Clause 9

The Minister may make rules —

to prescribe the maximum amount which may be lent to a borrower or class or description of borrowers;

to prescribe the class or description of borrowers to which a moneylender may make a loan (or a loan above a specified amount) either generally or in specified circumstances;

to prescribe the maximum rate of interest that may be charged for any loan or class or description of loans in a case where section 23 does not apply;

to regulate, in a case where section 13 does not apply, the use of advertisements by or on behalf of any moneylender, or any solicitation or canvassing for business by or on behalf of any moneylender;

to prescribe the types of activities and services which a moneylender may engage in or provide;

to require a moneylender to display or exhibit in the prescribed manner a prescribed cautionary statement;

to require a moneylender to issue to his borrowers a prescribed cautionary statement;

to regulate the conduct of the business of moneylending;

to prescribe the forms for the purposes of this Act;

to prescribe the fees to be paid in respect of any matter required for the purposes of this Act and the refund and remission, whether wholly or in part, of such fees; and

to prescribe all matters and things which by this Act are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to this Act.(2) Rules made under subsection (1) may —

relate to any moneylender, whether he is licensed under this Act, or exempted from any or all of the provisions of this Act, before, on or after the date of commencement of the Moneylenders (Amendment) Act 2006;

relate to all or any class or description of moneylenders; and

make different provisions for different classes or descriptions of moneylenders.(3) Rules made under subsection (1) may provide that any contravention thereof shall be an offence punishable —

in the case of an individual, with a fine not exceeding $12,500 or with imprisonment for a term not exceeding 12 months or with both and, in the case of a continuing offence, with a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or

in any other case, with a fine not exceeding $12,500 and, in the case of a continuing offence, with a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.(4) Without prejudice to the generality of subsection (1)(h), rules made under that provision may include rules —

specifying the places where a moneylender may conduct the business of moneylending;

requiring a moneylender to keep particular accounts or records relating to loans;

prescribing the manner in which such accounts and records are to be kept and the particulars to be entered therein; and

for the prevention of money laundering and the financing of terrorism.”.