Licensed moneylender fined $7,500 for granting unsecured loan
AsiaOne
Monday, Apr 29, 2013
SINGAPORE - Licensed moneylender Rebecca Yeo Saw Yan was fined $7,500 on Monday for granting an unsecured loan and for failing to provide a statement of account to a borrower who has an existing loan contract.
Yeo, the sole proprietor of Focus Credit Connections, pleaded guilty and was convicted on three out of eight charges.
She faced two charges relating to breaches under Rule 20(1)(b) of the Moneylenders Rules for granting an unsecured loan to a Singapore borrower with an annual income of at least $20,000 but less than $30,000, and thereby causing the outstanding loan amount to exceed the prescribed limit of two months of the borrower's income.
The other charge was related to a breach under Section 21(1) of the Moneylenders Act for failing to provide a statement of account to a borrower who has an existing loan contract.
The remaining five charges were taken into consideration by the Court for the purposes of sentencing. The charges were brought against her by the Registry of Moneylenders (ROM).
Yeo held a moneylending licence from Dec 25, 2009 to Dec 24, 2011 and chose not to renew the licence upon its expiry.
Those convicted of breaches of the Moneylenders Act and Rules can be fined up to $40,000 and/or jailed up to two years on each charge.
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