Singapore legislation

Clause 9

Amendment of section 25

Section 25 of the Moneylenders Act is hereby amended —

(a)

by renumbering the section as subsection (1) thereof; and

(b)

by inserting immediately after subsection (1) thereof the following new subsections: —“(2) A moneylender shall not accept in repayment of an amount exceeding ten dollars from a borrower in respect of the principal sum of or interest due for any loan given unless such repayment is made by cheque, money order or postal order.(3) A moneylender who contravenes the provisions of subsection (2) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars.”.

Read in full context — Moneylenders (Amendment) Bill →