Regulation 1
Citation
These Rules are the Moneylenders Rules 2009.
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Moneylenders Rules 2009 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation MA-S72-2009 2008, currently marked in force and first recorded in 2008.
Part 1
Citation
These Rules are the Moneylenders Rules 2009.
Definitions
In these Rules —
“business loan” means a loan granted by a licensee to any of the following:
a company incorporated under the Companies Act 1967 or any corresponding previous legislation, and carrying on business for, at least one year before the grant of the loan;
a limited liability partnership registered under the Limited Liability Partnerships Act 2005, and carrying on business for, at least one year before the grant of the loan;
a person registered under the Business Names Registration Act 2014 or any corresponding previous legislation, and carrying on business under the business name in respect of which the person is registered for, at least one year before the grant of the loan;
“excluded person” means an individual —
who has submitted a written request, in such form and manner as the Registrar may specify, to the designated credit bureau to be excluded from obtaining any unsecured loan (except a debt consolidation loan) from a licensee after the date of the submission of the request; and
whose request has not been withdrawn in such form and manner as the Registrar may specify;
“revolving credit loan” means a loan on revolving credit that may be drawn down subject to a limit approved by the moneylender who granted the loan and which may be repaid at any time and from time to time in any amount.
In these Rules —
a reference to a loan granted to a person includes a reference to a loan granted to that person and one or more other persons, whether jointly or otherwise;
a reference to an application for a loan made by a person includes a reference to an application made by that person and one or more other persons; and
a reference to a person’s share of the amount of a loan is a reference to —
where the loan is a revolving credit loan granted solely to that person or jointly to that person and one or more other persons — the maximum amount that may be drawn down under the loan;
where the loan is a revolving credit loan granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the maximum amount that may be drawn down under the loan by the percentage of the loan that the person is liable for under the contract for the loan;
where the loan is not a revolving credit loan and is granted solely to that person or jointly to that person and one or more other persons — the whole amount of the loan; and
where the loan is not a revolving credit loan and is granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the whole amount of the loan by the percentage of the loan that the person is liable for under the contract for the loan.
In these Rules, a reference to a person’s share of the outstanding amount of a loan is a reference to —
where the loan is a revolving credit loan, except in Part 3A —
granted solely to that person or jointly to that person and one or more other persons — the maximum amount that may be drawn down under the loan; and
granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the maximum amount that may be drawn down under the loan by the percentage of the loan that the person is liable for under the contract for the loan;
where the loan is a revolving credit loan in Part 3A —
granted solely to that person or jointly to that person and one or more other persons — the outstanding balance of the loan; and
granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the outstanding balance of the loan by the percentage of the loan that the person is liable for under the contract for the loan; and
where the loan (not being a revolving credit loan) is —
granted solely to that person or jointly to that person and one or more other persons — the outstanding balance of the loan; and
granted otherwise than jointly to that person and one or more other persons — the amount derived by multiplying the outstanding balance of the loan by the percentage of the loan that the person is liable for under the contract for the loan.
Forms
The Forms to be used for the purposes of these Rules are those set out on the website of the Ministry of Law at https://www.mlaw.gov.sg/rom, and any reference in these Rules to a numbered form is to be construed as a reference to the current version of the form bearing the corresponding number which is displayed at that website.
Particulars to be provided for applications
Before approving an application for the issue or renewal of a licence, the Registrar may require the applicant to produce such evidence as the Registrar may reasonably specify to determine if there exists any ground for refusing the application under section 8 of the Act.
Without limiting paragraph (1), the Registrar may require the applicant to produce —
particulars of the bank account of the applicant;
particulars of any director or substantial shareholder of the applicant;
particulars of any person who has taken part, is taking part or will be taking part (whether directly or indirectly), in the management of the applicant’s business of moneylending; and
particulars of any assistant employed or engaged, or who will be employed or engaged, by the applicant.
Without limiting paragraph (1), the Registrar may require any person who is or will be taking part (whether directly or indirectly) in the management of the applicant’s business of moneylending to take and pass a written test on the person’s knowledge and understanding of the requirements relating to the management of the business of moneylending which are imposed by or under the Act.
The test under paragraph (3) is to be conducted in such manner and on such date as the Registrar determines.
Before approving a place of business for moneylending under section 11 of the Act, the Registrar may require the applicant for the issue of a licence or the licensee (as the case may be) to produce such evidence as the Registrar may reasonably specify to determine if there exists any ground for not approving that place of business under section 11 of the Act.
Without limiting paragraph (5), the Registrar may require the applicant or licensee to produce particulars of the place and evidence of its ownership or occupation of the place.
Security deposit
For the purposes of sections 5(6)(c), 6(4)(c) and 11(3)(c) of the Act, the amount of deposit in respect of each place of business is $20,000.
A security deposit placed with the Accountant-General under section 5(6)(c), 6(4)(c) or 11(3)(c) of the Act for any place of business must, unless the Registrar has given notice under section 12(2) of the Act of the Registrar’s intention to forfeit the deposit or any part of it, be returned to the licensee on the cessation of the licensee’s business of moneylending at the place.
Where, after having given the notice mentioned in paragraph (2), the Registrar does not forfeit the deposit or forfeits a part of it, the Registrar must return the deposit or the part of the deposit (as the case may be) which is not forfeited to the licensee.
Where a licensee —
ceases to conduct a business of moneylending at a place; and (b)applies for approval under section 11 of the Act to carry on the business at another place,the security deposit for the firstmentioned place may be transferred and placed with the Accountant‑General as the security deposit for the second‑mentioned place, unless the Registrar has forfeited the deposit or has given notice under section 12(2) of the Act of the Registrar’s intention to forfeit the deposit.
Minimum paid-up capital for licensees
For the purposes of section 7(1)(a) and (b) and (2) of the Act, the prescribed amount is $100,000.
Form of licence
A licence issued under section 5 of the Act or renewed under section 6 of the Act must be in the form determined by the Registrar.
Fees
The non‑refundable application fee payable under section 5(4)(b) of the Act in respect of an application for the issue of a licence is $600.
The licence fee for the issue or renewal of a licence under section 9(1) of the Act is $1,500 for every period of 12 months (or part of 12 months) of the licence.
The licence fee for each additional place of business of a licensee under section 9(3) of the Act is $1,500 for every period of 12 months (or part of 12 months) remaining of the period of the licence from the date of approval of that place of business for moneylending under section 11 of the Act.
If the period remaining of the licence from the date mentioned in paragraph (3) is less than 12 months, the fee of $1,500 mentioned in that paragraph is to be reduced by an amount to be computed as where A is the number of months remaining of the period of the licence from the date mentioned in paragraph (3) (a period of less than one month being treated as a full month).
A non‑refundable registration fee of $130 must be paid to the Registrar for each person who takes the written test mentioned in rule 2(3).
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