Banking (Credit Card and Charge Card) (Amendment No. 2) Regulations 2009

Status:

Published in Subsidiary Legislation Supplement
on 30 Dec 2009

No. S 654

Banking Act

(Chapter 19)

Banking (Credit Card and Charge Card) (Amendment No. 2) Regulations 2009

In exercise of the powers conferred by section 78(2) and (5) 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 No. 2) Regulations 2009 and shall come into operation on 30th December 2009.

Amendment of regulation 7

2. Regulation 7 of the Banking (Credit Card and Charge Card) Regulations 2004 (G.N. No. S 27/2004) is amended —

(a)

by deleting the word “or” at the end of paragraph (2)(a);

(b)

by deleting the full-stop at the end of sub-paragraph (b) of paragraph (2) and substituting the word “; or”, and by inserting immediately thereafter the following sub-paragraph:

“(c)

the sending or giving of a credit card or charge card (referred to in this regulation as the substitute card) by a card issuer to an individual in substitution for a credit card or charge card for the sole purpose of enhancing the security features of the second-mentioned card and the substitute card is of the same kind as the second-mentioned card.”;

(c)

by deleting paragraph (2A) and substituting the following paragraphs:

“(2A) For the purposes of paragraph (2)(a) and (c), a replacement card or substitute card shall be treated as being of the same kind as a credit card or charge card if the type, terms, conditions and branding, and the fees and charges relating to the use, of the replacement card or substitute card, as the case may be, are the same as that of the second-mentioned card.

(2B) The card issuer shall notify the Authority not less than 10 days before the date of sending or giving a substitute card to an individual referred to in paragraph (2)( c).”; and

(d)

by inserting, immediately after paragraph (3), the following paragraph:

“(4) Any card issuer which contravenes paragraph (2B) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part thereof during which the offence continues after conviction.”.

[G.N. Nos. S 198/2004; S 439/2005; S 268/2006; S 76/2009]

Made this 24th day of December 2009.

TEO SWEE LIAN

Acting Managing Director,
Monetary Authority of Singapore.

[CMD/MCP/017/2006; AG/LEG/SL/19/2003/1 Vol. 8]

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