Client Update February 2009
|
|
- Donald Palmer
- 8 years ago
- Views:
Transcription
1 Highlights Relevance Of This Update...1 Introduction Scope Of Moneylending Modernising The Licensing Of Moneylenders Enhanced Regulation Of Moneylending Business...3 Terms And Conditions Of Loan Contract...3 Rate Of Interest Costs, Charges And Expenses Measures To Counter Loansharking Power To Inspect And Require Information Or Documents...5 Concluding Words...6 Enhanced Moneylending Regime Under The New Moneylenders Act Relevance Of This Update The moneylending regime in Singapore will soon be updated. The new Moneylenders Act 2008 ('Moneylenders Act 2008') was passed by the Parliament on 18 November 2008 and assented to by the President on 4 December It will, with the exception of section 5(3)(b) (ie on payment of application fee), come into operation on 1 March The Moneylenders Act 2008 seeks to achieve the following objectives: clarify the scope of moneylending activities to be licensed; modernise moneylending operations; enhance protection for borrowers; tighten the regulatory framework giving the Registrar of Moneylenders ( Registrar ) more powers to act against errant moneylenders; and introduce new measures to tackle unlicensed moneylending. Introduction The current Act was enacted in 1959 to regulate small operators and smalltime borrowers. There have since been amendments to this, primarily dealing with unlicensed moneylenders or loansharking. However, the moneylending landscape has changed significantly over the years with the increase in number of moneylenders who are not sole proprietors, i.e. partnerships and companies. This prompted the lawmakers to amend the existing Act to introduce a more flexible approach to the regulation of moneylending. The objective was to have an updated legislation to keep pace with the modern credit economy while taking into consideration the social policy on access to credit. The amendments were a result of a holistic review of the existing Act to see if Singapore s moneylending regime could be enhanced. In amending the current Act, the feedbacks received from a public consultation pertaining to these amendments were taken into consideration. We set out below some of the key features of the Moneylenders Act
2 Contacts Harish Kumar Partner Direct: (65) Facsimile: (65) Terence Choo Partner Direct: (65) Facsimile: (65) Scope Of Moneylending The Moneylenders Act 2008 seeks to clarify the scope of moneylending. Moneylenders are required to apply for moneylending licence before engaging in moneylending business. If any person who is in the business of moneylending lends money without a licence, any such contract for the repayment of money lent by that person will be unenforceable. Due to the uncertainty surrounding the concept of being in the business of moneylending and the severe consequences of making an incorrect determination, many lenders have taken the safe route of applying for moneylending exemptions, sometimes even for one-off transactions. Under the Moneylenders Act 2008, the concept of excluded moneylenders is introduced. Such persons are excluded from the ambit of the Moneylenders Act 2008 and will not be required to apply for a licence. Excluded moneylender under the Moneylenders Act 2008 includes any person who: lends money solely to his employees as a benefit of employment; lends money solely to accredited investors within the meaning of section 4A of the Securities and Futures Act (Cap. 289); or lends money solely to: (i) (ii) corporations; limited liability partnerships; (iii) trustees or trustee-managers, as the case may be, of business trusts for the purposes of the business trusts; or (iv) trustees of real estate investment trusts for the purposes of the real estate investment trusts (REITs). Under the new framework, with a clear list of excluded moneylenders, persons who fall under the relevant limbs would no longer need to apply for exemptions. Please feel free also to contact the Knowledge & Risk Management Group at eoasis@rajahtann.com. Modernising The Licensing Of Moneylenders Under the Moneylenders Act 2008, individuals and entities that intend to engage in moneylending businesses and that are not exempted moneylenders or excluded moneylenders must apply for a licence with the 2
3 Registrar. The Registrar may issue a licence with or without conditions or to refuse to do so. He will not issue a licence in the following instances: The material information or statement furnished by applicant is incomplete, false or misleading. The applicant does not satisfy the requirements of the class or description of the licence applied for. The applicant does not place with the Accountant-General a deposit of S$20,000 as security for the proper conduct of its business. In recognition of the role of the moneylending industry in the current economy, licensing of moneylenders will be modernised. Unlike the old moneylending regime where moneylenders may only operate from one location, moneylenders will now be allowed to operate branches provided they obtain the necessary license from the Registrar. The current Act imposes severe restrictions on advertising by licensed moneylenders. The Moneylenders Act 2008 seeks to lift such restrictions with a view that borrowers will be able to make better-informed decisions with more information available in the marketplace. However, any advertisement by the moneylenders must be accurate and should not mislead the public. Under the Moneylenders Act 2008, it is therefore an offence for a licensed moneylender to knowingly and recklessly issue any advertising or marketing material that is false and misleading in a material particular. Enhanced Regulation Of Moneylending Business Under the Moneylenders Act 2008, greater protection will be given to borrowers, and the regulatory framework and enforcement tools available to the Registrar will be strengthened. Terms And Conditions Of Loan Contract Consistent with the policy of the Government to safeguard borrowers, the Moneylenders Act 2008 mandates licensed moneylenders to inform a borrower or his agent in writing, before the grant of a loan, of the terms and conditions of the loan. A note of the contract for the loan, in the prescribed form, must be signed by the parties to the contract or their agents. If any of the party (including a surety, if any) does not understand English, the terms of the note of the contract must be explained to that party in a language that he understands before he signs the note. It is also a requirement that a copy of the note of the contract for the loan signed by the parties to the contract be given to the borrower and the surety (if any) by the licensed moneylender before or at the time the loan is paid 3
