Moneylenders Act (Chapter 188): Primary legislation governing money lending in Singapore. While family loans are typically exempt, this act sets boundaries to ensure the loan arrangement doesn't inadvertently fall under regulated moneylending activities. Private loans between family members are generally exempt from moneylending licenses.
Civil Law Act (Chapter 43): Fundamental legislation governing contract formation, enforcement, and validity in Singapore. Contains essential provisions about contractual capacity and requirements for valid contracts.
Contracts (Rights of Third Parties) Act: Legislation that governs how contracts may affect the rights of parties not directly involved in the agreement. Particularly relevant when loan agreements might impact other family members' rights.
Limitation Act (Chapter 163): Sets statutory time limits for legal actions, including a general limitation period of 6 years for contractual claims. Important for enforcement of loan repayment terms.
Mental Capacity Act: Crucial legislation when dealing with elderly family members or those who might have diminished capacity. Ensures all parties have the legal capacity to enter into binding agreements.
Income Tax Act: Governs tax implications of the loan arrangement, including treatment of interest income and specific provisions for loans between related parties.
Stamp Duties Act: Specifies requirements for document stamping and applicable stamp duty rates for loan documents in Singapore.
