Banking (Unsolicited Credit and Charge Cards) Regulations

Status:

Revised Edition
published on 02 Sep 1994

1 Citation

Banking Act

(Chapter 19, Section 78)

Banking (Unsolicited Credit
and Charge Cards) Regulations

Rg 3

G.N. No. S 338/1994

REVISED EDITION 1994

(2nd September 1994)

[2nd September 1994]

Citation

1. These Regulations may be cited as the Banking (Unsolicited Credit and Charge Cards) Regulations.

Definition

2. In these Regulations, “credit card” or “charge card” means any article of a kind commonly known as a credit card or charge card or any similar article intended for use in obtaining cash, goods or services on credit, whether or not the card is valid for immediate use.

Unsolicited credit and charge cards

3.—(1) No bank or financial institution shall send or give any credit card or charge card to any person if that person has not requested for it in a document signed by him.

(2) Paragraph (1) shall not apply to the sending or giving of a credit card or charge card to a person —

(a)	for use under a credit card or charge card agreement previously made; or
(b)	in renewal or replacement of, or in substitution for, a credit card or charge card of the same kind previously accepted by him under a credit card or charge card agreement which continues in force, whether or not it is valid.

(3) Any bank or financial institution which contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.

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