4 out. Rate Of Interest Under the Moneylenders Act 2008, the Minister is given the discretion to prescribe the maximum rate of interest that a licensed moneylender may charge for any loan granted. In instances where a licensed moneylender commences legal proceedings for the recovery of a loan or the enforcement of a loan contract or any guarantee or security given for a loan, the court is authorised to re-open the subject moneylending transaction and take an account between the licensed moneylender and the person sued if the court is satisfied that the interest charged is exorbitant / excessive and the transaction is unconscionable and substantially unfair. The court may then relieve the person sued from payment of any sum in excess of the sum adjudged to be fairly due in respect of the principal and interest on the loan amount. Costs, Charges And Expenses Under the Moneylenders Act 2008, the Minister may also prescribe the types or amounts of costs, charges and expenses that a licensed moneylender may impose in respect of every loan granted. The imposition by a licensed moneylender of any fees other than the types as permitted, or any amount in excess of the permitted fees, will be unenforceable. The borrower may recover such amounts as a debt or by way of set off against the loan and any interest, late interest and permitted fees payable. Measures To Counter Loansharking The Moneylenders Act 2008 introduces further measures to counter loansharking, in addition to the slew of measures already available. The first measure is to extend the punishment of caning to persons who instigate harassment activities. While under the current Act, only persons convicted for harassment activities which result in property damage or persons being hurt are liable to be caned, the Moneylenders Act 2008 extends the punishment of caning to those who instigate or direct the harasser to commit the acts of harassment. The second measure relates to the existing presumption in the current Act. Currently, a person whose bank account or automated teller machine card is used to collect debts by an unlicensed moneylender is presumed to have assisted in the conduct of the business of the unlicensed moneylender. The Moneylenders Act 2008 will extend this presumption to persons in whose names telecommunication services are subscribed where those services are used to facilitate the carrying on of business by the unlicensed moneylender. 4
5 Power To Inspect And Require Information Or Documents To strengthen the enforcement tools available to the Registrar, the Moneylenders Act 2008 gives the Registrar or an officer authorised by him the power to do the following: inspect any premises where a moneylender is or is believed to be carrying on business and the books, records and other documents kept there; require the moneylender or any other person to furnish any information, book, record or other document; make or cause to be made a copy of any book, record or other document inspected or produced; take photographs or video recording of the premises inspected or any part thereof; and seize and remove from the premises any book, record or other document, or any machine or equipment containing any book, record or other document. The new legislation also empowers the Registrar to issue directions to a moneylender for the carrying out of the provisions of the Act. Concluding Words We have previously issued a Client Update in relation to the Moneylenders Act To view this earlier Update, please click on the link below: Client Update August 2008 Consultation On The Moneylenders Bill If you would like more information on the above, please contact Harish Kumar or Terence Choo, whose numbers appear on the left of page 2, or contact the Knowledge & Risk Management Group at eoasis@rajahtann.com, and we would be happy to assist you. Rajah & Tann LLP is one of the largest law firms in Singapore, with a representative office in Shanghai and an associate firm, Kamilah & Chong, in Kuala Lumpur. It is a full service firm and given its alliances, is able to tap into resources in a number of countries. Rajah & Tann LLP is firmly committed to the provision of high quality legal services. It places strong emphasis on promptness, accessibility and reliability in dealings with clients. At the same time, the firm strives towards a practical yet creative approach in dealing with business and commercial problems. The information contained in this Update is correct to the best of our knowledge and belief at the time of writing. The contents of the above are intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice for any particular course of action as the information above may not necessarily suit your specific business and operational requirements. It is to your advantage to seek legal advice for your specific situation. In this regard, you may call the lawyer you normally deal with in Rajah & Tann LLP or the Knowledge & Risk Management Group at eoasis@rajahtann.com. 5
Moneylenders Bill MONEYLENDERS ACT 2008. (No. of 2008) ARRANGEMENT OF SECTIONS PART I PRELIMINARY
Moneylenders Bill Bill No. 33/08. Read the first time on th October 08. MONEYLENDERS ACT 08 (No. of 08) Section 1. Short title and commencement 2. Interpretation 3. Persons presumed to be moneylenders
More informationFinancial Services (Moneylending)
FINANCIAL SERVICES (MONEYLENDING) ACT Principal Act Act. No. Commencement 1.10.1917 Assent 1.10.1917 Amending enactment Relevant current provisions Commencement date Acts. 1934-27 ss.2, 3(2) and (5), 4,
More informationMONEYLENDERS ACT 1991
MONEYLENDERS ACT 1991 (Chapter 6) Arrangement of Sections PART I MONEYLENDERS 1. Registration of moneylenders. 2. Applications for registration. 3. Duration and renewal of registration. 4. Termination
More informationMONEYLENDING 1 ARRANGEMENT OF SECTIONS
MONEYLENDING 1 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. THE MONEYLENDING ACT ARRANGEMENT OF SECTIONS Short title and interpretation. Reopening of moneylending transactions and relief. Presumption
More informationCHAPTER 273 THE MONEYLENDERS ACT. Arrangement of Sections.
