3. Regulation 5 of the principal Regulations is amended by deleting paragraph (3) and substituting the following paragraphs:“(3) For the purposes of these Regulations, a reference to the overall credit limit of a Singapore cardholder with a card issuer of a credit card or charge card held by the Singapore cardholder, means —| (a) | in relation to a card issuer not specified in the Third Schedule —| (i) | unless specified in sub‑paragraph (ii) —| (A) | 2 times the monthly income of the Singapore cardholder, where the annual income of the Singapore cardholder is less than $30,000 (or its equivalent in foreign currency); and | | (B) | 4 times the monthly income of the Singapore cardholder, where the annual income of the Singapore cardholder is $30,000 (or its equivalent in foreign currency) or more; and |
| | (ii) | $2,500, where the Singapore cardholder —| (A) | is above 55 years of age; | | (B) | has an annual income of not more than $15,000 (or its equivalent in foreign currency); and | | (C) | has total net personal assets exceeding $750,000 but not exceeding $2 million (or its equivalent in foreign currency); and |
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| | (b) | in relation to a card issuer that is specified in the Third Schedule —| (i) | unless specified in sub‑paragraph (ii), 2 times the monthly income of the Singapore cardholder; and | | (ii) | $2,500, where the Singapore cardholder —| (A) | is above 55 years of age; | | (B) | has an annual income of not more than $15,000 (or its equivalent in foreign currency); and | | (C) | has total net personal assets exceeding $750,000 but not exceeding $2 million (or its equivalent in foreign currency). |
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(4) For the purposes of these Regulations, a reference to the aggregate unsecured credit limit of a Singapore cardholder with a lender that is a card issuer of a credit card or charge card held by the Singapore cardholder, is a reference to the sum derived from the formula A − B, where —| (a) | A is the sum of —| (i) | the credit limits of all fully unsecured credit cards (other than guaranteed credit cards, corporate cards and business cards) issued to the cardholder by the card issuer and, if one or more supplementary credit cards have been issued under such credit cards having separate credit limits from the principal cards, of all such supplementary credit cards; | | (ii) | the credit limits of all partially secured credit cards (other than guaranteed credit cards, corporate cards and business cards) issued to the cardholder by the card issuer and, if one or more supplementary credit cards have been issued under such credit cards having separate credit limits from the principal cards, of all such supplementary credit cards; | | (iii) | the credit limits of all fully unsecured charge cards (other than guaranteed charge cards, corporate cards and business cards) issued to the cardholder by the card issuer and, if one or more supplementary charge cards have been issued under such charge cards having separate credit limits from the principal cards, of all such supplementary charge cards; | | (iv) | the credit limits of all partially secured charge cards (other than guaranteed charge cards, corporate cards and business cards) issued to the cardholder by the card issuer and, if one or more supplementary charge cards have been issued under such charge cards having separate credit limits from the principal cards, of all such supplementary charge cards; | | (v) | the credit limits of all fully unsecured non‑card credit facilities granted to the cardholder by the card issuer; and | | (vi) | the credit limits of all partially secured non‑card credit facilities granted to the cardholder by the card issuer; and |
| | (b) | B is the total amount of credit granted by the lender to the Singapore cardholder under any credit card, charge card, supplementary credit card, supplementary charge card, or non‑card credit facility mentioned in sub‑paragraph (a), whether utilised or not, solely for any one or more loans specified in regulation 6(9). |
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(5) For the purposes of these Regulations, a reference to the aggregate unsecured credit limit of a Singapore cardholder with a lender other than a lender specified in paragraph (4) is a reference to the sum derived from the formula A − B, where —| (a) | A is the sum of —| (i) | the credit limits of all fully unsecured non‑card credit facilities granted to the cardholder by the lender; and | | (ii) | the credit limits of all partially secured non‑card credit facilities granted to the cardholder by the lender; and |
| | (b) | B is the total amount of credit granted by the lender to the Singapore cardholder under any non‑card credit facility mentioned in sub‑paragraph (a), whether utilised or not, solely for any one or more loans specified in regulation 6(9). |
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(6) To avoid doubt, where —| (a) | a lender grants a loan for the purpose specified in regulation 6(9)(h); and | | (b) | the aggregate of the amounts referred to in regulation 6(9)(h)(i) exceeds 80% of the amount to be paid by the Singapore cardholder for the subscription of the shares, |
| then the entire amount of share financing loan for the subscription of those shares mentioned in regulation 6(9)(h)(i)(A) must not be included in the amount mentioned in paragraph (4)(b) or (5)(b), as the case may be. |
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(7) To avoid doubt, where —| (a) | a lender grants a loan for the purpose specified in regulation 6(9)(i); and | | (b) | the aggregate of the amounts referred to in regulation 6(9)(i)(ii) exceeds one year’s emoluments of the Singapore cardholder as an officer or employee of the lender, |
| the loan amount (other than in relation to loans granted for any of the purposes specified in regulation 6(9)(a) to (h)) mentioned in regulation 6(9)(i)(ii)(A) must not be included in the amount mentioned in paragraph (4)(b) or (5)(b), as the case may be. |
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| (8) For the purposes of these Regulations, a reference to the total approved unsecured credit limit of a Singapore cardholder is a reference to the sum of all aggregate unsecured credit limits of the Singapore cardholder with every lender.”. |
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