Moneylenders Act 2008 · 2020 Revised Edition · Part 3 · Regulation of Business of Moneylending, Enforcement and Proceedings
30. Prohibition of unsolicited loans
Feedback & supportA licensee must not —
grant a loan to any person;
grant approval to any person to obtain a loan from the licensee; or
send or deliver, directly or indirectly, any article or document to any person on an undertaking by the licensee that the article or document, when used or produced in a specified manner, enables a loan to be obtained from the licensee,without the person having first applied to the licensee in writing for the loan.
Any licensee who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both.[17