Singapore legislation
Regulation 3
Regulation 3
Security deposit
Subregulation 1
For the purposes of sections 5(6)(c), 6(4)(c) and 11(3)(c) of the Act, the amount of deposit in respect of each place of business is $20,000.
Subregulation 2
A security deposit placed with the Accountant-General under section 5(6)(c), 6(4)(c) or 11(3)(c) of the Act for any place of business must, unless the Registrar has given notice under section 12(2) of the Act of the Registrar’s intention to forfeit the deposit or any part of it, be returned to the licensee on the cessation of the licensee’s business of moneylending at the place.
Subregulation 3
Where, after having given the notice mentioned in paragraph (2), the Registrar does not forfeit the deposit or forfeits a part of it, the Registrar must return the deposit or the part of the deposit (as the case may be) which is not forfeited to the licensee.
Subregulation 4
Where a licensee —
ceases to conduct a business of moneylending at a place; and (b)applies for approval under section 11 of the Act to carry on the business at another place,the security deposit for the firstmentioned place may be transferred and placed with the Accountant‑General as the security deposit for the second‑mentioned place, unless the Registrar has forfeited the deposit or has given notice under section 12(2) of the Act of the Registrar’s intention to forfeit the deposit.