Updated: 08/05/2013 19:35 | By Channel NewsAsia
Licensed moneylender fined S$48,000 for legal breaches
SINGAPORE: A licensed moneylending company was fined S$48,000 in the Subordinate Courts on Monday for various breaches of the law on moneylending.
Hong Yang Credit Pte Ltd pleaded guilty and was convicted on nine charges including granting an unsecured loan exceeding the limit of S$3,000 to a Singapore borrower earning below S$20,000 a year, failing to provide statements of account to borrowers who have existing loan contracts and failing to issue receipts for cash payments made by borrowers.
It was also found guilty of carrying on the business of moneylending at a place of business without the approval of the Registry of Moneylenders.
Hong Yang Credit was issued a moneylending licence on March 21, 2010.
The licence was due to expire on March 20, 2011, but the licensee terminated the licence on March 16, 2011.
The Registry said it carries out regular inspections of licensed moneylenders.
Enforcement measures will be taken, including the suspension or revocation of licenses and prosecution if breaches of moneylending laws are found.
The Registry said 15 licensed moneylenders have been convicted and fined since 2011.
- CNA/fa
