Singapore legislation
Section 8
Section 8
Other grounds for refusing to issue or renew licence, etc.
(1)
For the purposes of sections 5 and 6, the Registrar may refuse to issue or renew a licence on any of the following grounds:
if any person who is or will be responsible for the management of the applicant’s business of moneylending is not ordinarily resident in Singapore;
if any director of the applicant or any person who is or will be responsible for the management of the applicant’s business of moneylending is below 21 years of age;
if the Registrar is not satisfied that the applicant has any place of business in respect of which the licence is to be issued or renewed that is suitable for a business of moneylending, or the Registrar is of the view that it is not in the public interest for a business of moneylending to be conducted in such a place;
if the applicant, any director or substantial shareholder of the applicant, or any person who is or will be responsible for the management of the applicant’s business of moneylending —
has been convicted of any offence involving dishonesty or moral turpitude;
has been convicted of any offence under sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the Terrorism (Suppression of Financing) Act 2002 or any regulation made under the United Nations Act 2001;
is contravening or has contravened any provision of this Act;
has been convicted of any offence under this Act; or
is carrying on or has carried on any business of moneylending, in Singapore or elsewhere, in such a manner as renders the applicant unfit to hold a licence;
if the Registrar is not satisfied as to the qualification or experience of any person who is or will be responsible for the management of the applicant’s business of moneylending;
if the Registrar is not satisfied as to the good character of any director or substantial shareholder of the applicant or any person who is or will be responsible for the management of the applicant’s business of moneylending;
if the Registrar is not satisfied that the applicant, any director or substantial shareholder of the applicant, or any person who is or will be responsible for the management of the applicant’s business of moneylending is a fit and proper person to carry on or manage a business of moneylending;
if any assistant employed or engaged, or proposed to be employed or engaged, by the applicant has, whether before, on or after 30 November 2018 —
been convicted of any offence involving dishonesty or moral turpitude;
been convicted of any offence under sections 50 to 57 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, the Terrorism (Suppression of Financing) Act 2002 or any regulation made under the United Nations Act 2001;
contravened or is contravening any provision of this Act or any corresponding previous written law;
been convicted of any offence under this Act or any corresponding previous written law; or
carried on any business of moneylending in Singapore or any foreign country or territory —
for which the licence has been revoked or suspended under this Act or any corresponding previous written law; or
the approval, authorisation, registration or licence of or for which has been withdrawn, cancelled or revoked by a regulatory authority in that foreign country or territory;
if the Registrar is not satisfied that any assistant employed or engaged, or proposed to be employed or engaged, by the applicant is of good character and is a fit and proper person.
(2)
For the purposes of sections 5 and 6 and without affecting subsection (1), where an application is made by any person for the issue or renewal of a licence to carry on the business of moneylending as an agent for a principal, the licence must not be issued or renewed where —
any of the grounds for the refusal of a licence under subsection (1) applies to the agent, any director or substantial shareholder of the agent, or any person who is or will be responsible for the management of the agent’s business of moneylending;
the Registrar is not satisfied as to the good character of any director or substantial shareholder of the principal, or any person who is or will be responsible for the management of the principal’s business of moneylending;
the Registrar is not satisfied that the principal, any director or substantial shareholder of the principal, or any person who is or will be responsible for the management of the principal’s business of moneylending is a fit and proper person to carry on or manage a business of moneylending; or
the principal, or any present or former agent of the principal, has been disqualified by an order of a court from carrying on a business of moneylending or holding a licence to carry on such business.
(3)
Any person who is aggrieved by the Registrar’s refusal to issue or renew a licence may, within 14 days of being so informed, appeal in writing to the Minister whose decision is final.[7