Singapore legislation

Clause 23

of Finance Companies Bill

Clause 23

Orders by the Minister

(1)

The Minister may, by order, prescribe —

(a)

the maximum rates of interest that finance companies shall pay on different types or classes of deposits;

(b)

the maximum amount or amounts, expressed as a percentage or percentages, of total assets that finance companies may hold in one or more types or classes of loans, or advances;

(c)

the minimum down payments and maximum maturity periods for different types or classes of loans, or advances granted by finance companies;

(d)

the maximum rates of interest and other charges and the methods of computing such interest and other charges that finance companies may impose on different types or classes of loans, or advances granted by them;

(e)

the maximum amount of loans or advances which finance companies may grant to any person or class of persons; and

(f)

the reserves to be maintained with the Accountant-General.

(2)

Any order made under subsection (1) of this section shall apply uniformly to all finance companies, or to any class or classes of finance companies, and shall, together with its effective date, be published in the Gazette.

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