20. Obligation to supply information as to state of loan and copies of documents relating thereto
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In respect of every contract for the repayment of money lent by a moneylender the moneylender shall, on any reasonable demand in writing being made by the borrower at any time during the continuance of the contract and on tender by the borrower of the sum of 50 cents for expenses, supply to the borrower or, if the borrower so requires, to any person specified in that behalf in the demand, a statement of account in English figures signed by the moneylender or his agent showing —
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 date on which the loan was made, the amount of the principal of the loan and the rate per cent per annum or the amount of interest charged;
the amount of any payment already received by the moneylender in respect of the loan and the date on which it was made;
the amount of all sums due to the moneylender for principal but unpaid and the dates upon which they became due and the amount of interest due and unpaid in respect of each such sum; and
the amount of every sum not yet due which remains outstanding and the date upon which it will become due.
A statement of account given in the form in the First Schedule shall be deemed to comply with the requirements of subsection (1).
A moneylender shall, on any reasonable demand in writing by the borrower and on tender of the sum of $1, supply a copy of any document relating to a loan made by him or any security therefor to the borrower or, if the borrower so requires, to any person specified in that behalf in the demand.
If a moneylender to whom a demand has been made under this section fails without reasonable excuse to comply with the demand within one month after it has been made, he shall not, so long as the default continues, be entitled to sue for or recover any sum due under the contract on account either of principal or interest, and interest shall not be chargeable in respect of the period of the default and, if the default is made or continued after proceedings have ceased to lie in respect of the loan, the moneylender shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50 for every day on which the default continues.
principal
“principal”, in relation to a loan, means the amount actually lent to and received by the borrower;
A moneylender, receiving any payment of money under a contract for the repayment of money lent, shall immediately thereafter endorse on the stamped note or memorandum setting out that contract the amount of money received and the date it was received by him and shall forthwith issue to the payer a duly stamped receipt therefor and any moneylender who contravenes this subsection shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.
Where a moneylender has been convicted of an offence under subsection (5) and the borrower has not repaid in full the amount due and payable under the contract for repayment of money lent, the contract shall not be enforceable in respect of any moneys still unpaid under that contract.
If a moneylender is convicted of an offence under subsection (5), the court shall cause particulars of the conviction to be endorsed on the note or memorandum of the contract for repayment of money lent.