CHAPTER 273 THE MONEYLENDERS ACT. Arrangement of Sections. Section 1. Interpretation. 2. Licences to be taken out by moneylenders. 3. Certificate required for grant of moneylenders licence. 4. Suspension
More informationMoney Lenders Order, 1989
143 Supplement No. 1 To Gazette No. 71 of 15 th December, 1989 Money Lenders Order, 1989 Order No. 25 of 1989 Published by the Authority of His Majesty the King On the advice of the Military Council 144
More informationMONEYLENDERS ACT MONEYLENDERS ACT. Revised Laws of Mauritius. Act 30 of 1959 1 January 1960. 1. Short title
Revised Laws of Mauritius MONEYLENDERS ACT Act 30 of 1959 1 January 1960 ARRANGEMENT OF SECTIONS SECTION 1. Short title 2. Interpretation 3. Moneylender 4. Licences 5. Offences 6. Certificates required
More informationChapter 14:14 MONEYLENDING AND RATES OF INTEREST ACT. Acts 9/1930, 25/1948,59/1961,6/1967, 7/1972, 5/1981, 30/1984, 22/2001; 16/2004. R.G.N. 554/1962.
Section Chapter 14:14 MONEYLENDING AND RATES OF INTEREST ACT Acts 9/1930, 25/1948,59/1961,6/1967, 7/1972, 5/1981, 30/1984, 22/2001; 16/2004. R.G.N. 554/1962. ARRANGEMENT OF SECTIONS 1. Short title. 2.
More informationCHAPTER 292 THE GAMING AND POOL BETTING (CONTROL AND TAXATION) ACT. Arrangement of Sections.
CHAPTER 292 THE GAMING AND POOL BETTING (CONTROL AND TAXATION) ACT. Arrangement of Sections. Section 1. Interpretation. 2. Prohibition on promoting gaming and pools without licence. 3. Licences. 4. Tax
More informationANTIGUA AND BARBUDA THE SMALL BUSINESS DEVELOPMENT ACT, 2007. No. of 2007
ANTIGUA AND BARBUDA THE SMALL BUSINESS DEVELOPMENT ACT, 2007 No. of 2007 The Small Business Development Act, 2007 No. of 2007 THE SMALL BUSINESS DEVELOPMENT ACT, 2007 ARRANGEMENT Sections 1. Short title.
More informationCONSULTATION PAPER Ministry of Law: LAW 06/011/016 MAS: P009-2006 August 2006. Unsecured Credit Rules
CONSULTATION PAPER : LAW 06/011/016 MAS: P009-2006 August 2006 Unsecured Credit Rules TABLE OF CONTENTS 1. Introduction 4 2. Proposed amendments to unsecured credit rules for financial institutions 2.1
More informationMoneylenders Act [Cap 234]
Moneylenders Act [Cap 234] LAWS OF FIJI CHAPTER 234 MONEYLENDERS ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Interpretation. 3. Certain persons and firms presumed to be moneylenders. 4. Appointment
More informationSmall Business Grants (Employment Incentive) Act 2015 No 14
New South Wales Small Business Grants (Employment Incentive) Act 2015 No 14 Contents Page Part 1 Part 2 Preliminary 1 Name of Act 2 2 Commencement 2 3 Object of Act 2 4 Definitions 2 Grant scheme 5 Grant
More informationCHAPTER 90 MONEY LENDING
[Cap. 90 CHAPTER 90 Ordinance No.2ofl918, Acts Nos. 9 of 1954, 11 of 1963. AN ORDINANCE TO PROVIDE FOR THE BETTER REGULATION OF MONEY-LENDING TRANSACTIONS, AND THE PROHIBITION OF THE CARRYING ON OF THE
More informationA VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT
A VENDOR FINANCIER S GUIDE TO THE NEW NATIONAL CREDIT ACT Anthony J Cordato* Overview The new National Credit Act - officially, the National Consumer Credit Protection Act - will commence on I July 2010
More informationRegulated Mortgages. March 2012
Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section
More informationAssent, partly 1 March 2013 No negative equity guarantee for reverse mortgages and extra The day after Royal Assent
NCCP ENHANCEMENT ACT AMENDMENTS Updated 24 August 2012 This report reflects the final form of the Consumer Credit Legislation Amendment (Enhancements) Bill 2012 as passed by the House of Representatives
More informationDEBT RECOVERY AND ENFORCEMENT BILL 2010
IN THE KEYS DEBT RECOVERY AND ENFORCEMENT BILL Explanatory Memorandum 1. This Bill is promoted by Mr. John Houghton MHK. 2. Part 1 gives the Bill its short title, provides powers for its commencement and
More informationCasino, Liquor and Gaming Control Authority Act 2007 No 91
New South Wales Casino, Liquor and Gaming Control Authority Act 2007 No 91 Contents Part 1 Part 2 Preliminary Page 1 Name of Act 2 2 Commencement 2 3 Definitions 2 4 Meaning of gaming and liquor legislation
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 2, 2015. It is intended for information and reference purposes only. This
More informationANTIGUA AND BARBUDA THE SMALL BUSINESS DEVELOPMENT ACT, 2007. No. 24 of 2007
ANTIGUA AND BARBUDA THE SMALL BUSINESS DEVELOPMENT ACT, 2007 No. 24 of 2007 [Published in the Official Gazette Vol. XXVIII No. 5 dated 17th January, 2008. ] Printed at the Government Printing Office, Antigua
More informationMotor Vehicles (Third-Party Risks and Compensation) (Amendment) Bill
Motor Vehicles (Third-Party Risks and Compensation) (Amendment) Bill Bill No. 18/2013. Read the first time on 21st October 2013. A BILL intituled An Act to amend the Motor Vehicles (Third Party Risks and
More informationForeign Exchange Act, 2006 Act 723
Foreign Exchange Act, 2006 Act 723 Section ARRANGEMENT OF SECTIONS Authority of Bank of Ghana and licensing 1. Authority of Bank of Ghana 2. Responsibility of Bank of Ghana 3. Requirement of licence 4.
