19. Accounts to be kept in permanent books
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Every moneylender shall keep or cause to be kept a regular account of each loan made by him clearly stating in plain words and in English numerals with or without the numerals of the script otherwise used the terms and transactions incidental to the account entered in a book paged and bound in such manner as not to facilitate the elimination of pages or the interpolation or substitution of pages.
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.
Every moneylender shall keep or cause to be kept such books of accounts relating to his business as are prescribed so as to exhibit and explain the financial position in his business, including a book or books containing entries from day to day in sufficient detail of all cash received and paid.
Every moneylender shall submit to the Registrar a statement in such form as the Registrar may require showing his cash and loan position for each quarter of the year not later than the end of the second week of the next ensuing quarter.
Registrar
“Registrar” means the Registrar of Moneylenders appointed under this Act and includes an Assistant Registrar.
Every moneylender shall, when so required by the Registrar, account for or explain any item or particulars appearing in the statement submitted to the Registrar under subsection (3).
The Registrar may from time to time inspect, under conditions of secrecy, the books of accounts of a moneylender and a moneylender shall, when so required by the Registrar, afford the Registrar access to his books of accounts and to any cheque drawn by the moneylender or his agent that has been cleared by any bank and to any note or memorandum setting out a contract for the repayment of money lent in which he is or has been concerned.
If any person subject to the obligations of this section fails to comply with any of the requirements of subsection (1), he shall not be entitled to enforce any claim in respect of any transaction in relation to which default has been made.
Any person who fails to comply with the requirements of this section or any requisition made by the Registrar under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and in the case of a continuing offence to a further fine not exceeding $100 for every day or part thereof during which the offence continues after conviction.