Banking Act (Chapter 19): Primary legislation governing banking institutions and financial services in Singapore, including car loan provisions by banks.
Moneylenders Act (Chapter 188): Regulates money lending activities in Singapore, relevant for non-bank financial institutions providing car loans.
Consumer Protection (Fair Trading) Act (Chapter 52A): Protects consumers against unfair practices and ensures fair trading terms in contracts, including vehicle financing agreements.
Hire Purchase Act (Chapter 125): Specifically regulates hire purchase agreements, which is a common structure for car financing in Singapore.
Monetary Authority of Singapore Act (Chapter 186): Establishes MAS's authority to regulate financial institutions and implement monetary policies affecting car loans.
MAS Guidelines on Fair Dealing: Provides guidance on fair dealing practices for financial institutions when offering car loans to consumers.
MAS Notice 635 on Vehicle Financing: Specific regulations on vehicle financing, including loan-to-value ratios and maximum loan tenure requirements.
MAS Notice 645 on Total Debt Servicing Ratio: Establishes limits on total debt servicing ratios for borrowers, affecting their eligibility for car loans.
Unfair Contract Terms Act (Chapter 396): Regulates unfair terms in contracts, ensuring balance between lender and borrower rights in car loan agreements.
Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in car loan applications and agreements.
LTV Restrictions: MAS-mandated restrictions on loan-to-value ratios for vehicle loans, determining maximum borrowing amounts.
Loan Tenure Requirements: Regulations specifying maximum loan tenure periods for car loans in Singapore.
Minimum Down Payment Rules: Requirements for minimum cash down payment when purchasing a vehicle through financing.
Interest Rate Disclosure Requirements: Regulations requiring clear disclosure of interest rates and other financing costs in car loan agreements.
Repossession Rules: Legal procedures and requirements for vehicle repossession in cases of loan default.
Early Redemption Provisions: Regulations governing early loan repayment terms and associated penalties or fees.
