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Another errant licensed moneylender is in the spotlight for charges linked to errant moneylending practices. The owner and manager of licensed moneylending company Skyline Credit were convicted of two out of six charges on Thursday, February 25. Four other similar charges were taken into consideration while sentencing. Both had pleaded guilty in the State Courts.
According to the Registry of Moneylenders, one of the two charges against the owner was for recklessly furnishing false information to the Registrar while the second charge was for granting Singapore borrowers unsecured loans that exceed S$3,000. The press release highlighted that these borrowers have an annual income less than S$20,000. The sole proprietor of Skyline Credit was fined S$13,000, and will face a three weeks jail term if the fine is not paid.
The manager on the other hand was convicted for knowingly furnishing a false document to an officer authorised by the Registrar during an inspection. The document contained a false income statement of a borrower. The manager was sentenced to a S$12,000 fined, and similarly faces a two weeks jail term if the fine is not paid. It is common for the Registry to carry out regular inspections and audits on licensed moneylenders to ensure compliance of moneylending laws. Where breaches of such laws are found, enforcement measures will be taken. These measures include suspension or revocation of licences, forfeiture of deposits, warnings, and prosecutions. More details can be found on the MinLaw website.
Since 2011, the Registry of Moneylenders have reported that there had been thirty-six other moneylenders convicted and fined. The Registry has also confirmed that the moneylending license of Skyline Credit will not be renewed after March 15.