Singapore legislation

Clause 12

Amendment of section 57

In the principal Act, in section 57 —

(a)

renumber the section as subsection (1) of that section;

(b)

in subsection (1) (as renumbered by paragraph (a)), replace paragraphs (a) and (b) with —“(a)to prepare and provide reports in accordance with the provisions of this Part;

(b)

to serve as a repository of data from which the Registrar or any public agency may obtain data for any purpose specified in this Act;

(c)

to maintain a record of persons to whom a licensee is prohibited from granting a loan, and to assist in giving effect to such prohibition.”; and

(c)

after subsection (1), insert —“(2) In addition to the functions under subsection (1), the designated credit bureau must undertake any other function that may be prescribed by the Minister in relation to protecting the interest of licensees, borrowers or potential borrowers.”.

Read in full context — Moneylenders (Amendment) Bill →