1988 Ed.]
Money Lenders
[CAP. 163
21
(2) Where any advertisement, circular, business letter or other similar document issued or published by or on behalf of a money lender purports to indicate the terms of interest on which he is willing to make loans or any particular loan, such advertisement, circular, business letter or other document shall show the interest proposed to be charged---
(a) subject to section 24(1), as a rate per cent per annum; and
(b) in such manner as to be not less conspicuous than any other matter mentioned therein.
(3) A money lender or any other person shall not for the purpose of the money lender's business as a money lender issue or publish or cause to be issued or published any advertisement which does not clearly show the words "Money Lender's Licence No." immediately followed by the number of the licence of the money lender. (Replaced, 69 of 1988, s. 22)
(4) For the purposes of subsection (1) and section 29(9), the name of the money lender as specified in his licence shall be deemed to include any change by law of the name of the money lender, irrespective of whether his licence specifies the new name. (Added, 69 of 1988, s. 22)
Charges for expenses etc. not recoverable
27. (1) Any agreement entered into between a money lender and a borrower or intending borrower for the payment by the borrower or intending borrower to the money lender of any sum for or on account of costs, charges or expenses (other than stamp duties or similar duties) incidental to or relating to the negotiations for or the granting of the loan or proposed loan or the guaranteeing or securing of the repayment thereof shall be illegal. (Amended, 69 of 1988, s. 23)
(2) [Repealed, 69 of 1988, s. 23]
(3) Subject to section 33A(5), it shall not be lawful for any money lender or his partner, employer, employee, principal or agent or any person acting for or in collusion with any money lender to charge, recover or receive any sum as for or on account of any such costs, charges or expenses (other than stamp duties or similar charges) or to demand or receive any remuneration or reward whatsoever from a borrower or intending borrower for or in connection with or preliminary to procuring, negotiating or obtaining any loan made or guaranteeing or securing the repayment thereof. (Amended, 69 of 1988, s. 23)
(4) If any money or money's worth is directly or indirectly paid or allowed to or received by any person in contravention of this section, the amount or value thereof, to the extent of such contravention and notwithstanding any agreement to the contrary, may be recovered by the borrower from such person or, if such person is the money lender or a partner, employer, employee, principal or agent of the money lender or is in any way acting for or in collusion with him, may be set off against the amount actually lent (and that amount shall be deemed to be reduced accordingly) or may be recovered by the borrower from such person or from the money lender.
Power of Registrar and police to enter premises and inspect books, etc.
28. (1) Where-