Singapore legislation
Regulation 14
Regulation 14
Receipt for payment
Subregulation 1
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.
Subregulation 2
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.
Subregulation 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.
Subregulation 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.