Errant licensed moneylender fined $40,000

SINGAPORE - A licensed moneylender has been fined $40,000 for several breaches of the Moneylenders Act and Rules.

Lee Wee Gin, 47, the sole proprietor of Expressloans Credit, pleaded guilty on Monday to seven charges, including granting a loan without having received a duly completed loan application form, and for extending unsecured credit in excess of the statutory cap.

He had also failed to inform a borrower of the terms and conditions of a loan, failed to state the principal loan amount and rate of interest in the notes of contract, and recklessly furnished false information to the Registrar of Moneylenders.

A total of 15 charges were taken into consideration by the Court.

Lee, who has been a licensed moneylender since October 6, 2009, will not have his licence, which expired on Monday, renewed.

The Registry of Moneylenders, which is a department of the Ministry of Law, said on Monday that 29 other licensed moneylenders have been convicted and fined since 2011.

"The Registry carries out regular inspections of licensed moneylenders," it said.

"Where breaches of moneylending laws are found, enforcement measures are taken, including the suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions."

Those convicted of breaches face a fine of up to $40,000 and/or up to two years' jail on each charge.

The highest fine meted out to a licensed moneylender since 2011 was a $314,000 fine given to James Lee Credit in June last year.