Singapore legislation

Regulation 22

of Moneylenders Rules 2009

Regulation 22

Merger or consolidation of, or acquisition by, moneylender

Subregulation 1

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 —

(a)

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

(b)

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

Subregulation 2

Paragraph (1) does not apply to —

(a)

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

(b)

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

Subregulation 3

Any moneylender who contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —

(a)

in the case where the offender is an individual — to a fine not exceeding $10,000; and

(b)

in any other case — to a fine not exceeding $20,000.

Read in full context — Moneylenders Rules 2009 →