s 38 Accounts, etc., to be kept and submissions to Registrar
38.—(1) Subject to subsection (4), every licensee must keep, or cause to be kept —(a) every loan application form, and a copy of every document supporting the application, received by the licensee —(i) in a case where the loan application is not approved, for a period of 5 years after the date on which the form or copy is received; or (ii) in a case where the loan application is approved, for a period starting on the date on which the licensee receives the form or copy (as the case may be) and ending 5 years after the date on which the loan is fully repaid or on which the contract for the loan is otherwise terminated;[Act 38 of 2023 wef 01/03/2024] [Act 38 of 2023 wef 01/03/2024] (b) the note of contract in the prescribed form for every loan granted to a person by the licensee for a period starting on the date on which the licensee issues the note of contract and ending 5 years after the date on which the loan is fully repaid or on which the contract for the loan is otherwise terminated;[Act 38 of 2023 wef 01/03/2024] (c) the following documents:(i) a cash account book, in the prescribed form, containing an entry on every sum received or paid by a licensee relating to any recent loan; (ii) a loan account book, in the prescribed form, containing an entry on every amount of repayment or sum paid to the account of any recent loan; (iii) a list of borrowers containing the prescribed particulars of every borrower who is granted a recent loan; and (d) such other documents as may be prescribed, for such period as may be prescribed.[7/2018] (2) Subject to subsection (3), despite the revocation or expiry of the licence of a person, the person must continue to keep or cause to be kept each document mentioned in subsection (1) until the expiry of the period for which the document is required under subsection (1) to be kept or caused to be kept.[7/2018] (3) Despite subsection (2), the Registrar may specify by written notice to the person whose licence is revoked or has expired, the time after which any document kept or caused to be kept under subsection (1) is to be disposed of by the person.[7/2018] (4) Despite subsection (1), a licensee must keep or cause to be kept any loan application form, note of a contract for a loan or other document referred to in that subsection, which has been specified or described by the Registrar in relation to a specific transaction or borrower or as belonging to a class of documents, for such longer time as may be required in connection with an investigation into an offence under this Act.[7/2018] (5) Every licensee must submit to the Registrar the following statements, in such form and manner, at such frequency, and within such time, as may be prescribed:(a) a statement showing every moneylending transaction entered into by the licensee during such period as may be prescribed; (b) a statement showing the licensee’s cash and loan position for such period as may be prescribed.[7/2018] (6) Every licensee must, when so required by the Registrar, account for or explain any item or particulars appearing in any statement submitted to the Registrar under subsection (5). (7) Any person who contravenes subsection (1), (2) or (4), or who fails to comply with the Registrar’s notice under subsection (3), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both.[7/2018] (8) Any person who —(a) fails to submit to the Registrar any statement under subsection (5); or (b) fails to comply with any requisition made by the Registrar under subsection (6), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. (9) Any licensee who knowingly or recklessly furnishes to the Registrar any information —(a) in a statement under subsection (5); or (b) in an account or explanation to the Registrar under subsection (6), which is false or misleading in a material particular shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 12 months or to both. (10) Where a licensee submits a statement after the time for submission prescribed under subsection (5), the Registrar may impose a late submission fee not exceeding $100 for every day or part of a day that the submission is late, subject to a maximum of $2,000. (11) In this section —“recent loan”, in relation to a cash account book, loan account book or list of borrowers kept or caused to be kept by a licensee, means a loan granted by the licensee whether before, on or after 30 November 2018 —(a) that has not been fully repaid and the contract for the loan has not otherwise been terminated; or (b) where the loan has been fully repaid or the contract for the loan has otherwise been terminated, the full repayment or the termination of which (as the case may be) occurred within the period of 5 years before the date of the last entry in the cash account book, loan account book or list of borrowers, as the case may be.[24 [7/2018]