Page:Moneylenders Act 2008.pdf/22

22 :(b) where any party to the contract for the loan (including a surety) or his agent does not understand the English language, the licensee or the licensee’s agent explains the terms of the note of the contract for the loan in a language that he understands before he signs the note; and
 * (c) a copy of the note of the contract for the loan, duly signed by the licensee or his agent, is delivered to the borrower and the surety (if any) or their respective agents before or at the time the loan is paid to the borrower or any other person on the direction of the borrower.

(2) Any licensee who makes or causes to be made any note of a contract for a loan in which the principal or rate of interest is, to the knowledge of the licensee, not stated or not truly stated shall be guilty of an offence and shall be liable on conviction—
 * (a) to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both; and
 * (b) in the case of a second or subsequent offence, to a fine not exceeding $40,000 or to imprisonment for a term not exceeding 12 months or to both.

(3) This section shall not apply to any loan on revolving credit that may be drawn down and repaid by the borrower or his agent at any time and from time to time subject to a limit approved by the licensee.

Provision of statements of account, loan documents and receipts

21.—(1) Every licensee shall, at least once every half year ending on 30th June or 31st December and not later than 21 days after that date, supply to every borrower, so long as a contract for a loan granted by the licensee to the borrower is subsisting, a statement of account in the English language containing such particulars as may be prescribed.

(2) The statement of account under subsection (1) shall be—
 * (a) supplied to the borrower without charge; and
 * (b) sent by pre-paid post to such address in Singapore, or by electronic communication to such email address, as specified by the borrower.

(3) A licensee shall, on an application made in writing by a borrower or surety, or a former borrower or surety, and on the payment of a processing