Singapore legislation

Clause 7

Amendment of section 7

(1)

Section 7(1) of the Moneylenders Act is amended by deleting the full‑stop at the end of paragraph (g) and substituting a semi‑colon, and by inserting immediately thereafter the following paragraphs:“(h)if any assistant employed or engaged, or proposed to be employed or engaged, by the applicant has, whether before, on or after the date of commencement of section 7 of the Moneylenders (Amendment) Act 2018 —

(i)

been convicted of any offence involving dishonesty or moral turpitude;

(ii)

been convicted of any offence under sections 43 to 48 of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A), the Terrorism (Suppression of Financing) Act (Cap. 325) or any regulation made under the United Nations Act (Cap. 339);

(iii)

contravened or is contravening any provision of this Act or any corresponding previous written law;

(iv)

been convicted of any offence under this Act or any corresponding previous written law; or

(v)

carried on any business of moneylending in Singapore or any foreign country or territory —

(A)

for which the licence has been revoked or suspended under this Act or any corresponding previous written law; or

(B)

the approval, authorisation, registration or licence of or for which has been withdrawn, cancelled or revoked by a regulatory authority in that foreign country or territory;

(i)

if the Registrar is not satisfied that any assistant employed or engaged, or proposed to be employed or engaged, by the applicant is of good character and is a fit and proper person.”.

(2)

Section 7 of the Moneylenders Act is amended —

(a)

by deleting sub‑paragraph (i) of subsection (1)(a);

(b)

by deleting the words “the applicant, any director or partner of the applicant,” in subsection (1)(b) and substituting the words “any director of the applicant”;

(c)

by deleting the word “, partner” in subsection (1)(d);

(d)

by deleting the words “the applicant, or” in subsection (1)(e);

(e)

by deleting the words “the applicant, any director, partner or substantial shareholder of the applicant,” in subsection (1)(f) and substituting the words “any director or substantial shareholder of the applicant”;

(f)

by deleting the word “, partner” in subsections (1)(g) and (2)(a) and (c); and

(g)

by deleting the words “the principal, any director, partner” in subsection (2)(b) and substituting the words “any director”.

Read in full context — Moneylenders (Amendment) Bill →