In addition to the requirements under the Moneylenders Act (Cap. 188) (and any revised edition of the Act) (“the Act”) and the Moneylenders Rules 2009 (“the Rules”) for obtaining and holding a moneylender’s license, the following conditions for the grant of your license are imposed under Section 5(4) and/or Section 5(7) of the Act:
General
1. Every licensee’s moneylending activities, including those carried out on its behalf, shall be conducted within the framework of Singapore law, in particular, the Penal Code (Cap. 224), Protection from Harassment Act (Cap. 256A) and Personal Data Protection Act 2012 (No. 26 of 2012).
2. Every licensee shall display the latest edition of the “Notes to Borrowers When Obtaining Loans From Licensed Moneylenders” (“Notes to Borrowers”) in a conspicuous position in each of its places of business. A copy of the Notes to Borrowers is available on the Registry of Moneylenders’ website.
3. Every licensee shall obtain the Registrar’s prior approval for the allotment or transfer of the licensee’s shares, regardless of whether the transferee is a new or existing shareholder of the licensee, and regardless of whether the transferee is or will be a substantial shareholder of the licensee.
4. Every licensee shall ensure that each approved place of business of the licensee is managed by a different person who is suitably qualified, i.e. that person must satisfy two criteria:
(a) he has passed the Moneylenders’ Written Test; and
(b) his appointment as a manager has been approved by the Registrar.Such a suitably qualified person shall be referred to herein as a “Test-Qualified
Manager”.
Where an approved place of business is no longer managed by a TestQualified Manager, the licensee shall appoint another person who is suitably qualified
to manage that place of business, within 6 months from the date of the previous
manager’s departure.
5. For the purposes of Condition 4, a Test-Qualified Manager shall be deemed to be managing an approved place of business only if the licensee can reasonably prove that the former has been actively performing all of the following duties thereat:
(a) Training – Such duties shall include ensuring that staff are given adequate training on laws relating to the moneylending industry.
(b) Daily operations of the licensee – Such duties shall include the review of loan documents and moneylending business procedures to ensure that all relevant moneylending laws are complied with.
Every licensee shall, when required by the Registrar, furnish the Registrar with evidence to demonstrate how the Test-Qualified Manager has fulfilled the above duties during his period of employment in such a capacity.