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TOP 5 Most Popular FAQs
1.
What is the required amount of paid-up capital for a Licensed Moneylender?
There is currently no requirement as to the amount of paid-up capital.
2.
How do I determine whether my proposed business activity is considered a moneylending activity for which a Moneylender's Licence is required?
Under section 3 of the Moneylenders Act 2008, any person other than an excluded moneylender who lends a sum of money in consideration of a larger sum being repaid shall be is presumed, until the contrary is proved, to be a moneylender. Please click
here
for a list of the classes of persons who are excluded moneylenders under the Moneylenders Act 2008. If you are unsure, you should obtain legal advice from your solicitor as to whether your intended business activity amounts to moneylending for which a licence is required under the Moneylenders Act 2008.
3.
Where can I get a copy of the Moneylenders Act (Chapter 188, 2010 Revised Edition) and its Rules?
Click on the link for free access to an on-line copy of the Moneylenders Act (Chapter 188, 2010 Revised Edition) in the
Statutes of Singapore
.
The Moneylenders Rules 2009, Moneylenders (Prevention of Money Laundering and Financing of Terrorism) Rules 2009 and Moneylenders (Composition of Offences) Rules 2009 are only available to the general public in paper copies.
You may purchase a copy of these Rules and the Moneylenders Act (Chapter 188, 2010 Revised Edition) from the Singapore National Printers retail outlet at
Toppan LeeFung Pte.Ltd
.
4.
How much is the Moneylender's licence fee?
The licence fee is $1,320 per annum.
5.
What is the validity period of a Moneylender's licence?
The Moneylender's Licence is valid for a period of 12 months. The licence is renewable annually subject to the good conduct of the moneylender and the proper conduct of his business.
Last updated on 16 August, 2010
