s 25B Penalty for contravening condition mentioned in section 25(7)(a)
25B.—(1) Where an approved purchaser, by lease or agreement, grants to another the right to occupy any residential property (other than non‑restricted residential property) in contravention of any condition mentioned in section 25(7)(a), the Controller may, by written notice, require the approved purchaser to pay, within a specified period, a financial penalty of such amount (as the Controller thinks fit) not exceeding the highest of one of the following amounts:(a) $10,000; (b) 3 times the amount of rental payable and collected —(i) in any case where the lease or agreement was made before 17 January 2011 — during the period of contravention falling on or after that date; or (ii) in any other case — during the period of contravention; or (c) 3 times the assessed rental reasonably expected to be collected for that residential property —(i) in any case where the lease or agreement was made before 17 January 2011 — during the period of contravention falling on or after that date; or (ii) in any other case — during the period of contravention.[35/2010] (2) The quantum of the financial penalty referred to in subsection (1) must take into account any security provided by the approved purchaser under section 25(7)(b) and which has been forfeited under section 25(7A) in respect of the same contravention of any condition mentioned in section 25(7)(a).[35/2010] (3) Where an approved purchaser is a company or a limited liability partnership, and the Controller is of the opinion that the failure of the approved purchaser to comply with any condition mentioned in section 25(7)(a) was committed with the consent or connivance of, or was attributable to any neglect on the part of, any person who is a director of the company or a partner of the limited liability partnership (as the case may be), the Controller must, together with the notice under subsection (1) to the approved purchaser, inform the person concerned of the Controller’s opinion, and that person is then jointly and severally liable with the company or limited liability partnership to pay the financial penalty imposed under subsection (1).[35/2010] (4) Any financial penalty payable by any approved purchaser or other person under subsection (1) or (3) is recoverable by the Controller as a debt due to the Controller from that approved purchaser or other person.[35/2010] (5) In this section, “assessed rental”, in relation to any residential property, means the market rental for that residential property as assessed by an independent valuer appointed by the Controller.[35/2010]