Singapore legislation
Regulation 21B
Regulation 21B
Prohibition of foreign sureties for unsecured loans
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) —
(a)
knowing that a surety for that loan is not a citizen of Singapore or a permanent resident; or
(b)
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.