Singapore legislation
Regulation 18
Regulation 18
Definitions of this Part
Subregulation 1
In this Part —
Definition
“affiliated corporation”, in relation to a moneylender that is a corporation, means —
its related corporation incorporated in Singapore; or
its related corporation incorporated outside Singapore that has a branch or office in Singapore;
Definition
“debt consolidation loan” means a loan granted by a licensee to a borrower under a debt consolidation scheme, for the purpose of enabling the borrower to repay all outstanding amounts owed by the borrower under all loans granted to the borrower by all licensees;
Definition
“debt consolidation scheme” means a scheme under which —
a voluntary welfare organisation negotiates with a licensee on behalf of a borrower to obtain a debt consolidation loan from the licensee; and
the borrower undertakes not to apply for another loan from the same licensee or any other licensee for the duration of the scheme;
Definition
“foreign borrower” means a borrower who holds any of the following passes:
a work pass issued under section 7 of the Employment of Foreign Manpower Act 1990;
a dependant’s pass issued under regulation 11 of the Immigration Regulations (Rg 1);
a visit pass issued under regulation 12 of the Immigration Regulations that permits the holder to remain in Singapore for a continuous period of more than 90 days;
a student’s pass issued under regulation 14 of the Immigration Regulations;
Definition
“moneylender” means a licensed moneylender or an exempt moneylender;
Definition
“permanent resident” means the holder of a valid entry permit issued under section 10 of the Immigration Act 1959;
Definition
“related corporation” has the meaning given by the Companies Act 1967;
Definition
“Singapore borrower” means a borrower who is a citizen of Singapore or a permanent resident;
Definition
“unsecured loan” means any loan given without security or, in respect of any loan given with security, any part of the loan which exceeds the market value of the assets constituting the security at the time of the application for the loan;
Definition
“voluntary welfare organisation” means —
any organisation that is granted membership of the National Council of Social Service under section 15 of the National Council of Social Service Act 1992;
an institution that is registered as a charity under section 7 of the Charities Act 1994; or
an institution of a public character as defined in section 40 of the Charities Act 1994.
Subregulation 2
In this Part, a reference to a loan granted by an affiliated corporation of a moneylender means, in the case of an affiliated corporation referred to in paragraph (b) of the definition of “affiliated corporation”, a loan granted using the branch or office of the affiliated corporation in Singapore.