Skip to content
laws.sgby aturio
In force2020 Revised Edition
Contents

Part 2 · Licensing of Finance Companies

5. Examination of persons suspected of transacting financing business

Feedback & support
(1)

Whenever the Authority has reason to believe that a person is conducting financing business without a licence, the Authority may call for the books, accounts and records of that person in order to ascertain whether or not that person has violated or is violating any provisions of this Act.

(2)

Any person wilfully refusing to submit such books, accounts and records shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.

(3)

Upon the conviction of any person under subsection (2), the court has power to order the production of any books, accounts and records to the Authority.

(4)

Any person failing to comply with any order under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $500 for every day during which the offence continues after conviction.

Report

Read on from s 6

Part 3

Reserve Funds, Dividends, Balance Sheets and Information

Read on from Part 3

Part 4

Regulation of Business

Read on from Part 4

Part 5

Minimum Liquid Assets

Read on from Part 5

Part 6

Inspection and Control of Finance Companies

Read on from Part 6

Part 6A

Voluntary Transfer of Business

Read on from Part 6A

Part 7

Submission of Financial Statements and Duties of Auditors

Read on from Part 7

Part 8

Miscellaneous

Read on from Part 8