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to September 1, 2014. It is intended for information and reference purposes only.
More informationAct 5 Foreign Exchange Act 2004
ACTS SUPPLEMENT No. 3 3rd December, 2004. ACTS SUPPLEMENT to The Uganda Gazette No. 64 Volume XCVII dated 3rd December, 2004. Printed by UPPC, Entebbe, by Order of the Government. Act 5 Foreign Exchange
More informationThe Mortgage Brokerages and Mortgage Administrators Act
MORTGAGE BROKERAGES AND 1 The Mortgage Brokerages and Mortgage Administrators Act being Chapter M-20.1* of The Statutes of Saskatchewan, 2007 (effective October 1, 2010), as amended by the Statutes of
More informationDRAFT INSURANCE (AMENDMENT) BILL 2015
Annex 16 DRAFT INSURANCE (AMENDMENT) BILL 2015 Disclaimer: This version of the Bill is in draft form and is subject to change. It is also subject to review by the Attorny-General s Chambers. 1 Insurance
More informationInvestment Business in Bermuda
Investment Business in Bermuda Foreword This memorandum has been prepared for the assistance of those who require information about the Investment Business Act 2003. It deals in broad terms with the requirements
More informationTHE LAW REFORM COMMISSION OF WESTERN AUSTRALIA
THE LAW REFORM COMMISSION OF WESTERN AUSTRALIA Project No 45 Mortgage Brokers REPORT SEPTEMBER 1974 The Law Reform Commission of Western Australia was established by the Law Reform Commission Act 1972.
More informationThe Trust and Loan Corporations Act, 1997
1 The Trust and Loan Corporations Act, 1997 being Chapter T-22.2* of the Statutes of Saskatchewan, 1997 (effective September 1, 1999, clause 44(a), and section 57 not yet proclaimed) as amended by the
More informationCONSUMER CREDIT ACT 2006
CONSUMER CREDIT ACT 2006 EXPLANATORY NOTES INTRODUCTION 1. These explanatory notes relate to the Consumer Credit Act 2006, which received Royal Assent on 30 March 2006. They have been prepared by the Department
More informationPayment and Settlement Systems (Finality and Netting) Bill
Bill No. 41/02 Payment and Settlement Systems (Finality and Netting) Bill Read the first time on 31st October 02. PAYMENT AND SETTLEMENT SYSTEMS (FINALITY AND NETTING) ACT 02 (No. of 02) ARRANGEMENT OF
More informationCOLLECTION AND DEBT REPAYMENT PRACTICES REGULATION
Province of Alberta FAIR TRADING ACT COLLECTION AND DEBT REPAYMENT PRACTICES REGULATION Alberta Regulation 194/1999 With amendments up to and including Alberta Regulation 57/2014 Office Consolidation Published
More informationREPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009. Arrangement of Sections
REPUBLIC OF VANUATU OFFSHORE LIMITED PARTNERSHIPS ACT NO. 39 OF 2009 Arrangement of Sections PART 1 INTRODUCTION 1 Interpretation... PART 2 ESTABLISHMENT OF OFFSHORE LIMITED PARTNERSHIPS 2 Offshore limited
More information63rd Legislature AN ACT GENERALLY REVISING THE MONTANA DEFERRED DEPOSIT LOAN ACT; EXTENDING THE TIME
63rd Legislature HB0116 AN ACT GENERALLY REVISING THE MONTANA DEFERRED DEPOSIT LOAN ACT; EXTENDING THE TIME TO REQUEST A HEARING; ADDING PENALTIES INCLUDING FORFEITURE OF LOAN PRINCIPAL FOR LOANS MADE
More informationREPUBLIC OF ZAMBIA THE MONEY-LENDERS ACT CHAPTER 398 OF THE LAWS OF ZAMBIA CHAPTER 398 THE MONEY-LENDERS ACT THE MONEY-LENDERS ACT
REPUBLIC OF ZAMBIA THE MONEY-LENDERS ACT CHAPTER 398 OF THE LAWS OF ZAMBIA CHAPTER 398 THE MONEY-LENDERS ACT THE MONEY-LENDERS ACT ARRANGEMENT OF SECTIONS Section 1. Short title 2. Interpretation 2A. Exemption
More informationAUDIT ACT. 2008 Revised Edition CAP. 32.02
AUDIT ACT CAP. 32.02 Audit Act CAP. 32.02 Arrangement of Sections AUDIT ACT Arrangement of Sections Section PART 1 PRELIMINARY 7 1 Short title... 7 2 Definitions... 7 PART 2 AUDITOR-GENERAL AND THE AUDIT
More informationCopyright @ Ministry of Law, Justice and Parliamentary Affairs, Bangladesh.
