17. Stamping of note or memorandum
Feedback & supportNotwithstanding the provisions of the Stamp Duties Act [Cap. 312], any note or memorandum, including a promissory note, setting out the contract for the repayment by a borrower of money lent to him by a registered moneylender, shall not be stamped unless —
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.
the licence number of the moneylender is stated in the note or memorandum;
a copy of the note or memorandum is handed to the Commissioner of Stamp Duties who shall forward that copy to the Comptroller of Income Tax; and
the note or memorandum is presented for stamping within 7 days after its execution.