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An Moneylender Act Singapore Explained
The Moneylender Act in Singapore is a chunk of legislation that establishes out the rules governing credit activities. This act aims to protect borrowers from predatory lending practices and promote responsible moneylending in Singapore. It addresses a wide spectrum of features related to moneylending, including licensing requirements for lenders, interest rate caps, and procedures for resolving conflicts.
read more- Under the Moneylender Act, all moneylenders in Singapore are required to obtain a license from the Monetary Authority of Singapore (MAS). This guarantees that only reputable and capable lenders operate within the country.
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