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http://news.asiaone.com/News/Latest+News/Singapore/Story/A1Story20121220-390692.html
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Sunday, Dec 23, 2012
Property agent charged for referring clients to moneylender
SINGAPORE - The Council for Estate Agencies (CEA) is bringing six charges against a real estate salesperson for referring clients to a licensed moneylender and receiving payments from the moneylender.
Singaporean Ghazali Bin Mohamed Rasul, 38, was a licensed real estate agent with PropNex Realty Pte. Ltd. when he allegedly committed the offences. He is the first salesperson to be prosecuted by CEA for moneylending-related offences.
Under the Estate Agents Act, it is an offence for estate agents and salespersons to introduce, refer or recommend or suggest the use of the services of any moneylender to their clients.
They are also not allowed to receive commissions, rewards, fees, payments or any benefits from any moneylender for any moneylending transaction.
From Nov 2010 to Nov 2011, Ghazali introduced four clients to a licensed moneylender, AM Credit, for loans.
The clients had engaged his services separately to sell their respective HDB flats. Two of them took loans of $5,000 each, and one borrowed $7,000 from AM Credit.
Ghazali received two payments of $150 from AM Credit for two of the moneylending transactions as a reward.
Under the Estate Agents Act, persons who hold moneylender licences or who are employed or are directors in moneylending businesses are not eligible to be granted estate agent licences and salesperson registrations by CEA.
Salespersons engaged by clients with financial needs should not exploit their clients' circumstances and involve themselves with moneylending activities conducted by either licensed or unlicensed moneylenders.
Agents are not allowed to refer a client to any moneylender or receive any commission or other benefit from any moneylender relating to moneylending transactions.
The CEA also reminded the public that their HDB flat is intended to be a home for owner occupation, and an asset to help meet retirement needs. HDB flat owners should not use their HDB flats as security or collateral of any debt, obligation or claim.
Purnima Shantilal, Director (Licensing & Investigation) of CEA, said: "Estate agents and salespersons may have obtained confidential information from their clients in the course of acting for them, such as knowledge about their clients' financial needs.
"They should handle such information responsibly and act in the interest of their clients. CEA does not condone any collusion with moneylenders or involvement in moneylending activities by estate agents and salespersons.
"We will investigate and deal decisively when such practices are uncovered. Any person convicted in Court of such offences will not be fit to be a salesperson and can face debarment by CEA from working in the industry."
Since October 2010, CEA has debarred ten people involved in unlicensed moneylending activities from registration as salespersons. CEA also collaborated with the police on cases where salespersons may be involved in unlicensed moneylending activities.
One such case has resulted in a salesperson, who is also the Key Executive Officer of an estate agent being prosecuted for unlicensed moneylending offences in court recently.
Consumers are advised to report to CEA on any estate agent or salesperson who works in collusion with a moneylender. They can lodge a report with CEA at 1800-6432555 or [email protected].
Consumers can visit the "Consumer Resource Centre" on the CEA Website: www.cea.gov.sg for tips and references.
http://news.asiaone.com/News/Latest+News/Singapore/Story/A1Story20121220-390692.html
.
Sunday, Dec 23, 2012
Property agent charged for referring clients to moneylender
SINGAPORE - The Council for Estate Agencies (CEA) is bringing six charges against a real estate salesperson for referring clients to a licensed moneylender and receiving payments from the moneylender.
Singaporean Ghazali Bin Mohamed Rasul, 38, was a licensed real estate agent with PropNex Realty Pte. Ltd. when he allegedly committed the offences. He is the first salesperson to be prosecuted by CEA for moneylending-related offences.
Under the Estate Agents Act, it is an offence for estate agents and salespersons to introduce, refer or recommend or suggest the use of the services of any moneylender to their clients.
They are also not allowed to receive commissions, rewards, fees, payments or any benefits from any moneylender for any moneylending transaction.
From Nov 2010 to Nov 2011, Ghazali introduced four clients to a licensed moneylender, AM Credit, for loans.
The clients had engaged his services separately to sell their respective HDB flats. Two of them took loans of $5,000 each, and one borrowed $7,000 from AM Credit.
Ghazali received two payments of $150 from AM Credit for two of the moneylending transactions as a reward.
Under the Estate Agents Act, persons who hold moneylender licences or who are employed or are directors in moneylending businesses are not eligible to be granted estate agent licences and salesperson registrations by CEA.
Salespersons engaged by clients with financial needs should not exploit their clients' circumstances and involve themselves with moneylending activities conducted by either licensed or unlicensed moneylenders.
Agents are not allowed to refer a client to any moneylender or receive any commission or other benefit from any moneylender relating to moneylending transactions.
The CEA also reminded the public that their HDB flat is intended to be a home for owner occupation, and an asset to help meet retirement needs. HDB flat owners should not use their HDB flats as security or collateral of any debt, obligation or claim.
Purnima Shantilal, Director (Licensing & Investigation) of CEA, said: "Estate agents and salespersons may have obtained confidential information from their clients in the course of acting for them, such as knowledge about their clients' financial needs.
"They should handle such information responsibly and act in the interest of their clients. CEA does not condone any collusion with moneylenders or involvement in moneylending activities by estate agents and salespersons.
"We will investigate and deal decisively when such practices are uncovered. Any person convicted in Court of such offences will not be fit to be a salesperson and can face debarment by CEA from working in the industry."
Since October 2010, CEA has debarred ten people involved in unlicensed moneylending activities from registration as salespersons. CEA also collaborated with the police on cases where salespersons may be involved in unlicensed moneylending activities.
One such case has resulted in a salesperson, who is also the Key Executive Officer of an estate agent being prosecuted for unlicensed moneylending offences in court recently.
Consumers are advised to report to CEA on any estate agent or salesperson who works in collusion with a moneylender. They can lodge a report with CEA at 1800-6432555 or [email protected].
Consumers can visit the "Consumer Resource Centre" on the CEA Website: www.cea.gov.sg for tips and references.
