Contracts Act 1872 (Chapter 53): Primary legislation governing contract formation, validity, and enforcement in Singapore. Crucial for the basic structure and enforceability of the loan assumption agreement.
Moneylenders Act (Chapter 188): Regulates moneylending activities in Singapore, including licensing requirements and restrictions on loan terms. Relevant if any party is considered a moneylender under the Act.
Banking Act (Chapter 19): Primary legislation governing banking institutions and their activities in Singapore. Relevant for loans involving regulated banking institutions.
Property Law Act (Chapter 242): Relevant if the loan assumption involves property-related financing. Governs rights and obligations related to property transactions.
Civil Law Act (Chapter 43): Contains provisions affecting civil law matters, including contract law and remedies available to parties.
MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore that govern banking and financial institutions' practices.
MAS Notice 635: Specific notice on banking arrangements and lending practices that banks must comply with.
MAS Notice 645: Regulations specifically dealing with property loans and their requirements, if applicable to the assumption agreement.
Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data. Relevant for handling personal information in the loan documentation.
AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements that must be considered in financial transactions.
Consumer Protection (Fair Trading) Act: Protects consumer interests in transactions, including financial services, particularly relevant if the loan involves individual consumers.
Unfair Contract Terms Act (Chapter 396): Regulates unfair terms in contracts, ensuring balance between parties' rights and obligations.
Singapore Case Law on Loan Assumptions: Relevant judicial decisions and precedents regarding loan assumptions and novation in Singapore courts.
ABS Guidelines: Industry standards and guidelines issued by the Association of Banks in Singapore that establish best practices for banking transactions.
