Singapore legislation
Regulation 19
Regulation 19
Unsecured loans by exempt moneylenders for persons with minimum income or assets
Subregulation 1
Subject to paragraph (2), an exempt moneylender must not grant any unsecured loan to a Singapore borrower, if the total of the following exceeds $3,000:
the Singapore borrower’s share of the amount of the unsecured loan; (b)the Singapore borrower’s share of the outstanding amount of every unsecured loan previously granted by the exempt moneylender (including, if the exempt moneylender is a corporation, its affiliated corporation) to the Singapore borrower.
Subregulation 2
Paragraph (1) does not apply if the annual income of the Singapore borrower is at least $20,000, or the total net personal assets of the Singapore borrower exceeds $2 million.
Subregulation 3
Any exempt moneylender who, without reasonable excuse, contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —
in the case where the offender is an individual — to a fine not exceeding $10,000; and
in any other case — to a fine not exceeding $20,000.