Regulatory Alerts2021-06-29
Added
MAS Notice 1113: Rules for Motor Vehicle Loans
The Monetary Authority of Singapore issued Notice 1113 to establish regulatory conditions for motor vehicle loans granted by merchant banks. The notice mandates specific requirements regarding total credit facilities, loan tenure, purchaser contributions, and verification procedures. These rules took effect on 1 July 2021, replacing the previous 2013 notice to ensure stricter oversight of lending practices.
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