Singapore legislation
Clause 4
of Money-changing and Remittance Businesses (Amendment) Bill
Clause 4
Amendment of section 7
Section 7 of the principal Act is amended —
by deleting subsection (1) and substituting the following subsection:“(1) Any person who desires to obtain or renew a licence shall submit an application to the Authority in such form as the Authority may require and shall furnish the Authority with such other information as may be required by the Authority.”; and
by inserting, immediately after subsection (4), the following subsection:“(5) Where a person submits an application for the renewal of his licence at any time prior to the expiry of his licence, he shall not incur any penalty under this Act for not being the holder of a licence during the period commencing from the date of expiry of his licence until the date his licence is renewed or his application is refused.”.