Moneylenders Act 2008 · 2020 Revised Edition · Part 2 · Licensing of Moneylenders
7. Licensees to be companies
Feedback & supportLast amended by an amending law of 2018.
On and after 29 March 2019 —
no person other than a company with a paid-up capital that is equal to or greater than the prescribed amount may hold a licence; and
the Registrar must not issue or renew a licence unless the applicant is a company with a paid-up capital that is equal to or greater than the prescribed amount.
A licence that is granted to a person that is not a company with a paid-up capital that is equal to or greater than the prescribed amount, and that is in force immediately before 29 March 2019, is deemed to be revoked as from 29 March 2019.
licence
“licence” means a moneylender’s licence issued or renewed under this Act, and “licensee” is to be construed accordingly;
The revocation of a licence under subsection (2) does not affect any moneylending transaction entered into before 29 March 2019.[6A