SINGAPORE - An errant licensed moneylender was fined $24,000 on Monday after being convicted of six charges under the Moneylenders Act.
Chng Wee Soon, 37, the sole proprietor of moneylending business SOS Credit, pleaded guilty in the State Courts to four charges of failure to obtain a signature of the borrower, to acknowledge that the borrower has received the said receipt. He was also guilty of one count of contravention of licence conditions, and another count of recklessly furnishing false information to the Registrar.
The Registry of Moneylenders, a division of the Insolvency and Public Trustee's Office, brought a total of 18 charges against Chng in April last year. The remaining 12 were taken into consideration by the court for purposes of sentencing.
Chng has held a moneylending licence since March 19, 2010. He voluntarily terminated his licence on January 13 this year while he was under investigation for the offences.
Since 2011, 26 licensed moneylenders have been convicted and fined. Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $40,000 and/or jail of up to two years on each charge.