Singapore legislation
Clause 6
Clause 6
New section 6A
The Moneylenders Act is amended by inserting, immediately after section 6, the following section:“Licensees to be companies6A.—
On and after the appointed day —
no person other than a company with a paid‑up capital that is equal to or greater than the prescribed amount may hold a licence; and
the Registrar must not issue or renew a licence unless the applicant is a company with a paid‑up capital that is equal to or greater than the prescribed amount.(2) A licence that is granted to a person that is not a company with a paid‑up capital that is equal to or greater than the prescribed amount, and that is in force immediately before the appointed day, is deemed to be revoked as from the appointed day.(3) The revocation of a licence under subsection (2) does not affect any moneylending transaction entered into before the appointed day.(4) In this section, “appointed day” means the date of commencement of section 6 of the Moneylenders (Amendment) Act 2018.”.