Singapore legislation
Clause 27
Clause 27
False statements or representations to induce borrowing an offence
If any moneylender, any director, partner, agent or employee of the moneylender, or any person who is responsible for the management of the business of moneylending of the moneylender —
(a)
by any false, misleading or deceptive statement, representation or promise; or
(b)
by any dishonest concealment of material facts,fraudulently induces or attempts to induce any person to borrow money or to agree to the terms on which money is or is to be borrowed, he shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $40,000 or to imprisonment for a term not exceeding 2 years or to both.