Errant licensed moneylender fined $40,000

Errant licensed moneylender fined $40,000

SINGAPORE - An errant moneylender has been fined $40,000 by the Registry of Moneylenders for breaching seven acts of the Moneylenders Act and Rules.

Lee Wee Gee, 47, is the sole proprietor of the moneylending business, Expressloans Credits.

On Dec 15 2014, Lee, who has been a licensed moneylender since Oct 6, 2009, pleaded guilty in the State Courts and was convicted on seven out of 22 charges.

Some of the charges he was convicted for include granting a loan without having received a duly completed loan application form, failure to inform a borrower of the terms and conditions of a loan, and providing false information to the Registrar of Moneylenders.

The remaining 15 charges were taken into consideration by the Court.

Lee's moneylending licence, which expired on Dec 15, 2014, will not be renewed.

Since 2011, 29 other 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 an imprisonment term of up to two years on each charge.

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