Section 147 — Prohibition from carrying on certain businesses

(1)A licensee must not carry on a business of granting any credit facility to any individual in Singapore.

(2)A licensee that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.

(3)In this section, “credit facility” means —

(a)any advance, loan or other facility that is granted by a licensee to a customer who is an individual, and that gives the customer access to any funds or financial guarantee provided by the licensee; or

(b)any other liability that is incurred by a licensee on behalf of a customer who is an individual.