387 THE MONEY-LENDERS ACT, 1933 SECTIONS CONTENTS 1. Short title, extent and commencement 2. Definitions 3. Presumption in case of certain loans 4. Power to limit interest recoverable in certain cases
More informationCAYMAN ISLANDS. Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION)
CAYMAN ISLANDS Supplement No. 1 published with Gazette No. 22 of 22nd October, 2012. MUTUAL FUNDS LAW (2012 REVISION) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part), 9 of 1998, 4 of
More informationREGISTRY OF CO-OPERATIVE SOCIETIES Ministry of Community Development, Youth and Sports
REGISTRY OF CO-OPERATIVE SOCIETIES Ministry of Community Development, Youth and Sports SF70.1.5 29 August 2011 WRITTEN DIRECTION TO CREDIT SOCIETIES CO-OPERATIVE SOCIETIES ACT, CAP 62 SECURED LOANS 1.
More informationChapter 17 Interest on Mortgage Loan Reserve Accounts
Chapter 17 Interest on Mortgage Loan Reserve Accounts 7-17-1 Legislative intent. It is the intent of the Legislature that the provisions of this act govern the rights, duties and liabilities of borrowers
More informationLegal Supplement Part A to the Trinidad and Tobago Gazette, Vol. 46, No. 23, 7th February, 2007
Legal Supplement Part A to the Trinidad and Tobago Gazette, Vol. 46, No. 23, 7th February, 2007 Fifth Session Eighth Parliament Republic of Trinidad and Tobago REPUBLIC OF TRINIDAD AND TOBAGO Act No. 1
More informationTRUST COMPANIES ACT (CHAPTER 336)
Monetary Authority of Singapore TRUST COMPANIES ACT (CHAPTER 336) FREQUENTLY ASKED QUESTIONS Disclaimer: The FAQs are meant to provide guidance to the industry on MAS policy and administration of the TCA
More informationINVESTMENT FUNDS ACT 2006 BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006
BERMUDA 2006 : 37 INVESTMENT FUNDS ACT 2006 Date of Assent: 28 December 2006 Operative Date: 7 March 2007 ARRANGEMENT OF PARAGRAPHS PART I PRELIMINARY 1 Short title and commencement Interpretation 2 Interpretation
More informationDischarge from bankruptcy
BRIEFING PAPER Number 3043, 8 October 2015 Discharge from bankruptcy By Lorraine Conway Inside: 1. Official receiver s claim to the bankruptcy estate 2. How is after-acquired property treated? 3. Automatic
More informationGeneral Scheme of the. Irish Collective Asset-management Vehicle. Bill 2014
General Scheme of the Irish Collective Asset-management Vehicle Bill 2014 Part 1 Preliminary and General 1. Citation 2. Commencement 3. Interpretation 4. Limitation of liability 5. UCITS incorporated as
More informationWorkmen s Compensation (Amendment) Bill
Workmen s Compensation (Amendment) Bill Bill No. 50/07. Read the first time on 12th November 07. A BILL i n t i t u l e d An Act to amend the Workmen s Compensation Act (Chapter 354 of the 1998 Revised
More informationLegal Business. Memorandum On Members Voluntary Winding-Up Of A Company In Singapore
Memoranda on legal and business issues and concerns for multiple industry and business communities Memorandum On Members Voluntary Winding-Up Of A Company In Singapore 1 Rajah & Tann 4 Battery Road #26-01
More informationFinancial Advisers (Amendment) Bill
Bill No. 47/04. Financial Advisers (Amendment) Bill Read the first time on 19th October 04. A BILL i n t i t u l e d An Act to amend the Financial Advisers Act (Chapter 1 of the 02 Revised Edition). Be
More information9. Prohibition of compound interest. and provision as to defaults. 10. Appropriation between principal
24 GEO. V.] M oney-zenders Amendment [1933, No. 21. 121 New Zealand. ANALYSIS. Title. 1. Short Title. 2. Annual license fees payable by money -lender. 3. Duration of registration of moneylender. Repeal.
