06 Feb '12, 2pm

Man fined $22,000 for improperly granting loans

A licensed moneylender was fined $22,000 in the Subordinate Courts on Monday for granting loans without completing application forms and providing false information to the Registry of Moneylenders (ROM). Tan Wee Teck, a director of licensed money-lending company Swift De Credit, had seven charges made against him by the Registry of Moneylenders. ROM is a division of the Insolvency & Public Trustee's Office. Of the seven charges, five were related to granting loans without receiving from the borrowers duly completed application forms. A completed application form ensures that the moneylender checks relevant information on the borrower, amongst others the income of the borrower, and appropriately applies the prescribed caps in interest and quantum of loan under the Moneylenders Act and Rules. The remaining two charges were related to providing false information to the Regist...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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