s 66 Duties to obtain and submit borrower information, etc., before granting loan
66.—(1) Every licensee must, before granting any loan to an applicant for a loan, obtain from the applicant the following information in relation to the applicant and the loan:(a) if the applicant is an individual, the applicant’s full name (including any alias), date of birth, personal identification number (such as national registration identity card number, birth certificate number or passport number), nationality, residential address and telephone number; (b) if the applicant is a body corporate other than a limited liability partnership —(i) its name, the address of its place of business or registered office, its telephone number, the date and place of its incorporation and its incorporation number; (ii) the name, personal identification number (such as national registration identity card number, birth certificate number or passport number) and residential address of each of its officers; (iii) the name, place of incorporation, incorporation number and address of the place of business or registered office of each of its substantial shareholders that are corporations, if any; and (iv) the name, personal identification number (such as national registration identity card number, birth certificate number or passport number) and residential address of each of its substantial shareholders who are individuals, if any; [Act 32 of 2024 wef 25/11/2024] (ba) if the applicant is a limited liability partnership —(i) its name, the address of its place of business or registered office, its telephone number, the date and place of its incorporation and its incorporation number; (ii) the name, personal identification number (such as national registration identity card number, birth certificate number or passport number) and residential address of each of its managers; (iii) the name, place of incorporation, incorporation number and address of the place of business or registered office of each of its partners that are corporations, if any; and (iv) the name, personal identification number (such as national registration identity card number, birth certificate number or passport number) and residential address of each of its partners who are individuals, if any; [Act 32 of 2024 wef 25/11/2024] (c) if the applicant is a partnership or unincorporated association —(i) its name, address of its place of business or registered office, telephone number, date and place of registration and registration number; (ii) the names, personal identification numbers (such as national registration identity card number, birth certificate number or passport number) of every partner or member who is an individual and of its officers; and (iii) the names, places of incorporation, incorporation numbers and addresses of the places of business or registered offices of any partner which is a corporation; (d) any other information in relation to the applicant and the loan, that is prescribed by the Minister, having regard to the purposes of a credit report.[7/2018] (2) [Deleted by Act 38 of 2023 wef 01/03/2024] (3) The licensee must, within the prescribed time after the receipt of an application for a loan from an applicant and before granting any loan to the applicant, submit the information mentioned in subsection (1) and information about the principal of the loan, to the designated credit bureau in the prescribed manner.[7/2018] (4) Before submitting any information mentioned in subsection (1) to the designated credit bureau under subsection (3), the licensee must —(a) verify the information and applicant’s identity against either or a combination of the following:(i) genuine, complete and up‑to‑date documents provided by the applicant; (ii) the same or supporting information relating to the applicant from any public record; and (b) inform the applicant in writing —(i) that the information is to be submitted to the designated credit bureau for the purpose of producing a credit report in relation to the applicant; and (ii) that any of that information submitted to the designated credit bureau may be disclosed by the designated credit bureau to —(A) the Registrar; and (B) any public agency, if the Registrar is satisfied that the information is necessary for policy formulation or review by the public agency.[Act 38 of 2023 wef 01/03/2024] (5) No licensee may grant any loan to an applicant for a loan unless the licensee —(a) has submitted, within the prescribed time after the receipt of the loan application and in the prescribed manner, a request to the designated credit bureau for a credit report in relation to the applicant; and (b) has obtained a credit report in relation to the applicant within the prescribed time before the loan is granted.[7/2018] (6) The request submitted by the licensee under subsection (5)(a) must be accompanied by —(a) a declaration as to whether —(i) the licensee is submitting the request for a purpose other than for assessing the creditworthiness of the applicant in question and for complying with any restriction imposed under this Act as to the maximum amount that may be lent to the applicant; and (ii) the licensee has a valid licence issued under section 5 at the time of the request; and (b) any other document or information that the Minister may prescribe for the purposes of this subsection.[7/2018] (7) Upon obtaining a credit report in relation to an applicant for a loan, a licensee must —(a) if the licensee intends to grant the loan —(i) inform the designated credit bureau in the prescribed manner and before granting the loan, of any change in the information submitted under subsection (3); and (ii) submit to the designated credit bureau in the prescribed manner and before granting the loan, information on the frequency of repayment of the loan, the amount of each repayment, the rate of interest and late interest (if any), and any late payment fee or any permitted fee payable under the contract for the loan; and (b) if the licensee declines to grant the loan, inform the designated credit bureau in the prescribed manner and within the prescribed time of the reason or reasons for so declining.[7/2018] (8) Any licensee who without reasonable excuse contravenes subsection (1), (3), (4), (5), (6) or (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 6 months or to both.[7/2018] [Act 38 of 2023 wef 01/03/2024] (9) Any licensee who submits under subsection (6)(a) a declaration that is false 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.[30N [7/2018]