Errant Licensed Moneylender, Lee Wee Gee, Fined $40,000

15 DEC 2014

15 Dec 2014 Posted in Press releases

  1. The Registry of Moneylenders, a department of the Ministry of Law, brought charges in the State Courts on 21 July 2014 against Lee Wee Gee (李偉儀), 47 years old, the sole proprietor of the moneylending business, Expressloans Credits.

  2. Lee had been a licensed moneylender since 6 October 2009.

  1. On 15 December 2014, Lee pleaded guilty in the State Courts and was convicted on seven out of 22 charges for the following offences:
    • One charge relating to a breach under Rule 9(1)(a)(i) and punishable under Rule 9(4)(a) of the Moneylenders Rules 2009 for granting a loan without having received a duly completed loan application form.
    • One charge relating to a breach under Rule 20(1)(a) and punishable under Rule 20(4)(a) of the Moneylenders Rules 2009 for extending unsecured credit in excess of the statutory cap.
    • One charge relating to a breach under Section 15(2)(a) of the Moneylenders Act for breaching a condition of licence.
    • One charge relating to a breach under Section 19(1) and punishable under Section 19(5) of the Moneylenders Act for failure to inform a borrower of the terms and conditions of a loan.
    • Two charges relating to breaches under Section 20(2) of the Moneylenders Act for failure to state the principal loan amount and rate of interest in the notes of contract.
    • One charge relating to a breach under Section 24(7) of the Moneylenders Act for recklessly furnishing false information to the Registrar of Moneylenders.

The remaining 15 charges were taken into consideration by the Court for the purposes of sentencing.

  1. Lee was sentenced in the State Courts to a fine of $40,000 (in default 14 weeks’ imprisonment). Lee’s licence expired on 15 December 2014 and will not be renewed. Twenty-nine other licensed moneylenders have been convicted and fined since 2011 (see Annex A).
  1. The Registry carries out regular inspections of licensed moneylenders. Where breaches of moneylending laws are found, enforcement measures are taken, including the suspension or revocation of licences, forfeiture of security deposits, warnings and prosecutions. Those convicted of breaches of the Moneylenders Act and Rules face a fine of up to $40,000 and/or an imprisonment term of up to two years on each charge.

Last updated on 16 Dec 2014