More informationBERMUDA PRIVATE INVESTIGATORS AND SECURITY GUARDS ACT 1974 1974 : 78
QUO FA T A F U E R N T BERMUDA PRIVATE INVESTIGATORS AND SECURITY GUARDS ACT 1974 1974 : 78 TABLE OF CONTENTS 1 2 3 4 4A 5 6 6A 7 8 9 9A 10 11 12 13 14 15 16 17 18 Interpretation Application of the Act
More informationLegislative Council Panel on Financial Affairs. Matters Related to the Charging of Fees and Advertising Practices of Financial Intermediaries
CB(1)955/14-15(02) For Information Legislative Council Panel on Financial Affairs Matters Related to the Charging of Fees and Advertising Practices of Financial Intermediaries This information note sets
More informationREGULATORY OVERVIEW REGULATIONS AND SUPERVISION OF THE SECURITIES BUSINESS IN HONG KONG
REGULATORY ENVIRONMENT IN HONG KONG This section sets out summaries of certain aspects of the regulatory environment in Hong Kong, which are relevant to our Group s business and operation. (A) REGULATIONS
More informationCasino Control Act 2006
Australian Capital Territory A2006-2 Republication No 13 Effective: 14 October 2015 Republication date: 14 October 2015 Last amendment made by A2015-33 Authorised by the ACT Parliamentary Counsel About
More informationPenalty Fares Rules. 55 VICTORIA STREET, LONDON SW1H 0EU TEL 020 7654 6000 www.sra.gov.uk. May 2002
Penalty Fares Rules 55 VICTORIA STREET, LONDON SW1H 0EU TEL 020 7654 6000 www.sra.gov.uk May 2002 1 Contents Page 1 The rules 2 2 Definitions 2 3 Setting up a penalty fares scheme 4 4 Displaying warning
More informationMotor Vehicles Insurance (CAP. 288 1 (Third-Party Risks)
Motor Vehicles Insurance (CAP. 288 1 CHAPTER 288 THE MOTOR VEHICLES INSURANCE (THIRD-PARTY RISKS) ACT Arrangement of Sections Section 1. Short title. 2. Interpretation. 3. Users of motor vehicles to be
More informationARRANGEMENT OF SECTIONS. Section Establishment of the Fund
Students Students Loan Loan Trust Fund Act, Act, 2011 2011 Act 820 ARRANGEMENT OF SECTIONS Section Establishment of the Fund 1. Establishment of the Trust Fund 2. Object and functions of the Fund 3. Sources
More informationCONSULTATION PAPER P008-2013 Sepember 2013. Draft Amendments to Credit Cards and Unsecured Credit Rules
CONSULTATION PAPER P008-2013 Sepember 2013 Draft Amendments to Credit Cards and Unsecured Credit Rules PREFACE i On 21 December 2012, MAS issued a consultation paper on proposed changes to MAS rules on
More informationCREDIT REPORTING BILL EXPLANATORY NOTES
CREDIT REPORTING BILL EXPLANATORY NOTES INTRODUCTION These explanatory notes are intended as a guide to the proposed new Act. They are not meant as a substitute for a careful reading of the Bill itself.
More informationDisability Discrimination Act 2005
Disability Discrimination Act 2005 CHAPTER 13 Explanatory Notes have been produced to assist in the understanding of this Act and are available separately 7 50 Disability Discrimination Act 2005 CHAPTER
More informationSupplement No. 5 published with Gazette No. 15 of 20th July, 2009. MUTUAL FUNDS LAW. (2009 Revision)
Supplement No. 5 published with Gazette No. 15 of 20th July, 2009. Mutual Funds Law (2009 Revision) MUTUAL FUNDS LAW (2009 Revision) Law 13 of 1993 consolidated with Laws 18 of 1993, 16 of 1996 (part),
More informationCHAPTER 47. Betting and Gaming (CAP. 47 1 THE BETTING AND GAMING ACT. Arrangement of Sections Section
Betting and Gaming (CAP. 47 1 CHAPTER 47 THE BETTING AND GAMING ACT Arrangement of Sections Section 1. Short title. 2. Interpretation. 3. Gaming Licences. 4. Grant of Licence. 5. Imposition of Gaming Tax.
