Singapore legislation
Regulation 12
Regulation 12
Permitted fees
Subregulation 1
For the purposes of section 35 of the Act, a licensee may impose in respect of every loan (other than a business loan) granted by the licensee, the following costs, charges and expenses that have been agreed to by the borrower:
a fee for each occasion of late repayment of principal or late payment of interest (including any late interest), but not exceeding an aggregate of $60 per month;
a fee, not exceeding 10% of the principal of the loan, that is payable when a loan is granted;
legal costs incurred for the recovery of the loan, as may be ordered by a court to be paid to the licensee.
Subregulation 2
For the purposes of section 35 of the Act, a licensee may impose in respect of every business loan granted by the licensee, the following costs, charges and expenses that have been agreed to by the borrower:
a fee for each occasion of late repayment of principal or late payment of interest (including any late interest);
a fee for each occasion the terms of the contract for the loan are varied at the request of the borrower;
a fee for every cheque drawn by or on behalf of the borrower which is dishonoured by the bank on which it is drawn when presented by the licensee;
a fee for every unsuccessful deduction from a bank account through interbank GIRO for payment by or on behalf of a borrower to the licensee;
in the case of a term loan, a fee for the early redemption (whether partial or in full) of the loan, and a fee for the early termination of the contract (whether due to the default of the borrower, redemption of the loan or otherwise) for the loan;
legal costs incurred for the recovery of the loan, as may be ordered by a court to be paid to the licensee.