§ 22 — Regulatory action against licensees and class licensees

22.—(1) Subject to section 23, if the Licensing Officer is satisfied that —(a)

a licensee or class licensee has contravened or not complied with —(i)

any condition of its licence or class licence;

(ii)

any provision of this Act applicable to the licensee or class licensee, the contravention of or non‑compliance with which is not an offence under this Act;

(iii)

any provision of a code of practice applicable to the licensee or class licensee;

(iv)

in the case of the licensee — any direction given to the licensee under subsection (2)(a) or section 11(4), 21(6), 25(2)(b) or 26(5); or

(v)

in the case of a class licensee — any direction given to the class licensee under subsection (2)(a);

(b)

a licensee or class licensee has gone or is likely to go into compulsory or voluntary liquidation other than for the purpose of amalgamation or reconstruction;

(c)

a licensee or class licensee has made any assignment to, or composition with, its creditors or, if a corporation or limited liability partnership, is unable to pay its debts;

(d)

a licensee or class licensee has been convicted of any of the following offences that is committed during the term of the licence or class licence, as the case may be:(i)

an offence under this Act;

(ii)

an offence, whether in Singapore or elsewhere, involving dishonesty or the conviction for which involved a finding that the licensee or class licensee had acted dishonestly;

(iii)

an offence specified in the Second Schedule;

(e)

the licence of a licensee had been obtained by fraud or misrepresentation;

(f)

a licensee is no longer a fit and proper person to hold a licence, having regard to the criteria or requirements mentioned in section 8(3) or the matter or evidence mentioned in section 8(4);

(g)

a key appointment holder of a licensee is no longer a fit and proper person to act in that capacity, having regard to the criteria or requirements mentioned in section 8(3) or the matter or evidence mentioned in section 8(4);

(h)

a licensee has ceased to carry on the debt collection business; or

(i)

the public interest so requires,

the Licensing Officer may (without any compensation) revoke the licensee’s licence or disapply the class licence with respect to that class licensee.

(2) However, the Licensing Officer may, in lieu of revoking a licensee’s licence or disapplying a class licence with respect to a class licensee under subsection (1), do (without compensation) one or more of the following:(a)

direct the licensee or class licensee to do, or to refrain from doing, the things that are specified in a direction to rectify any contravention or non-compliance mentioned in subsection (1)(a);

(b)

suspend the licence or application of the class licence with respect to the class licensee for not more than 6 months;

(c)

in the case of a licensee — modify any condition of the licence.

(3) In taking any regulatory action under this section in relation to the conviction of a licensee or a class licensee for a criminal offence, the Licensing Officer may accept the licensee’s or class licensee’s conviction as final.

(4) For the purposes of subsection (1)(c) —(a)

a corporation is unable to pay its debts if it is deemed to be so unable under section 125(2) of the Insolvency, Restructuring and Dissolution Act 2018; and

(b)

a limited liability partnership is unable to pay its debts if it is deemed to be so unable under paragraph 3(2) of the Fifth Schedule to the Limited Liability Partnerships Act 2005.

—(1) Subject to section 23, if the Licensing Officer is satisfied that —(a)

a licensee or class licensee has contravened or not complied with —(i)

any condition of its licence or class licence;

(ii)

any provision of this Act applicable to the licensee or class licensee, the contravention of or non‑compliance with which is not an offence under this Act;

(iii)

any provision of a code of practice applicable to the licensee or class licensee;

(iv)

in the case of the licensee — any direction given to the licensee under subsection (2)(a) or section 11(4), 21(6), 25(2)(b) or 26(5); or

(v)

in the case of a class licensee — any direction given to the class licensee under subsection (2)(a);

(b)

a licensee or class licensee has gone or is likely to go into compulsory or voluntary liquidation other than for the purpose of amalgamation or reconstruction;

(c)

a licensee or class licensee has made any assignment to, or composition with, its creditors or, if a corporation or limited liability partnership, is unable to pay its debts;

(d)

a licensee or class licensee has been convicted of any of the following offences that is committed during the term of the licence or class licence, as the case may be:(i)

an offence under this Act;

(ii)

an offence, whether in Singapore or elsewhere, involving dishonesty or the conviction for which involved a finding that the licensee or class licensee had acted dishonestly;

(iii)

an offence specified in the Second Schedule;

(e)

the licence of a licensee had been obtained by fraud or misrepresentation;

(f)

a licensee is no longer a fit and proper person to hold a licence, having regard to the criteria or requirements mentioned in section 8(3) or the matter or evidence mentioned in section 8(4);

(g)

a key appointment holder of a licensee is no longer a fit and proper person to act in that capacity, having regard to the criteria or requirements mentioned in section 8(3) or the matter or evidence mentioned in section 8(4);

(h)

a licensee has ceased to carry on the debt collection business; or

(i)

the public interest so requires,

the Licensing Officer may (without any compensation) revoke the licensee’s licence or disapply the class licence with respect to that class licensee.

(2) However, the Licensing Officer may, in lieu of revoking a licensee’s licence or disapplying a class licence with respect to a class licensee under subsection (1), do (without compensation) one or more of the following:(a)

direct the licensee or class licensee to do, or to refrain from doing, the things that are specified in a direction to rectify any contravention or non-compliance mentioned in subsection (1)(a);

(b)

suspend the licence or application of the class licence with respect to the class licensee for not more than 6 months;

(c)

in the case of a licensee — modify any condition of the licence.

(3) In taking any regulatory action under this section in relation to the conviction of a licensee or a class licensee for a criminal offence, the Licensing Officer may accept the licensee’s or class licensee’s conviction as final.

(4) For the purposes of subsection (1)(c) —(a)

a corporation is unable to pay its debts if it is deemed to be so unable under section 125(2) of the Insolvency, Restructuring and Dissolution Act 2018; and

(b)

a limited liability partnership is unable to pay its debts if it is deemed to be so unable under paragraph 3(2) of the Fifth Schedule to the Limited Liability Partnerships Act 2005.