s 5 Licences not to be granted in certain cases
5.—(1) The Controller must not grant a licence under section 4(5) to a housing developer that —(a) is a company, unless the housing developer —(i) has an issued and paid-up capital of an amount that the Minister may prescribe; or (ii) has lodged with the Controller, in the form and manner and on any terms that the Controller may determine, a deposit or security of a sum that the Minister may prescribe; (b) is an individual, a group of persons, a partnership, a society or a limited liability partnership, unless the housing developer has lodged with the Controller, in the form and manner and on any terms that the Controller may determine, a deposit or security of a sum that the Minister may prescribe; (c) has a person holding a responsible position therein who, at any time within a period of 5 years immediately before the date of the application by the housing developer under section 4(2) for a licence —(i) has been convicted (whether in Singapore or elsewhere) of an offence involving fraud or dishonesty; or (ii) has served any sentence of imprisonment (whether in Singapore or elsewhere) in respect of an offence involving fraud or dishonesty;[Act 54 of 2018 wef 28/06/2023] (d) is an undischarged bankrupt (whether in Singapore or elsewhere) or has an undischarged bankrupt (whether in Singapore or elsewhere) holding a responsible position therein;[Act 54 of 2018 wef 28/06/2023] (e) is an individual who has been convicted (whether before, on or after the date of commencement of section 14(c) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence;[Act 54 of 2018 wef 28/06/2023] [Act 15 of 2025 wef 01/07/2025] (f) is a company, partnership, society or limited liability partnership which —(i) has been convicted (whether before, on or after the date of commencement of section 14(c) of the Anti‑Money Laundering and Other Matters (Estate Agents and Developers) Act 2025) of any money laundering, proliferation financing or terrorism financing offence; or[Act 15 of 2025 wef 01/07/2025] (ii) has an individual mentioned in paragraph (e) who holds or is to hold a responsible position in that company, partnership, society or limited liability partnership, as the case may be; or [Act 54 of 2018 wef 28/06/2023] (g) is a company which has as a substantial shareholder a person mentioned in paragraph (e) or (f).[15/2013] [Act 54 of 2018 wef 28/06/2023] (2) For the purposes of subsection (1)(a) and (b), the Minister may prescribe for different housing developers or classes of housing developers —(a) different amounts of issued and paid-up capital; or (b) different sums of deposit or security.[15/2013]