2.—(1) In these Regulations, unless the context otherwise requires“business card” means a credit card or charge card issued to —| (a) | an employee of a sole proprietorship or partnership; | | (b) | a partner of a partnership; or | | (c) | a sole proprietor, |
| where, under the terms of use of the card — |
| (i) | the sole proprietor or partnership bears liability for any amount charged to the card; | | (ii) | the employee and the sole proprietor bear liability on a joint and several basis for any amount charged to the card; | | (iii) | the employee or partner, as the case may be, and the partnership bear liability on a joint and several basis for any amount charged to the card; or | | (iv) | the sole proprietor or partnership bears liability for any amount charged to the card for the purposes of the business of the sole proprietorship or partnership, |
| as the case may be, but does not include — |
| (A) | a card where the employee or partner is solely liable for any amount charged to the card; or | | (B) | a corporate purchasing card; |
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| “cardholder” means a person who has been issued a credit card or charge card; |
| “card issuer” means any bank or other financial institution carrying on a business of issuing credit cards or charge cards in Singapore; |
“corporate card” means a credit card or charge card issued to an employee or officer of a corporation where, under the terms of use of the card —| (a) | the corporation bears liability for any amount charged to the card; | | (b) | the employee or officer and the corporation bear liability on a joint and several basis for any amount charged to the card; or | | (c) | the corporation bears liability for any amount charged to the card for the purposes of the business of the corporation, |
| (i) | a card where the employee or officer is solely liable for any amount charged to the card; or | | (ii) | a corporate purchasing card; |
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| “corporate purchasing card” means a credit card or charge card issued for the purpose of purchasing goods or services, other than services for entertainment purposes, on behalf of a corporation, a partnership or a sole proprietorship, where the corporation, partnership or sole proprietor, as the case may be, bears liability for all amounts charged to the card; |
| “corporation”, in relation to a corporate card, means the body corporate in respect of which the card is issued; |
| “credit card” or “charge card” means any article, whether in physical or electronic form, of a kind commonly known as a credit card or charge card or any similar article intended for use in purchasing goods or services on credit, whether or not the card is valid for immediate use; [S 439/2005 wef 06/07/2005] |
| “deposit”, in relation to a finance company, has the same meaning as in section 2 of the Finance Companies Act (Cap. 108); [S 439/2005 wef 06/07/2005] |
| “finance company” has the same meaning as in section 2 of the Finance Companies Act; [S 439/2005 wef 06/07/2005] |
| “merchant bank” means a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186); [S 439/2005 wef 06/07/2005] |
| “officer”, in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body corporate; |
| “permanent resident” means any individual who is not subject to any restriction as to his period of residence in Singapore imposed under the provisions of any written law relating to immigration for the time being in force; |
| “principal cardholder” means a person who has been issued any credit card or charge card in respect of which any supplementary card has been issued; |
| “secure”, in relation to a credit limit of a credit card or charge card, means secure by one or more deposits in the name of the cardholder placed with any bank, merchant bank or finance company and includes the setting aside of the whole or part of any deposit of a cardholder placed with the card issuer, together with a contractual set-off agreement, where the deposit or such part of the deposit which has been set aside cannot be withdrawn by the cardholder unless and until the amount charged to or outstanding on the card is fully paid up. [S 198/2004 wef 15/04/2004] [S 439/2005 wef 06/07/2005] |
(2) For the purposes of these Regulations —| (a) | a credit limit of a card is secured if the amount charged to or outstanding on the card, including any amount charged to or outstanding on any supplementary card issued in respect of the card, is secured; and | | (b) | a credit limit of a card is unsecured if the amount charged to or outstanding on the card, including any amount charged to or outstanding on any supplementary card issued in respect of the card, is not secured. [S 198/2004 wef 15/04/2004] |
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