Hong Yang Credit fined $48k for 9 breaches to Moneylenders Act

PHOTO: Hong Yang Credit fined $48k for 9 breaches to Moneylenders Act

SINGAPORE - A licensed moneylending company, Hong Yang Credit Pte Ltd, has been fined $48,000 by the Subordinate Courts for various moneylending charges brought against it by the Registry of Moneylenders.

Hong Yang Credit pleaded guilty to the following nine charges on Monday:

One charge for granting an unsecured loan exceeding the prescribed limit of $3,000 to a Singapore borrower with an annual income below $20,000.

One charge for carrying on the business of moneylending at a place of business without the approval of the Registrar.

Two charges for failure to provide statements of account to borrowers who have existing loan contracts.

Three charges for failure to issue receipts for cash payments made by borrowers.

Two for recklessly furnishing false information to the Registrar.

Four charges were withdrawn and another 16 charges were taken into consideration.

Fifteen licensed moneylenders have been convicted and fined for various breaches since 2011.