Banking (Credit Card and Charge Card) (Amendment) Regulations 2005

Status:

Published in Subsidiary Legislation Supplement
on 06 Jul 2005

No. S 439

Banking Act

(Chapter 19)

Banking (Credit Card and Charge Card) (Amendment) Regulations 2005

In exercise of the powers conferred by section 78(2) of the Banking Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Banking (Credit Card and Charge Card) (Amendment) Regulations 2005 and shall come into operation on 6th July 2005.

Amendment of regulation 2

2. Regulation 2(1) of the Banking (Credit Card and Charge Card) Regulations 2004 (G.N. No. S 27/2004) is amended —

(a)

by deleting the words “or obtaining cash on credit” in the definition of “ “credit card” or “charge card” ”;

(b)

by inserting, immediately after the definition of “ “credit card” or “charge card” ”, the following definitions:

“ “deposit”, in relation to a finance company, has the same meaning as in section 2 of the Finance Companies Act (Cap. 108);

“finance company” has the same meaning as in section 2 of the Finance Companies Act;

“merchant bank” means a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186);”; and

(c)

by inserting, immediately after the words “name of the cardholder” in the 3rd line of the definition of “secure”, the words “placed with any bank, merchant bank or finance company”.

Amendment of regulation 4

3. Regulation 4 of the Banking (Credit Card and Charge Card) Regulations 2004 is amended by inserting, immediately after the words “any bank” in paragraphs (5) and (6), the words “, merchant bank or finance company”.

[G.N. No. S 198/2004]

Made this 1st day of July 2005.

HENG SWEE KEAT

Managing Director,
Monetary Authority of
Singapore.

[SPD 021/2000; AG/LEG/SL/19/2003/1 Vol. 4]

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