Errant Licensed Moneylender, CYS Credit Pte Ltd, Fined $22,500
10 Apr 2018 Posted in Press releases
The Registry of Moneylenders (“Registry”), a department under the Ministry of Law, brought charges in the State Courts on 8 January 2018 against CYS Credit Pte Ltd, a moneylending company.
CYS Credit Pte Ltd held a moneylending licence since 2 December 2009. The licence will not be renewed after it expires on 30 April 2018.
On 9 April 2018, the company pleaded guilty in the State Courts and was convicted on nine out of twenty- seven charges for offences under Rule 9(4)(b) read with Rule 9(3) of the Moneylenders Rules 2009 for having failed to extend a copy of the duly completed loan application form to borrowers at the time the loans were granted.
CYS Credit Pte Ltd was sentenced in the State Courts to a total fine of $22,500.
Forty-five licensed moneylenders or their officers have been convicted and fined for offences under the Moneylenders Act since 2011 (see Annex).
Conduct that is consistent with the Moneylenders Act and Rules (“MLA/R”) ensures that loan agreements are entered into in a proper and transparent manner. This protects the interest of both borrowers and licensed moneylenders. The duties to extend the duly completed application form, note of contract containing all terms and conditions, official receipt for cash payment, etc., are prescribed in the MLA/R to achieve this. The Registry reminds all licensed moneylenders to adhere to these requirements at all times.
The Registry carries out regular inspections on licensed moneylenders. 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 of the MLA/R face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.
List of past convictions since 2011
|No||Name of Moneylender||Sentence Date||Fine Amount($)|
|1.||Car City Leasing (Liew Yoon Kwai)||05/09/2011||31,000|
|2.||Capital Alliance Credit (Phua Chye Hee George)||18/10/2011||214,000|
|3.||Bez One Credit (Goh Siong Kiat)||26/09/2011||6,000|
|4.||Swift De Credit (Tan Wee Teck)||06/02/2012||22,000|
|5.||JXM Investment (Ng Gim Li)||20/02/2012||9,000|
|6.||Super Credit (Oh Kwan Huat)||06/08/2012||42,000|
|7.||GTR Moneylender & Credit (Lim Chee Wei)||17/09/2012||5,000|
|8.||Gary Credit (Chua Kwang Yong)||15/10/2012||101,000|
|9.||Credit HT (Tan Chun Hua)||25/03/2013||124,000|
|10.||Focus Credit Connections (Rebecca Yeo Saw Yan)||29/04/2013||7,500|
|11.||E.H. Credit Pte Ltd (Tan Joon Heng)||27/05/2013||40,000|
|12.||James Lee Credit (Lee Pit Chin)||05/06/2013||314,000|
|13.||i. Money Plant Pte Ltd
ii. Cho Hong Chye Alvin a.k.a. Zhu Hongcai Alvin
|14.||Primacy Management Services (Lee Kong Meng)||15/07/2013||114,000|
|15.||AA Credit (Phua Chin Meng)||29/07/2013||50,000|
|16.||Hong Yang Credit||05/08/2013||48,000|
|17.||M’Tac Triple8 Moneylender and Credit (Peh Soon Wah)||16/09/2013||24,000|
|18.||SB Credit (Teo Eng Teck)||23/09/2013||24,000|
|19.||A8 Credit (Cheng Hwang Teck)||14/10/2013||18,000|
|20.||Royal Credit (Tan Chong Boon)||18/11/2013||36,000|
|21.||Sapphire Credit Investment (Tan Wah Yee)||13/01/2014||20,000|
|22.||77 Moneylender (Lee Zhe Kai, previously known as Kee Yong Hwa)||03/02/2014||15,000|
|23.||Credit Paradise (Tan Hock Yong)||10/02/2014||24,000|
|24.||Moneyhub Credit (Pte.) Ltd. (Chia Chong Yew)||31/03/2014||24,000|
|25.||Heedmasters Credit (Peh Teck Tiong)||07/04/2014||17,000|
|26.||Credit @ Vincent Koh Pte Ltd (Koh Poh Huat)||21/04/2014||63,000|
|27.||SOS Credit (Chng Wee Soon)||26/05/2014||24,000|
|28.||Uni Cash 88 Credit (Tan Chiu Wui)||07/08/2014||2,000|
|29.||JBM Credit (Koo Guan San)||10/11/2014||82,000|
|30.||Expressloans Credits (Lee Wee Gee)||15/12/2014||40,000|
|31.||Budget Capital Pte Ltd (Neo Bock Soon)||05/01/2015||80,000|
|32.||Lion Credit Pte Ltd||02/02/2015||10,000|
Moneyline Express Pte Ltd
i. Chiang Tin Wei, Samuel
ii. Chuah Kim Tiong Eric
|34.||Money3 Pte Ltd (Jennie Anne Opperman)||13/04/2015||14,000|
|35.||Credit Xpress (Lim Kheng Meng)||20/04/2015||10,000|
|36.||Velocity Cash (Chan Ka Mun, Andy)||05/11/2015||25,000|
i. Hu Sufen
ii. Chng Kok Keng
|38.||Denaro Pte Ltd (Liew Hwai Shen)||27/06/2016||27,000|
|39.||AS Shalihin Enterprise (Tan Boon Nge)||16/09/2016||28,000|
|40.||Gauthamma Credit (Rajadanran s/o Suppiah)||17/10/2016||29,000|
|41.||Gee Credit (S) Pte Ltd (Yap Boon Keng)||5/12/2016||7,000|
|42.||WST Credit Pte Ltd (Tan Kim Wah, Steven)||20/11/2017||187,500|
Last updated on 24 May 2018