Best Local Mortgage Lenders Near Me – The recent rise in unlicensed lenders (known as loan sharks) is a major concern for the government as well as Singaporeans, PR and foreigners who work here. Therefore, we think it is good to cover the lender and borrower laws so that everyone knows what it is.
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All the information below is from Singapore Statutes Online (“SSO”), a free service provided to the public by the Attorney General’s Law Chamber.
“Authority” means the Monetary Authority of Singapore established under Part 3 of the Monetary Authority of Singapore Act (Cap. 186);
Commercial banks approved as financial institutions under Section 28 of the Monetary Authority of Singapore.
“Business name” in relation to the lender means that the name of the lender is authorized by the license to carry on the lending business.
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Corporate organizations incorporate or authorize by law of Parliament to borrow money in accordance with that law;
Any person licensed to register, register or be governed by another by-law in so far as he is authorized or permitted to lend money or is not prohibited from lending money under any other written law .
Lending to accredited investors within the meaning of Section 4A of the Securities and Exchange Act (Cap. 289);
The person in charge or the manager in charge of the business trust case for the purpose of trusting the business.
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Any person who carries on any business which is not available for its main purpose lends money in the process and for the purpose for which it is lent.
“Exemption lender” means a lender who is exempt from Article 35 or 36 from holding a licence.
“Company” means an organization which does not consist of two or more persons or one or more persons and one or more corporations or two or more corporations who have entered into a joint venture with each other in order to carry on the business in order to make a profit. and is registered under the Business Registration Act 2014;
“Interest” connected with the loan means any amount in any name in excess of the original amount paid or payable to the borrower in consideration or otherwise connected with the loan but does not include fees for Services that allow the payment of stamp duty or other fees. under this law or any other written law;
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“lender” means a person who, whether as parent or agent, pursues or takes possession of any means in the business of providing money, even if it is engaged in another business, but is not n include the Borrower who is Excluded.
The “permitted fee” associated with a loan means the costs, charges or expenses specified in section 22(1) which may be charged to the borrower under the loan agreement.
“Principal” in relation to a loan means the amount borrowed by the actual borrower under the loan agreement.
Trusts investing primarily in real estate and real estate-related property specified by the authorities in the Joint Ventures Code and all or any of the units listed for the securities exchange quote within the meaning of that law.
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“Registrar” means the donor’s registrar appointed under section 4 and includes the donor’s registrar and the donor’s assistant registrar appointed under that section.
“majority shareholders” and “majority shareholders” have the same meaning as in Section 4 of Part IV of the Companies Law (No. 50);
3. It is assumed that any person other than the borrower does not include the entire borrower, taking into account the largest amount due to be repaid, until the contrary is confirmed as the borrower.
4. The Minister may appoint a public officer to be the borrower’s registrar and the number of public officers he sees fit to be the deputy registrar, the receiver and the borrower’s registration assistant under this law.
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5 .— (1) No person may continue or maintain by any means such as resuming the lending business in Singapore, either as principal or as agent;
(1A) For the purposes of subdivision (1) Individuals who apply wholly or partly from a place outside Singapore, the lending business in Singapore is taken to be doing that business in Singapore.
Along with payment of a non-refundable application fee from the limit to be paid in the manner specified 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 the information or statement provided by the applicant as a matter of importance for the application for a license under this section is incomplete, untrue or misleading.
Where the applicant does not meet the requirements of the class or description of the qualifying licence. Or
Where the applicant does not file with the Accountant General as security for the proper operation of his business when borrowing in Singapore in such a way that the registrar may set a deposit of $20,000 for each business location. .
(6) Each license shall be valid on the date specified therein and shall be valid for a period of 12 months or any other period specified in the licence.
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(7) The registrar may, at any time, notify the licensee in writing, change or cancel the existing terms of the license or impose new conditions.
(8) Where a license is granted to a company, all the partners of the company who are engaged in the business of lending in Singapore shall be subject to this law as if they held a licence.
6 .— (1) The application for renewal of the license must be made no later than one month before the end of the license in the form and procedures prescribed by the registrar.
(2) For the purposes of subdivisions (1) Every licensee must notify the registrar at least one month before the license expires if he does not intend to renew his licence.
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(3) The registrar may renew the license with or without conditions or may refuse to renew the licence.
Where the information or statement provided by the licensee as a matter of importance for his application to renew the license under this section is incomplete, untrue or misleading.
When the license holder ceases to meet the requirements of the class or description of the license to be renewed. Or
Where the licensee does not place or keep with the Accountant General security for the proper conduct of his business in borrowing money in Singapore in such a manner that the registrar may place a deposit of $20,000 for the place, every business involved the license will be renewed.
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(5) On renewal of the licence, the license shall be renewed for a further 12 months or any other period specified in the license from the date immediately thereafter, but for its renewal the license shall expire .
7. – (1) For the purposes of Sections 5 and 6, the registrar may refuse to grant or renew the license for any of the following reasons:
Anyone who owns or will be responsible for managing the applicant’s lending business is not a typical resident of Singapore.
If you are applying, the applicant’s director or partner or any person who has or will be responsible for managing the loan applicant’s business is under 21 years of age.
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If the registrar is not satisfied that the applicant has any business property connected with the license to be granted or renewed which is suitable for the lending business, or if the registrar is of the opinion which is not in the public interest of the lending business. to Made in such a place;
If you are applying for the principal, partner or principal shareholder of the applicant or any person who owns or will be responsible for managing the loan applicant’s business –
Convicted of any offense under Sections 43 to 48 of the Corruption, Drug-Trafficking and Other Serious Crimes (Seizure of Benefits) Act (Cap. 65A) Terrorism (Prevention of Financing) Law (Cap. 325) or any provision made under United Nations Law (Cap. 65A) no. 339);
Carry on or carry on any lending business in Singapore or elsewhere in a manner that renders it unworthy of a licence.
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If the registrar is not satisfied with the qualifications or experience of the applicant or any person who has or will be responsible for managing the loan applicant’s business.
If the registrar is not satisfied with the applicant’s good character, the applicant’s principal, partner or main shareholder or any person who has or will be responsible for managing the applicant’s business.
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