Moneylenders Act 2008 · 2020 Revised Edition · Part 3 · Regulation of Business of Moneylending, Enforcement and Proceedings
46. False statements or representations to induce borrowing an offence
Feedback & supportAny moneylender, any director, partner, agent or employee of the moneylender, or any person who is responsible for the management of the business of moneylending of the moneylender, who —
moneylender
“moneylender” means a person who, whether as principal or agent, carries on or holds himself, herself or itself out in any way as carrying on the business of moneylending, whether or not the person carries on any other business, but does not include any excluded moneylender;
by any false, misleading or deceptive statement, representation or promise; or
by any dishonest concealment of material facts,fraudulently induces or attempts to induce any person to borrow money or to agree to the terms on which money is or is to be borrowed, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $40,000 or to imprisonment for a term not exceeding 2 years or to both.[27