Moneylenders

Cap. 260 · Revised Edition 2020 · 60 sections

s. 1Short title
s. 2Interpretation
s. 2AFit and proper
s. 2BEstablishment and Functions of the Registrar
s. 2CPowers of the Registrar
s. 2DPower to impose conditions
s. 2EMoneylenders Register
s. 3Prohibition of unlicensed moneylending
s. 4Licences to be taken out by moneylenders
s. 5Classes of moneylending licences
s. 6Applications
s. 7Grant of licence
s. 8Duration and renewal of licence
s. 9Refusal of application
s. 10Revocation of licence
s. 11Licence not transferable
s. 12Transfer of significant interest
s. 12ANotification of changes in senior management and directors
s. 12BNotification of change in associates
s. 12CNotification of change in information required to be registered
s. 13Moneylender’s contracts
s. 14Prohibition of compound interest and provision as to default
s. 14AProhibition of unsolicited loans
s. 15Charges other than prescribed fees unenforceable
s. 16Obligation of moneylender to supply information as to state of loan and copies of documents relating thereto
s. 17Prohibition of certain advertisements
s. 18Penalty for moneylender implying the carrying on of banking business
s. 19Display of licence and information
s. 20Minimum reporting requirements
s. 20AApproval required for assignment
s. 21Duty to give notice and supply information on assignment
s. 22Position of assignee
s. 23Limitation of time for proceedings in respect of money lent by moneylenders
s. 24Power to relieve borrower from harsh transactions
s. 25Power to grant relief at instance of borrower or surety
s. 26Presumption that interest excessive
s. 27Application and construction of sections 24 to 26
s. 27ACompliance policies, systems and controls
s. 27BCompliance officer
s. 27CCompliance inspections
s. 27DPower of Registrar to gather information
s. 27EPower to give directions
s. 27FEnforcement action
s. 27GDisciplinary measures
s. 28Interest not to exceed 5 % in bankruptcy proceedings
s. 29Proof by moneylender in bankruptcy
s. 30Claim of relief by trustee in bankruptcy
s. 31Penalties for false statements and representations
s. 31AHarassing borrower, besetting borrower’s residence, etc
s. 31BPenalty for failure to comply with notice
s. 31CPenalty for failure to comply with direction
s. 31DObstruction
s. 31EPenalty for making false return, breach of condition, etc
s. 31FAppeals
s. 32Power of court to determine contract
s. 33Offences punishable on summary conviction
s. 34Offences by legal persons
s. 35Immunity
s. 36Regulations
s. 37Guidelines and guidance notes