Singapore legislation
Section 20
Section 20
Obligation to supply information as to state of loan and copies of documents relating thereto
(1)
In respect of every contract for the repayment of money lent by a moneylender the moneylender shall, on any reasonable demand in writing being made by the borrower at any time during the continuance of the contract and on tender by the borrower of the sum of 50 cents for expenses, supply to the borrower or, if the borrower so requires, to any person specified in that behalf in the demand, a statement of account in English figures signed by the moneylender or his agent showing —
the date on which the loan was made, the amount of the principal of the loan and the rate per cent per annum or the amount of interest charged;
the amount of any payment already received by the moneylender in respect of the loan and the date on which it was made;
the amount of all sums due to the moneylender for principal but unpaid and the dates upon which they became due and the amount of interest due and unpaid in respect of each such sum; and
the amount of every sum not yet due which remains outstanding and the date upon which it will become due.
(2)
A statement of account given in the form in the First Schedule shall be deemed to comply with the requirements of subsection (1).
(3)
A moneylender shall, on any reasonable demand in writing by the borrower and on tender of the sum of $1, supply a copy of any document relating to a loan made by him or any security therefor to the borrower or, if the borrower so requires, to any person specified in that behalf in the demand.
(4)
If a moneylender to whom a demand has been made under this section fails without reasonable excuse to comply with the demand within one month after it has been made, he shall not, so long as the default continues, be entitled to sue for or recover any sum due under the contract on account either of principal or interest, and interest shall not be chargeable in respect of the period of the default and, if the default is made or continued after proceedings have ceased to lie in respect of the loan, the moneylender shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50 for every day on which the default continues.
(5)
A moneylender, receiving any payment of money under a contract for the repayment of money lent, shall immediately thereafter endorse on the stamped note or memorandum setting out that contract the amount of money received and the date it was received by him and shall forthwith issue to the payer a duly stamped receipt therefor and any moneylender who contravenes this subsection shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.
(6)
Where a moneylender has been convicted of an offence under subsection (5) and the borrower has not repaid in full the amount due and payable under the contract for repayment of money lent, the contract shall not be enforceable in respect of any moneys still unpaid under that contract.
(7)
If a moneylender is convicted of an offence under subsection (5), the court shall cause particulars of the conviction to be endorsed on the note or memorandum of the contract for repayment of money lent.