Page:Moneylenders Act 2008.pdf/9

Rh :(b) where the licensee ceases to satisfy the requirements of the class or description of the licence to be renewed; or
 * (c) where the licensee does not place or maintain with the Accountant-General as security for the proper conduct of his business of moneylending in Singapore, in such form as the Registrar may determine, a deposit of $20,000 for each place of business in respect of which his licence is to be renewed.

(5) Upon the renewal of a licence, the licence shall continue to be valid for a further period of 12 months or such other prescribed period as may be specified in the licence from the date immediately following that on which, but for its renewal, the licence would have expired.

Other grounds for refusing to issue or renew licence, etc.

7.—(1) For the purposes of sections 5 and 6, the Registrar may refuse to issue or renew a licence on any of the following grounds:
 * (a) if—
 * (i) the applicant is not—
 * (A) an individual who is ordinarily resident in Singapore; or
 * (B) a company, firm or limited liability partnership; or
 * (ii) any person who is or will be responsible for the management of the applicant’s business of moneylending is not ordinarily resident in Singapore;
 * (b) if the applicant, any director or partner of the applicant, or any person who is or will be responsible for the management of the applicant’s business of moneylending is below 21 years of age;
 * (c) if the Registrar is not satisfied that the applicant has any place of business in respect of which the licence is to be issued or renewed that is suitable for a business of moneylending, or the Registrar is of the view that it is not in the public interest for a business of moneylending to be conducted in such a place;
 * (d) if the applicant, any director, partner or substantial shareholder of the applicant, or any person who is or will be responsible for the management of the applicant’s business of moneylending—