SIN GVT Moneylender Loan Application

On Dec. 13, SIN GVT issued amendment to Moneylenders rules 2009.

  • SIN GVT issued Moneylenders (amendment no. 3) rules 2024, amending Moneylenders rules 2009 regarding employment classification in the relevant loan applications.
  • Amendments modify requirement for collecting employment data from loan applicants.
  • Follows SIN GVT Nov. 2022 issued moneylenders (amendment) rules 2022, #154231.
  • Overview of Changes
  • Revises employment status categories for individual loan applicants to include employed or self-employed, platform worker as defined in Platform workers act 2024, and unemployed and not a platform worker; changes are applicable to certain areas.
  • Namely, information collected during loan application process as per rule 22B, as well as the content requirements for credit reports as per rule 22E indicated in amendment.
  • Effectiveness
  • Amendments come into operation on Jan. 1, 2025.

Regulators SIN GVT
Entity Types MSB
Reference OG S962/2024, 12/13/2024
Functions Compliance; Operations; Record Retention; Reporting
Countries Singapore
Category
State
Products Loan
Regions AP
Rule Type Final
Rule Date 12/13/2024
Effective Date 1/1/2025
Rule Id 236974
Linked to Rule :154231
Reg. Last Update 12/13/2024
Report Section International

Last substantive update on 12/18/2024