Moneylenders Rules 2009 · 2026 Revised Edition · Part 3 · Unsecured Loans
21A. No unsecured loan to excluded person
Feedback & supportA 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.
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.
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.