22. Merger or consolidation of, or acquisition by, moneylender

Subject to paragraph (2), a moneylender who has granted a loan to a Singapore borrower or foreign borrower must give written notice to the Registrar before the moneylender or (if it is a corporation) any of its affiliated corporations —

merges or consolidates with another moneylender that has granted a loan to that Singapore borrower or foreign borrower; or

acquires all the shares in, or the business of, another moneylender that has granted a loan to that Singapore borrower or foreign borrower. (2) Paragraph (1) does not apply to —

a merger or consolidation between a licensee (or any of its affiliated corporations) and another licensee; or

the acquisition by a licensee (or any of its affiliated corporations) of all the shares in, or the business of, another licensee.

Any moneylender who 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.

Subject to paragraph (2), a moneylender who has granted a loan to a Singapore borrower or foreign borrower must give written notice to the Registrar before the moneylender or (if it is a corporation) any of its affiliated corporations —

merges or consolidates with another moneylender that has granted a loan to that Singapore borrower or foreign borrower; or

acquires all the shares in, or the business of, another moneylender that has granted a loan to that Singapore borrower or foreign borrower.

Paragraph (1) does not apply to —

a merger or consolidation between a licensee (or any of its affiliated corporations) and another licensee; or

the acquisition by a licensee (or any of its affiliated corporations) of all the shares in, or the business of, another licensee.

Any moneylender who 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.