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Oct 6, 2017 · This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021. An Act for the regulation of moneylending, the designation and control of a credit bureau, the collection, use and disclosure of borrower information and data, and for connected matters.
Dec 31, 2021 · An Act for the regulation of moneylending and for matters connected therewith. [1st March 2009; 1st July 2010: Section 5 (3) (b)] Singapore Statutes Online is provided by the Legislation Division of the Singapore Attorney-General's Chambers.
FAQs on Borrowing From Licensed Moneylenders List of Licensed Moneylenders in Singapore List of Exempt Moneylenders Advisory for Borrowers on Licensed Moneylending
The law requires moneylenders to explain the terms of a loan to you in a language you understand and to provide you with a copy of the loan contract. Make sure you fully understand the terms of the contract, in particular, the repayment schedule, the interest rate charged and the fees applicable.
Through the regulating of Licensed Moneylenders, the Registry of Moneylenders cultivates a safe and professional moneylending industry in Singapore. Relevant Laws and Regulations. Be equipped with the knowledge of moneylending legislation in Singapore. List of Licensed Moneylenders. Get the latest list of Licensed Moneylenders in Singapore.
The Act repeals and re-enacts the Moneylenders Act for the following purposes: 1 To clarify the types of moneylending activities that would be regulated; 2 To update the Act to facilitate moneylending activities within a modern regulatory framework; and.
From 30 November 2018, the Ministry of Law (“MinLaw”) will implement the first phase of the Moneylenders (Amendment) Act 2018 [1] and Moneylenders (Amendment) Rules 2018 to provide better protection for borrowers and strengthen the regulation of licensed moneylenders.
Feb 25, 2009 · The new Moneylenders Act, passed by Parliament in November 2008, will be brought into effect on 1 March 2009. The new Act, which replaces the existing Act, allows for a more flexible and progressive approach to the regulation of moneylending in keeping with the modern credit economy.
Mar 31, 2010 · An Act to repeal and re-enact with amendments the Moneylenders Act (Chapter 188 of the 1985 Revised Edition) for the regulation of moneylending and for matters connected therewith, and to make consequential amendments to the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Chapter 65A of the 2000 Revised ...
5.—. (1) A person must not carry on or hold out in any way that the person is carrying on the business of moneylending in Singapore, whether as principal or as agent, unless the person —. (a) is authorised to do so by a licence; (b) is an excluded moneylender; or. (c) is an exempt moneylender.
