By providing two separate and independent locking systems formed in a single padlock, with both locking systems independently enabling the single shackle to be released and/or lockingly engaged, in combination with a signal/indicator system constructed to provide a positive notification when one of said systems is employed, an effective, easily produced, multi-purpose signal providing padlock is achieved. In the preferred embodiment, a single housing and shackle assembly are employed and constructed for enabling the shackle to be released from locked engagement with the housing using either a rotatable dial combination construction or a key activating tumbler construction. In addition, a signal/indicator is activated whenever the key controlled locking section is employed with the signal/indicator being locked in position, for resetting by only the user/owner.