More informationConsultation Paper on Proposed Credit Bureau Regulatory Framework and Credit Bureau Bill
CONSULTATION PAPER ON PROPOSED CREDIT BUREAU REGULATORY FRAMEWORK AND AUG 2014 CREDIT BUREAU BILL CONSULTATION PAPER P006-2014 August 2014 Consultation Paper on Proposed Credit Bureau Regulatory Framework
More informationCONSULTATION PAPER NO 2. 2004
CONSULTATION PAPER NO 2. 2004 REGULATION OF GENERAL INSURANCE MEDIATION BUSINESS This consultation paper explains the need for the Island to regulate general insurance mediation business and examines the
More informationLAWS OF TRINIDAD AND TOBAGO MONEYLENDERS ACT CHAPTER 84:04
MONEYLENDERS ACT CHAPTER 84:04 Act 42 of 1932 Amended by 42 of 1942 6 of 1945 172/1961 136/1976 45 of 1979 *12 of 1985 6 of 1993 *18 of 1993 8 of 1996 6 of 2014 *See Note on page 2 Current Authorised Pages
More informationCHAPTER 17.14 INSURANCE LEVY ACT
MONTSERRAT CHAPTER 17.14 INSURANCE LEVY ACT Revised Edition showing the law as at 1 January 2002 This is a revised edition of the law, prepared by the Law Revision Commissioner under the authority of the
More informationI loved reading the terms & conditions! said no one, ever. term deposit terms + conditions
I loved reading the terms & conditions! said no one, ever term deposit terms + conditions index. Part a - general terms and conditions. 2 1 Purpose of this booklet. 2 2 Meaning of words used. 2 3 Opening
More informationBorrowers and Lenders Act, 2008 (Act 773)
Borrowers and Lenders Act, 2008 (Act 773) Borrowers and Lenders Act, 2008 Act 773 ARRANGEMENT OF SECTIONS Section 1. Application 2. Meaning of credit agreement 3. Meaning of credit facility 4. Meaning
More informationShort title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting
Short title 1. This Act may be cited as the Accountants Act. Interpretation 2. In this Act, unless the context otherwise requires "accounting corporation" means a company approved as an accounting corporation
More informationHong Kong is increasingly seen as a necessary operations
1 TIMOTHY LOH Financial Services & Law Review Setting Up In Hong Kong: A Guide for the Finance Industry Hong Kong is increasingly seen as a necessary operations center for the financial industry. It is
More informationNATIONAL ARCHIVES AND RECORDS SERVICE OF SOUTH AFRICA ACT (ACT NO. 43 OF 1996)
NATIONAL ARCHIVES AND RECORDS SERVICE OF SOUTH AFRICA ACT (ACT NO. 43 OF 1996) as amended by Cultural Laws Amendment Act 36 of 2001 ACT To provide for a National Archives and Record Service; the proper
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to May 30, 2012. It is intended for information and reference purposes only. This
More informationFinancial Services (Collective Investment Schemes) FINANCIAL SERVICES (EXPERIENCED INVESTOR FUNDS) REGULATIONS 2012
Financial Services (Collective Investment Schemes) 2005-48 Legislation made under s. 52. FINANCIAL SERVICES (EXPERIENCED INVESTOR FUNDS) (LN. ) Commencement 12.4.2012 Amending enactments Relevant current
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to September 1, 2013. It is intended for information and reference purposes only.
More informationThe Payday Loans Act
1 PAYDAY LOANS c. P-4.3 The Payday Loans Act being Chapter P-4.3 of The Statutes of Saskatchewan, 2007 (effective January 1, 2012). NOTE: This consolidation is not official and is subject to House amendments
More informationPLEASE NOTE. For more information concerning the history of this Act, please see the Table of Public Acts.
PLEASE NOTE This document, prepared by the Legislative Counsel Office, is an office consolidation of this Act, current to December 2, 2015. It is intended for information and reference purposes only. This
More informationThe Mortgage Brokerages and Mortgage Administrators Regulations
1 AND MORTGAGE ADMINISTRATORS M-20.1 REG 1 The Mortgage Brokerages and Mortgage Administrators Regulations being Chapter M-20.1 Reg 1 (effective October 1, 2010) as amended by Saskatchewan Regulations,
More informationCASINO TAXATION CHAPTER 371 CASINO TAXATION ARRANGEMENT OF SECTIONS
[CH.371 1 CHAPTER 371 LIST OF AUTHORISED PAGES 1 9 SECTION ARRANGEMENT OF SECTIONS 1. Short title. 2. Interpretation. 3. Basic tax. 4. Winnings tax. 5. Assessment by Minister. 6. Returns, inspection, etc.
More informationHousing and Planning Bill
[AS AMENDED IN PUBLIC BILL COMMITTEE] CONTENTS PART 1 NEW HOMES IN ENGLAND CHAPTER 1 STARTER HOMES 1 Purpose of this Chapter 2 What is a starter home? 3 General duty to promote supply of starter homes
More informationPublic Finance (Borrowing Powers)
PUBLIC FINANCE (BORROWING POWERS) ACT 2008 Principal Act Act. No. Commencement (LN. 2008/054) 24.7.2008 Assent 23.7.2008 Amending enactments Relevant current provisions Commencement date Act. 2009-14 ss.
More informationREGULATORY OVERVIEW THE REGULATORY AUTHORITIES IN HONG KONG REGARDING MONEY LENDING BUSINESS, AND THE RELEVANT LAWS AND REGULATIONS
THE REGULATORY AUTHORITIES IN HONG KONG REGARDING MONEY LENDING BUSINESS, AND THE RELEVANT LAWS AND REGULATIONS The Money Lenders Ordinance and the Money Lenders Regulations (the Relevant Statutes ) are
More informationLegal Business. Shares As Security. Memoranda on legal and business issues and concerns for multiple industry and business communities
Memoranda on legal and business issues and concerns for multiple industry and business communities Shares As Security Lina Lau & Terrence Choo Boon Liang Rajah & Tann 4 Battery Road #26-01 Bank of China
More informationHIGHER EDUCATION LOANS BOARD ACT
LAWS OF KENYA HIGHER EDUCATION LOANS BOARD ACT CHAPTER 213A Revised Edition 2012 [1995] Published by the National Council for Law Reporting with the Authority of the Attorney-General www.kenyalaw.org [Rev.
