Clause 16

by deleting subsection (1) and substituting the following subsections:“(1) Subject to subsection (2), every licensee must keep, or cause to be kept —

every loan application form, and a copy of every document supporting the application, received by the licensee on or after the appointed day —

in a case where the loan application is not approved, for a period of 5 years after the date on which the form or copy is received; or

in a case where the loan application is approved, for a period of 5 years after the date on which the loan is fully repaid or on which the contract for the loan is otherwise terminated;

the note of contract in the prescribed form for every loan granted to a person by the licensee on or after the appointed day, for a period of 5 years after the date on which the loan is fully repaid or on which the contract for the loan is otherwise terminated;

the following documents:

a cash account book, in the prescribed form, containing an entry on every sum received or paid by a licensee relating to any recent loan;

a loan account book, in the prescribed form, containing an entry on every amount of repayment or sum paid to the account of any recent loan;

a list of borrowers containing the prescribed particulars of every borrower who is granted a recent loan; and

such other documents as may be prescribed, for such period as may be prescribed.(1A) Subject to subsection (1B), despite the revocation or expiry of the licence of a person, the person must continue to keep or cause to be kept each document mentioned in subsection (1) until the expiry of the period for which the document is required under subsection (1) to be kept or caused to be kept.(1B) Despite subsection (1A), the Registrar may specify by notice in writing to the person whose licence is revoked or has expired, the time after which any document kept or caused to be kept under subsection (1) is to be disposed of by the person.”;

by deleting the words “any accounts” in subsection (2) and substituting the words “or cause to be kept any loan application form”;

by deleting subsection (3) and substituting the following subsection:“(3) Every licensee must submit to the Registrar the following statements, in such form and manner, at such frequency and within such time as may be prescribed:

a statement showing every moneylending transaction entered into by the licensee during such period as may be prescribed;

a statement showing the licensee’s cash and loan position for such period as may be prescribed.”;

by deleting subsection (5) and substituting the following subsection:“(5) Any person who contravenes subsection (1), (1A) or (2), or who fails to comply with the Registrar’s notice under subsection (1B), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both.”;

by inserting, immediately after subsection (8), the following subsection:“(9) In this section —“recent loan”, in relation to a cash account book, loan account book or list of borrowers kept or caused to be kept by a licensee, means a loan granted by the licensee whether before, on or after the appointed day —

that has not been fully repaid and the contract for the loan has not otherwise been terminated; or

where the loan has been fully repaid or the contract for the loan has otherwise been terminated, the full repayment or the termination, as the case may be, occurred within the period of 5 years before the date of the last entry in the cash account book, loan account book or list of borrowers, as the case may be;“appointed day” means the date of commencement of section 16(a) of the Moneylenders (Amendment) Act 2018.”; and

by inserting, immediately after the word “Accounts” in the section heading, the word “, etc.,”.