5. Licences to be taken out by moneylenders
Feedback & supportEvery moneylender residing and carrying on the business of moneylending in Singapore whether as principal or as agent shall take out a licence annually.
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.
A licence shall be taken out in respect of each name under which moneylending business is conducted. No licence shall be granted to a person not ordinarily resident in Singapore or to a firm where the person proposed to be responsible for the management of the firm is not ordinarily resident in Singapore.
A licence taken out by a person as a partner in a firm shall be deemed to be a licence to the firm, and every other partner actively conducting in Singapore the moneylending business of that firm shall be subject to the provisions of this Act in like manner as if he had himself taken out the licence and shall be deemed to hold a licence.
firm
“firm” means an unincorporated body of two or more individuals, or one or more individuals and one or more corporations, or two or more corporations, who have entered into partnership with one another with a view to carrying on business for profit;
Licences shall be substantially in such form as the Minister may direct and shall be granted, on payment of the prescribed fee, by the Registrar or an Assistant Registrar or by officers authorised by either of them.
Registrar
“Registrar” means the Registrar of Moneylenders appointed under this Act and includes an Assistant Registrar.
Every licence shall come into operation on the date specified therein and shall be valid for a period of 12 months.