- (d) states that the licensee offers loans at a specified rate of interest but the actual rate of interest charged is higher; or
- (e) states that the licensee offers loans at a specified percentage rate of interest without stating that conditions apply, or without stating the conditions which apply, when the rate of interest offered is subject to conditions.
(3) Without prejudice to the generality of the power of the Registrar to issue directions under section 26(1), the Registrar may issue directions to any licensee with respect to the issue, publication or contents of advertising or marketing materials or the conduct of advertising or marketing activities.
(4) Any licensee who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both.
Prohibition of unsolicited loans
17.—(1) No licensee shall —
- (a) grant a loan to any person;
- (b) grant approval to any person to obtain a loan from the licensee; or
- (c) send or deliver, directly or indirectly, any article or document to any person on an undertaking by the licensee that such article or document, when used or produced in a specified manner, enables a loan to be obtained from the licensee,
without the person having first applied to the licensee in writing for the loan.
(2) Any licensee who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both.
Signage at place of business
18.—(1) Every licensee shall affix, in a conspicuous position at or in each of his places of business, a sign bearing his business name and the words “Licensed Moneylender” in the English language such as to be visible to any person immediately outside the place of business.
