Errant licensed moneylending company fined $10,000

Errant licensed moneylending company fined $10,000

SINGAPORE - Lion Credit Pte Ltd has been fined $10,000 for providing false information to the Registry of Moneylenders, said The Ministry of Law in a statement released on Monday.

The licensed moneylending company pleaded guilty in court on Feb 2 and was convicted on one charge of recklessly furnishing false information to the Registrar.

The court also took two other charges into consideration for the sentencing.

Besides the fine, Lion Credit, which has been a licensed moneylender since 2010, will also need to convince the Registrar not to revoke its licence and forfeit its security deposit.

The Registry carries out regular inspections of licensed moneylenders for any violations of the moneylending laws.

Those convicted of breaching the Moneylenders Act and rules face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.

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