Singapore legislation
Clause 2
Clause 2
Amendment of section 8
Section 8(1) of the Moneylenders Act is amended by deleting the words from the word “he” in the 15th line to “$200,000:” in the 23rd line and substituting the following words:“he shall be guilty of an offence and —
in the case of a first offence, shall be liable on conviction to a fine of not less than $20,000 and not more than $200,000 or to imprisonment for a term not exceeding 2 years or to both;
in the case of a second or subsequent offence, shall be liable on conviction to a fine of not less than $20,000 and not more than $200,000 and shall also be punished with imprisonment for a term not exceeding 5 years; and
in the case of an offender being a company, shall be liable on conviction to a fine of not less than $40,000 and not more than $400,000:”.