14. Receipt for payment

For the purposes of section 34(6) of the Act, a licensee who receives a cash payment from or on behalf of a borrower under a contract for a loan must set out in the English language in the receipt issued by the licensee under section 34(4) of the Act, the following additional information:

the loan account number of the loan;

the portions of the payment appropriated to the repayment of the principal, the payment of interest (including late interest) and the payment of permitted fees (if any);

the outstanding amount of the loan (including interest, late interest and any permitted fees) as at the date that the receipt is issued.

A licensee who receives any payment other than in cash from or on behalf of a borrower under a contract for a loan must, within 7 business days after the date of the payment, issue to the borrower a receipt which sets out in the English language —

the business name of the licensee and the address of the place of business of the licensee at which the loan was granted;

the amount paid and the date of the payment;

the loan account number of the loan;

the portions of the payment appropriated to the repayment of principal, the payment of interest (including late interest) and the payment of permitted fees (if any); and

the outstanding amount of the loan (including interest, late interest and any permitted fees) as at the date that the receipt is issued. (3) The receipt mentioned in paragraph (2) may be delivered —

by prepaid post to such address in Singapore, or by electronic communication to such email address, as specified by the borrower; or

by any other means agreed between the licensee and the borrower for the delivery of the receipt. (4) Any licensee who, without reasonable excuse, contravenes paragraph (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.

For the purposes of section 34(6) of the Act, a licensee who receives a cash payment from or on behalf of a borrower under a contract for a loan must set out in the English language in the receipt issued by the licensee under section 34(4) of the Act, the following additional information:

the loan account number of the loan;

the portions of the payment appropriated to the repayment of the principal, the payment of interest (including late interest) and the payment of permitted fees (if any);

the outstanding amount of the loan (including interest, late interest and any permitted fees) as at the date that the receipt is issued.

A licensee who receives any payment other than in cash from or on behalf of a borrower under a contract for a loan must, within 7 business days after the date of the payment, issue to the borrower a receipt which sets out in the English language —

the business name of the licensee and the address of the place of business of the licensee at which the loan was granted;

the amount paid and the date of the payment;

the loan account number of the loan;

the portions of the payment appropriated to the repayment of principal, the payment of interest (including late interest) and the payment of permitted fees (if any); and

the outstanding amount of the loan (including interest, late interest and any permitted fees) as at the date that the receipt is issued.

The receipt mentioned in paragraph (2) may be delivered —

by prepaid post to such address in Singapore, or by electronic communication to such email address, as specified by the borrower; or

by any other means agreed between the licensee and the borrower for the delivery of the receipt.

Any licensee who, without reasonable excuse, contravenes paragraph (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.