Moneylending business JBM Credit fined $82,000 for 18 charges

The sole proprietor of moneylending business, JBM Credit, has been fined $82,000 for 18 charges against the Moneylenders Act.

Koo Guan San, 48, pleaded guilty to 18 out of 62 charges which includ failure to extend the completed loan application form to borrowers, granting an unsecured loan exceeding the prescribed limit of $3,000 to a Singapore borrower with an annual income below $20,000, failure to supply statements of account to borrowers and knowingly or recklessly furnishing false information to the Registrar.

The remaining 44 charges were taken into consideration by the Court for the purposes of sentencing.

28 other licensed moneylenders have been convicted and fined since 2011.

The Registry carries out regular inspections of 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 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.