Singapore legislation
Clause 19
Clause 19
Amendment of section 37
Section 37 of the Moneylenders Act is amended —
by deleting paragraph (a) of subsection (2) and substituting the following paragraphs:“(a)to prescribe the maximum amount that may be lent by a moneylender to a borrower or to any borrower belonging to any class or description of borrowers;
(aa)to prescribe the maximum aggregate amount that may be lent by all moneylenders to a borrower or to any borrower belonging to any class or descriptions of borrowers;
(ab)to prohibit a moneylender from granting to a borrower a loan of an amount that would, together with any other loan granted to the borrower by the moneylender or any other moneylender that remains outstanding, exceed the prescribed maximum aggregate amount that may be lent at any one time by all moneylenders to the borrower or to a class or description of borrowers to which the borrower belongs;”;
by inserting, immediately after paragraph (b) of subsection (2), the following paragraph:“(ba)to prescribe the circumstances under which a moneylender is prohibited or restricted from granting a loan to a borrower;”;
by inserting, immediately after the word “moneylenders” in subsection (3)(b), the words “, borrowers or loans”;
by inserting, immediately after the word “moneylenders” in subsection (3)(c), the words “, borrowers or loans”; and
by inserting, immediately after subsection (4), the following subsections:“(5) Subsection (6) applies where rules prohibit a moneylender from granting to a borrower a loan of an amount that would, together with any other loan granted to the borrower by the moneylender or any other moneylender that remains outstanding, exceed the prescribed maximum aggregate amount that may be lent at any one time by all moneylenders to the borrower or to a class or description of borrowers to which the borrower belongs.(6) The aggregate amount of the loans granted to a borrower by one or more moneylenders that is set out in the credit report delivered under section 30V(1) or (3) as outstanding is presumed (unless proven otherwise) to be the aggregate amount of the loans granted to a borrower by all moneylenders that is outstanding as at the date the credit report is delivered.”.