Finance Companies Act 1967 · 2020 Revised Edition · Part 2 · Licensing of Finance Companies
3. Licensing of finance companies
Feedback & supportNo financing business may be transacted in Singapore except by a public company that is in possession of a valid licence granted by the Authority authorising it to conduct financing business in accordance with the provisions of this Act.
financing business
“financing business” means the business of —(a)borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and undertaking to repay the money on call or after an agreed maturity period; and(b)lending money to the public or to a company deemed to be related to the finance company by virtue of section 6 of the Companies Act 1967 (called in this Act the related company) on the basis that the public or the related company undertakes to repay the money, whether within an agreed period of time or not, or by instalments,and includes the business of financing hire-purchase transactions arising out of hire-purchase agreements, as defined in the Hire-Purchase Act 1969, where the money used, or to be used, for such business is borrowed from the public and such other business as the Authority may prescribe for the purposes of this Act;
Any person who contravenes subsection (1) 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 3 years or to both.