Debt Collection Act 2022 · Updated to 1 Dec 2023 · Part 2 · Regulation of Debt Collection Businesses and Debt Collection Activities Relating to Regulated Businesses
6. Regulation of debt collection businesses and debt collection activities relating to regulated businesses
Official textFrom Singapore Statutes Online, unchanged
A person must not, on or after the start date, carry on a debt collection business, or carry out any debt collection activity in the course of the business, unless the person is an entity which is authorised to carry on the debt collection business by a valid licence under this Act.
debt collection business
“debt collection business” means the business carried on by a person of collecting any debt from a debtor —(a)on behalf of another person; or(b)where the firstmentioned person has acquired the debt;
A person who carries on a regulated business must not, on or after the start date, carry out any debt collection activity to collect any debt that is owed to the person in the course of the regulated business, unless the person is authorised to carry out the debt collection activity under a class licence determined by the Minister under section 14(1).
regulated business
“regulated business” means a business specified in Part 2 of the First Schedule.
A person must not, on or after the start date, advertise or otherwise hold himself, herself or itself out that the person is carrying on a debt collection business unless the person holds a valid licence under this Act.
Subsections (1) and (3) do not apply to an excluded person.
excluded person
“excluded person” means a person specified in Part 1 of the First Schedule;
A person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both; but(b)where the person is a repeat offender — to a fine of not less than $20,000 and not more than $100,000 or to imprisonment for a term not exceeding 5 years or to both.
In this section, “start date” means the date which falls 3 months after the date of commencement of this section.
Terms defined in s 2
class licence
Defined · s 2“class licence” means a class licence determined under an order made under section 14(1);
debt collection activity
Defined · s 2“debt collection activity” means any activity undertaken in Singapore that involves finding the debtor of a debt or requesting, demanding or collecting from the debtor money due under the debt;
debt collection business
Defined · s 2“debt collection business” means the business carried on by a person of collecting any debt from a debtor —(a)on behalf of another person; or(b)where the firstmentioned person has acquired the debt;
entity
Defined · s 2“entity” means any of the following:(a)a corporation registered under section 19 of the Companies Act 1967;(b)a sole proprietorship or partnership registered under the Business Names Registration Act 2014;(c)a limited liability partnership registered under the Limited Liability Partnerships Act 2005;(d)a limited partnership registered under the Limited Partnerships Act 2008;(e)an entity having a business or corporate structure as may be prescribed;
excluded person
Defined · s 2“excluded person” means a person specified in Part 1 of the First Schedule;
regulated business
Defined · s 2“regulated business” means a business specified in Part 2 of the First Schedule.
Part 3
Debt Collectors
Part 4
Administration and Enforcement
Part 5
Appeals
Part 6