Singapore legislation
Section 28
Section 28
Notice and information to be given on assignment of moneylender’s debts
(1)
Where any debt in respect of money lent by a moneylender or in respect of interest on any such debt, or the benefit of any agreement made or security taken in respect of any such debt or interest, is assigned to any assignee, the assignor (whether he is the moneylender by whom the money was lent or any person to whom the debt has been previously assigned) shall, before the assignment is made —
give to the assignee notice in writing that the debt, agreement or security is affected by the operation of this Act; and
supply to the assignee all information necessary to enable him to comply with the provisions of this Act relating to the obligation to supply information as to the state of loans and copies of documents relating thereto,and any person acting in contravention of any of the provisions of this section shall be liable to indemnify any other person who is prejudiced by the contravention and shall also be guilty of an offence and shall in respect of each offence be liable on conviction to a fine not exceeding $1,000 or to imprisonment for a term not exceeding one year or to both:Provided that an offender being a company shall be liable to a fine of $5,000.
(2)
In this section, “assigned” means assigned by any assignment inter vivos other than an assignment by operation of law, and “assignee” and “assignor” have corresponding meanings.