Personal Loans For Sustainable Living: Eco-friendly Choices Made Affordable

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A fund that invests mainly in real estate and assets related to real estate listed by the Authority in the code of collective investment plans and all or part of its units are listed for listing on the stock exchange, as defined in this law;

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“Registrar” means the Registrar of Lenders appointed in accordance with section 4 and includes the Deputy Registrar of Lenders and Assistant Registrars of Lenders appointed under this section;

“significant shareholder” and “significant shareholder” have the same meanings as in Part 4 of Part IV of the Companies Act (Cap. 50);

3. Any person, except an exempt lender, who borrows a sum of money for a larger sum repaid, shall be deemed a lender until the contrary is proved.

4.  The Minister may appoint any public officer as cash register and such officials as he deems appropriate as deputy cash registers and assistant cash registers in accordance with this law.

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5.—(1)  No person shall carry on the business of money-lending in Singapore, or hold himself out in any manner, either as principal or agent, unless—

(1A)  For the purposes of subsection (1), a person who carries on, wholly or partly, from a place outside Singapore, the business of lending money in Singapore is taken to carry on that business in Singapore.

Upon payment of a non-refundable application fee in the prescribed amount, which shall be paid in the manner prescribed by the registrar.

(4)  The Registrar may issue a license with or without conditions, or may refuse to issue a licence.

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Where any information or statement made by the applicant in his application for a license under this section is incomplete, false or misleading;

When the applicant does not meet the requirements for the class or description of the license applied for; OR

Where the applicant fails to furnish to the Accountant-General as security for the proper management of his money-lending business in Singapore, in such manner as the Secretary may direct, a deposit of $20,000 for each place of business for which he is required to get a license.

(6)  Every license shall come into force on the day specified in it and shall be valid for a period of 12 months or such other period as may be specified in the licence.

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(7)  The Registrar may at any time, by notice in writing to the licensee, vary or revoke any of the existing conditions of the license or impose new conditions.

(8)  Where a license is issued to a firm, any partner of the firm who actively manages the money-lending business of that firm in Singapore shall be subject to this Act as if he had a licence.

6.—(1) The application for the renewal of the license must be submitted not later than one month before the expiry of the licence, in the form and manner prescribed by the registrar.

(2) Subject to subsection (1), every licensee must notify the Secretary at least one month before the license expires if he does not wish to renew the licence.

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(3)  The Registrar may renew the license with or without conditions, or may refuse to renew the licence.

Where any information or statement made by the licensee that is material to his application for license renewal under this section is incomplete, false or misleading;

When the licensee has ceased to meet the requirements for the class or description of the license for renewal; OR

Where the licensee fails to deposit or keep with the Accountant-General as security for the proper management of its lending business in Singapore, in such manner as the Registry may direct, a deposit of US$20,000 per place of business for what is his license. to be renewed.

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(5)  On the renewal of the licence, the license shall continue to be valid for the next 12 months or such other period as may be specified in the license from the date immediately following which, but for the renewal, the license would have expired.

7.—(1) For the purposes of sections 5 and 6, the registrar may refuse to issue or renew a license on any of the following grounds:

Any person who is or will be responsible for the management of the loan applicant’s business is not an ordinary resident of Singapore;

If the applicant, any director or partner of the applicant, or any person who is or will be responsible for the management of the applicant’s loan business is under 21 years of age;

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If the registrar is not convinced that the applicant has a place for which the relevant license for performing money lending activities can be renewed, or the registrar considers that there is no public interest in this. that the money lending operations will be carried out in such place;

If the applicant, any director, partner or material shareholder of the applicant, or any person who is or will be responsible for the management of the money lending business of the applicant –

Convicted of any offense under sections 43 to 48 of the Corruption, Drug Trafficking and Other Serious Crimes (Deprivation of Services) Act (Cap 65A), Terrorism (Suppression of Financing) Act (Cap 325) or any regulation defined. Under the United Nations Act (Cap. 339);

Carries on or has carried on any money-lending business, in Singapore or elsewhere, in such a manner as to render him unfit to hold a licence;

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If the registrar is not satisfied with the competence or experience of the applicant, or of any person who is or will be responsible for the management of the applicant’s money lending business;

If the Registrar is not satisfied of the applicant’s good character, any director, partner or material shareholder of the applicant, or any person who is or will be responsible for the management of the applicant’s business