Singapore legislation

Regulation 3

Request for advance other than in money that is legal tender

Subregulation 1

A pawner may request a licensee to make an advance on a pledge —

(a)

by a cheque made payable to the order of the pawner; or

(b)

by an electronic funds transfer to a bank account held by the pawner (whether solely or jointly with any other person).

A request under paragraph (1) —

(a)

must be made in writing and signed by the pawner; and

(b)

must state —

(i)

whether the pawner wishes for an advance to be made by a cheque or by an electronic funds transfer;

(ii)

where the pawner wishes for an advance to be made by a cheque, the full name of the pawner to whose order the cheque is payable; and

(iii)

where the pawner wishes for an advance to be made by an electronic funds transfer —

(A)

the account number of the bank account to which the transfer is to be made;

(B)

the name of the bank in which that bank account is opened; and

(C)

the name of each holder of that account.