15. Contract by unlicensed moneylender unenforceable
Feedback & supportNo contract for the repayment of money lent by an unlicensed moneylender shall be enforceable:Provided that money lent on behalf of a principal through an agent who is licensed under the provisions of this Act to carry on the business of moneylending on behalf of that principal shall be deemed to have been lent by a licensed moneylender.
moneylender
“moneylender” includes every person whose business is that of moneylending or who carries on or advertises or announces himself or holds himself out in any way as carrying on that business whether or not that person also possesses or earns property or money derived from sources other than the lending of money and whether or not that person carries on the business as a principal or as an agent but does not include —(a)any body corporate, incorporated or empowered by a special Act of Parliament or by any other Act to lend money in accordance with that Act;(b)any society registered under the Cooperative Societies Act;(c)any person bona fide carrying on the business of banking or insurance or bona fide carrying on any business not having for its primary object the lending of money in the course of which and for the purposes whereof he lends money;(d)any pawnbroker licensed under the provisions of any written law in force in Singapore relating to the licensing of pawnbrokers; and(e)any finance company licensed under the Finance Companies Act.