Sole proprietor of moneylending business fined S$42,000
By S Ramesh | Posted: 06 August 2012 2005 hrs
SINGAPORE : The sole proprietor of licensed moneylending business Super Credit has been fined S$42,000 after he pleaded guilty in court on Monday to four charges brought against him.
In a statement, the Registry of Moneylenders said two charges against Oh Kwan Huat are for recklessly providing false information to the Registrar.
Another charge is for granting a loan exceeding the prescribed amount of S$3,000 to a borrower with an annual income of below S$20,000.
And the final charge is for granting an unsecured loan to a borrower with an annual income of between S$20,000 and S$30,000 and thereby causing the outstanding loan amount to exceed the prescribed limit of two months of the borrower's income.
Another 10 charges were taken into consideration by the court.
The Registry of Moneylenders has warned that it carries out regular inspections of licensed moneylenders.
Where breaches of the moneylending laws are found, enforcement measures are taken.
These include suspending or revoking licences, forfeiture of security deposits, warnings and prosecutions.
- CNA/ms
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