise in unlicensed loan sharks (also known as loan sharks) is a very alarming concern for the government as well as Singaporeans, PRs and citizens. Foreigners working in Singapore. Therefore, we thought it would be good to bring out the Money Lending Act and the Lenders Rules so that people know what it is.

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All information below is excerpted from Singapore Regulations Online (“SSO”), a free service provided to the public by the Legal Division of the Attorney-General’s Office.

“authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act (Cap. 186);

A commercial bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act,

“business name”, in relation to a moneylender, is the name under which the lender is authorized under the license to carry on the business of moneylending;

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Any corporation incorporated or empowered by an Act of Parliament to borrow money under that Act;

Any person licensed, approved, registered or regulated by the Authority under any other written law, to the extent that such person is authorized or authorized to lend money or is not prohibited from lending money money under that other written law;

Lend money only to accredited investors within the meaning of section 4A of the Securities and Futures Act (Cap. 289);

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The trustee or trustee, as the case may be, of the business trust for the purposes of the business trust;

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Any person who carries on a business without the primary purpose of borrowing money and borrows money for that purpose;

“exempt moneylender” means any moneylender who has been exempted from licensing under section 35 or 36;

“Company” means an unincorporated body of 2 or more individuals, or one or more individuals and one or more companies, or 2 or more companies that have cooperated together to carry on business for profits and is registered under the Companies Name Registration Act 2014;

“Interest”, in relation to a Loan, means any amount by whatever name in excess of the principal amount paid or payable to the Lender in respect of or in connection with the Loan, but does not include includes any authorized fee, stamp duty or other charge payable under this Act or any other law;

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“moneylender” means a person who, as principal or agent, carries on the business of lending money of any kind, whether that person carries on any business any other or not, but does not include excluded moneylenders;

“allowable charges”, in relation to a loan, means the fees, charges or expenses prescribed under section 22(1) which may be imposed on the borrower under the contract for the loan;

“principal”, in relation to a loan, means the actual amount borrowed by the lender under the loan agreement;

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Trust funds that invest mainly in real estate and real estate-related assets, which are regulated by the competent authority in the Code on collective investment programs and all or any of the units of which are listed on a stock exchange under that law;

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“Registrar” means the Registrar of Lenders appointed under section 4 and includes the Deputy Registrar of Lenders and the Assistant Registrar of Lenders appointed under that section;

“substantial shareholder” and “substantial shareholder” have the same meaning as in Section 4 of Part IV of the Companies Act (Cap. 50);

3.  Any person, other than the excluded moneylender, who lends a sum of money the greater of which is to be repaid, is deemed to be a moneylender, until proven otherwise.

4.  The Minister may appoint any public officer as Registrar of Moneylenders and such number of officers as he thinks fit to act as Deputy Registrars of Moneylenders and House Assistants registration of Lenders under this Act.

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5.—(1)  No person shall carry out or organize the business of lending money in Singapore in any form whatsoever, whether as principal or agent, unless —

(1A)  For the purposes of subsection (1), a person wholly or partly from a place outside Singapore who carries on the business of lending money in Singapore shall be deemed to carry on that business in Singapore.

Accompanied by payment of the non-refundable registration fee in the prescribed amount payable in such manner as the Registrar may specify.

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(4)  The Registrar may grant a license with or without conditions or may refuse to grant a licence.

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Where any information or representation provided by the applicant as a basis for an application for a license under this section is incomplete, false or misleading;

In the event the applicant does not meet the class or description requirements of the license applied for; or

In the event the applicant fails to deposit money with the Accountant-General to secure the proper conduct of his money lending business in Singapore, in such form as the Registrar may determine, a deposit of 20,000 USD for each business location for which the person is licensed.

(6)  Every license shall come into force on the date specified therein and shall be in force for a period of 12 months or such other prescribed period as may be specified in the licence.

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(7)  The Registrar may vary or withdraw any existing conditions of a license or impose new conditions at any time by notice in writing to the licensee.

(8)  Where a license is granted to a company, any partners of the company who are actively carrying on the money lending business of that company in Singapore shall be subject to this Act as if they held the licence.

6.—(1)  Application for renewal of a license shall be submitted not later than one month before the license expires, in such form and manner as may be determined by the Registrar.

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(2)  For the purposes of subsection (1), every licensee must notify the Registrar at least one month before the expiration of his license if he does not wish to renew his licence.

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(3)  The Registrar may renew the license with or without conditions or may refuse to renew the licence.

Where any information or representation provided by a licensee in connection with an application for renewal of a license under this section is incomplete, false or misleading;

When a licensee stops renewing class or license description requirements; or

In the event the licensee fails to provide or maintain with the Accountant General such security for the proper conduct of its money lending business in Singapore, in such form as the Registrar may determine, $20,000 deposit per place of business for their license to be renewed.

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(5)  On the renewal of a licence, the license shall continue in force for a further period of 12 months or such other prescribed period as may be specified in the license from the day immediately following that date, except in respect of license renewal, the license will expire.

7.—(1)  For the purposes of sections 5 and 6, the Registrar may refuse to grant or renew a license for any of the following reasons:

Any person who is or will be responsible for the management of the money lending business of the applicant who is not ordinarily resident in Singapore;

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If the applicant, any director or partner of the applicant, or any person who is or will be responsible for the management of the applicant’s money lending business is under 21 years of age;

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If the registrar is not satisfied that the applicant has a place of business for which a license or renewed license is suitable for the business of lending money, or the registrar is of the opinion that the place of business is not in the public interest them to the business of lending money in such a place;

If the applicant, any director, partner or significant shareholder of the applicant or any person who is or will be responsible for the management of the applicant’s money lending business —

Have been convicted of any offense under sections 43 to 48 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A), Terrorism Act (Financial Containment) (Chapter 325) or any regulations. under the United Nations Act (Cap. 339);

Carry on or carry on any money lending business, in Singapore or elsewhere, in a manner which would render him incapable of holding a licence;

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If the Registrar is not satisfied as to the qualifications or experience of the applicant or the person who is or will be responsible for managing the applicant’s money lending business;

If the Registrar is not satisfied as to the good character of the applicant, any director, partner or major shareholder of the applicant or any person who is or shall be responsible for the management of the business of applicants

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