Singapore legislation
Regulation 21A
Regulation 21A
No unsecured loan to excluded person
Subregulation 1
A licensee must not grant an unsecured loan (except a debt consolidation loan) to an individual if the credit report obtained by the licensee under section 66(5)(b) of the Act in relation to the individual reflects that the individual is an excluded person.
Subregulation 2
A licensee which contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.