Finance Companies Act 1967 · 2020 Revised Edition · Part 8 · Miscellaneous
53. Exemptions
Feedback & supportLast amended by an amending law of 2020. 2 amendments in all.
This Act does not apply to —
any bank or merchant bank licensed under the Banking Act 1970; or
any business of pawnbroking carried on by a person licensed under the Pawnbrokers Act 2015.
Every co-operative society registered as a credit society under the Co-operative Societies Act 1979 to provide financial services is, to the extent that such services amount to financing business, exempt from section 3 in respect of such services.
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;
Despite the provisions of this Act, the Authority may exempt any finance company from all or any of the provisions of this Act.