More informationa) contributions by Nigerians both in the public and private sectors. b) investment in the Fund by commercial and merchant banks;
8 National Housing Fund Act 1. Establishment of the National Housing Fund 1) There is hereby established a fund to be known as the National Housing Fund (in this Act referred to as the Fund ). 2) All contributions
More informationHSBC Personal Loan Contract. Standard Terms And Conditions
HSBC Personal Loan Contract Standard Terms And Conditions Published December 2015 CONTENTS 1. Your HSBC Personal Loan contract from HSBC 2 2. What we lend and when 2 3. Interest rate (the annual percentage
More informationHow To Get A Small Business License In Australia
1 L.R.O. 2007 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Interpretation. 3. Small business. 4. Approved small business
More informationLOANS ACT. Section 2-Authenticating of Agreements, Securities, Etc. Section 3-Authority to raise External Loans.
LOANS ACT 1970 (ACT 335) Section 1-Raising of Loans in Ghana. (1) The Government may, subject to the provisions of this Act raise within Ghana whether on behalf of itself or any other public institution
More informationChapter 40 Amended by the Government of Nova Scotia
BILL NO. 107 Government Bill 4th Session, 61st General Assembly Nova Scotia 61 Elizabeth II, 2012 An Act to Amend Chapter 77 of the Revised Statutes, 1989, the Collection Agencies Act, and Chapter 91 of
More informationProperty Management Services Bill. Contents
C2717 Property Management Services Bill Contents Clause Page Part 1 Preliminary 1. Short title and commencement... C2727 2. Interpretation... C2727 3. Property management services... C2733 4. Disciplinary
More informationLawyers and Conveyancers Act (Trust Account) Regulations 2008
Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Rt Hon Dame Sian Elias, Administrator of the Government Order in Council At Wellington this 30th day of June 2008 Present: Her Excellency the
More informationBankruptcy: trustee's right of inquiry
BRIEFING PAPER Number 05819, 7 October 2015 Bankruptcy: trustee's right of inquiry By Lorraine Conway Inside: 1. Role of the trustee in bankruptcy 2. Trustee s investigatory role 3. Assets disposed of
More informationM O N T S E R R A T NO. 3 OF 2008 THE FINANCIAL SERVICES COMMISSION ACT 2008 ARRANGEMENT OF SECTIONS PART I PRELIMINARY PROVISIONS PART 2
No. 3 of 2008 Financial Services Act MONTSERRAT 1 M O N T S E R R A T NO. 3 OF 2008 THE FINANCIAL SERVICES COMMISSION ACT 2008 ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Interpretation. PART I
More informationBELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003
BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003 This is a revised edition of the Substantive Laws, prepared by the Law Revision
More informationFinancial Advisers (Amendment) Bill
Financial Advisers (Amendment) Bill Bill No. 15/2015. Read the first time on 11 May 2015. A BILL intituled An Act to amend the Financial Advisers Act (Chapter 110 of the 2007 Revised Edition). Be it enacted
More informationThe Limited Partnership Bill, 2010 THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES PART I PRELIMINARY. Clause
THE LIMITED LIABILITY PARTNERSHIP BILL 2010 ARRANGEMENT OF CLAUSES 1 Short title and commencement. 2 Interpretation. PART I PRELIMINARY Clause PART II REGISTRAR AND REGISTRAR OF LIMITED LIABILITY PARTNERSHIPS
More informationCHAPTER 318C SMALL BUSINESS DEVELOPMENT
1 L.R.O. 2002 Small Business Development CAP. 318C CHAPTER 318C SMALL BUSINESS DEVELOPMENT ARRANGEMENT OF SECTIONS SECTION 1. Short title. 2. Definitions. 3. Small business. 4. Approved small business
More informationHow to set up a company in South Africa
How to set up a company in South Africa Business entities and registration procedures The most common business entities in South Africa are: 1. Companies 2. Close corporations 3. Partnerships and sole
More informationE-Zec Medical Transport Services Ltd
E-Zec Medical Transport Services Ltd Terminal Building Redhill Aerodrome, Kingsmill Lane Redhill Surrey RH1 5YP Licence Number: 200120 Date of Issue Version Number 19/06/2015 1.0 Dr David Bennett, Chief
More informationConsumer Rights Bill. Amendment to be moved in Committee. Clause 57, page 34, line 12 at end insert the following new clause
Clause 57, page 34, line 12 at end insert the following new clause Effect Where a service provider is providing a service under a minimum notice contract (58) Where the terms of a contract provide that
More information---------------------------------------------------------------------------------------------- LIMITED LIABILITY PARTNERSHIP
---------------------------------------------------------------------------------------------- LIMITED LIABILITY PARTNERSHIP LAW DIFC LAW NO.5 OF 2004 ----------------------------------------------------------------------------------------------
More information