Moneylenders Rules 2009 · 2026 Revised Edition · Part 3 · Unsecured Loans
21B. Prohibition of foreign sureties for unsecured loans
Feedback & supportA licensee must not grant an unsecured loan for which a person who is not a citizen of Singapore or a permanent resident is or is proposed to be a surety.
A licensee who grants an unsecured loan in contravention of paragraph (1) —
knowing that a surety for that loan is not a citizen of Singapore or a permanent resident; or
recklessly or negligently failing to ascertain whether a surety for that loan is a citizen of Singapore or a permanent resident,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 for which a person who is not a citizen of Singapore or a permanent resident is or is proposed to be a surety.
Subregulation 2
A licensee who grants an unsecured loan in contravention of paragraph (1) —
knowing that a surety for that loan is not a citizen of Singapore or a permanent resident; or
recklessly or negligently failing to ascertain whether a surety for that loan is a citizen of Singapore or a permanent resident,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.