Information for Licensed Moneylenders
1. How do I apply for a moneylending licence?
The Registry of Moneylenders (“the Registry”) has temporarily suspended the grant of any new moneylending licences.
2. How do I apply for additional place(s) of business?
There is a concurrent suspension on the processing of applications for additional place(s) of business.
3. How do I register for the Moneylender’s Test? How much does the Moneylender’s Test cost?
You may click here to access the Moneylender’s Test Booking System to register for a test slot. A non-refundable test fee of S$130 (inclusive of GST) is payable per attempt.
The Moneylender’s Test is an open book format which includes 30 multiple choice questions which will be based on the content from the Moneylenders Act 2008, Moneylenders Rules 2009 and Moneylenders (Prevention of Money Laundering and Financing of Terrorism 2009).
4. What are the criteria to register for the Moneylender’s Test?
Anyone may register for the Moneylender’s Test. However, do note that passing the Moneylender’s Test does not automatically qualify a person as a Test-Qualified Manager (please refer to question 6).
5. When and how would I know if I have passed the Moneylender’s Test?
You may check your test results via GoBusiness after two weeks from the date of your test.
6. How do I get appointed as a Test-Qualified Manager of an approved place of business of the licensee?
To be appointed as a Test-Qualified Manager, the person must satisfy the following criteria:
(a) Passed the Moneylenders’ Test;
(b) Minimum four GCE ‘O’ Levels passes including English Language, or equivalent; and
(c) Fit and proper, and of good character
Please note that the licensee must submit an application to the Registry via GoBusiness to appoint the person as a Test-Qualified Manager.
7. How do I update the particulars of my moneylending business?
Please submit an online application for the following updates:
(a) Change of business address (please refer to 7.1 and 7.2);
(b) Change of business name;
(c) Change of business contact details;
(d) Appointment of a director or any individual who takes part in the management of the moneylending business;
(e) Employment or engagement of any individual for the moneylending business;
(f) Cessation of employment of any individual mentioned in (d) and (e); and
(g) The allotment of new shares/transfer of shares (please refer to 7.3)
7.1 For update (a), the licensee will be required to obtain a copy of the letter of approval from the landlord of the proposed premises for a moneylending business to be conducted and photographs of the proposed place of business. The letter of approval must be forwarded to the Registry within seven days of the online application, failing which the progress and outcome of which can be adversely affected. Please note that a tenancy agreement is not required to be submitted to the Registry at this juncture.
7.2 After the Registrar has deemed the proposed premises to be suitable for moneylending business to be conducted, the licensee will then be required to forward to the Registry the following documents:
(i) A copy of the tenancy agreement of the premises covering the entire/ remaining licence period;
(ii) A copy of the proof of ownership of the premises in the form of property tax or strata title deed; and
(iii) Proposed photo(s) of the signage to be displayed conspicuously at the business premises.
7.3 For update (g), please submit an online application with the following information:
(i) A clear copy of an up-to-date identification card of the transferor and the transferee (if applicable);
(ii) Number of shares to be transferred/allotted;
(iii) Reason(s) for the change of shares;
(iv) The agreed price for transferring the shares;
(v) Documentary evidence of the source of funds for the share transfer (e.g. bank account statements, notice of income tax, CPF statements, financial statements etc.);
(vi) The relationship between the transferor and the transferee;
(vii) Whether the transferee will become a substantial shareholder;
(viii) Whether the transferor’s involvement in the moneylending business will change;
(ix) A clear copy of the moneylending company’s recent financial statements;
(x) Whether the transferee has any prior experience in moneylending or debt collecting or has ever applied for a moneylending licence (if yes, state the business name, period of involvement, designation, job details etc.); and
(xi) Whether the transferee is related or have any connections with any persons (e.g. acquaintances/friends/family members/associates etc.) who has ever been involved in the business of moneylending or debt collecting or has ever applied for a moneylending licence (if yes, state the person’s name, the business name, relationship etc.)
7.4 Do note that for all the above updates, the licensee must first submit the online application and obtain approval from the Registry before it could proceed with the update/changes. After the licensee has received the approval from the Registry, it may then update this information with ACRA.
8. How do I renew my moneylending licence?
The renewal of the moneylending licence is subject to the good conduct of the licensee. Licensees should have the following documents ready and forward them to the Registry upon notification, no later than one month before the expiry of the licence:
(a) A tenancy agreement for the proposed place of business covering at least a one-year period immediately following the expiry of the existing licence;
(b) A copy of the proof of ownership of the premises in the form of property tax or strata title deed;
(c) A landlord’s approval and the Management Corporation Strata Title (MCST)’s approval (if applicable) for the proposed place of business covering the entire licence period;
(d) A renewed Banker’s Guarantee or Insurance Guarantee for a sum of $20,000, covering the entire licence period; and
(e) A duly completed GIRO application form (for licensees who do not have an existing GIRO arrangement with the Registry for the deduction of $1,500 as the licence fee)
The renewal for approved additional place(s) of business will be processed concurrently with the renewal of moneylender’s licence. The additional licence fee payable for the renewal of approved additional place(s) of business will be $1,500 per annum for every additional place of business.
Do note that the approval of all additional place(s) of business (including renewed approvals) will terminate upon the expiry or revocation of a licence.
9. How do I terminate my moneylending licence?
You may submit your application here to terminate your moneylending licence.
10. How do I apply for a certificate of exemption from the Moneylenders Act?
Any person may apply under section 91(1) of the Moneylenders Act to exempt his business from all or any of the provisions of the same Act. You may submit an application to the Registry with the following information ready:
(a) A write-up containing:
(i) a brief description of the applicant’s current business activities;
(ii) a profile of the applicant, including any experience in moneylending or related business activities; and
(iii) the reason(s) for seeking an exemption
(b) A copy of the applicant’s Business Profile issued by ACRA;
(c) The telephone and fax numbers of the applicant;
(d) A detailed description of each type of activity for which the exemption is sought and the reasons for seeking the exemption;
(e) Profile(s) of borrowers;
(f) The interest and fees, if any, which the applicant intends to charge; and
(g) A draft scope of exemption for our consideration
11. What are the fees I have to pay for a certification of exemption? What is the validity period of the exemption?
Depending on the business activity exempted, the fees may range from $1,000 to $4,000 per year. The exemption is valid for a period up to a maximum of 3 years.
|Class of Exemption
|Where the person exempted carries on the business of moneylending solely by granting personal or consumer loans to individuals.
|Where the person exempted carries on the business of moneylending solely by granting loans other than those specified in paragraph (i) above.
|Where the person exempted carries on the business of moneylending to persons referred to in paragraphs (i) and (ii).
12. How do I extend the validity period of my certificate of exemption?
To extend your validity period of the certificate of exemption, you are required to submit an application to the Registry at least one month before the expiry of your existing certificate of exemption.
13. How do I know if my business qualifies as an excluded moneylender under the Moneylenders Act?
You may wish to refer to section 2 of the Moneylenders Act, which sets out the definition of an excluded moneylender. You may wish to seek legal advice on whether your business activity falls within the definition of an excluded moneylender.
14. How do I make payment when I receive the Notice of Offer of Composition?
Payment for the Notice of Offer of Composition can be made via our E-Services portal.