PART II | Issue of cards, etc., and increasing credit limits |
| Minimum requirements for issuance of credit cards and charge cards |
8.—(1) This regulation shall not apply to —| (a) | the issue of any credit card or charge card referred to in section 57G(b) of the Act; | | (b) | the issue of a supplementary credit card or supplementary charge card if the card issuer complies or has complied with this regulation in respect of the principal cardholder; or | | (c) | the sending or giving of a credit card or charge card under the circumstances set out in regulation 10(2). |
(2) Subject to paragraph (3), a card issuer shall not issue a fully unsecured or partially secured credit card or charge card to an individual who is a citizen of Singapore or a permanent resident unless, at the time of application for the card —| (a) | in the case of an individual who is 55 years of age or younger, the individual has —| (i) | an annual income of at least $30,000 (or its equivalent in foreign currency); | | (ii) | financial assets (net of any related liabilities) exceeding $1 million (or its equivalent in foreign currency); or | | (iii) | total net personal assets exceeding $2 million (or its equivalent in foreign currency); |
[S 261/2017 wef 01/06/2017] | | (b) | in the case of an individual who is above 55 years of age, he has —| (i) | an annual income of at least $15,000; | | (ii) | total net personal assets exceeding $750,000; | | (iii) | a guarantor other than a Singapore guarantor; or | | (iv) | a Singapore guarantor with an annual income of at least $30,000; or |
| | (c) | the individual already holds a fully unsecured or partially secured credit card or charge card (other than by way of a supplementary credit card or supplementary charge card) pursuant to paragraph (2)(a) or (b)(i) or (ii) issued by the card issuer. |
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(3) Subject to paragraph (4), a card issuer may issue to an individual who is a citizen of Singapore or a permanent resident, a fully unsecured or partially secured corporate card or business card notwithstanding that the individual does not fulfil the applicable requirement specified in paragraph (2)(a), (b) or (c) if, at the time of application for the card —| (a) | the individual is to travel or is to be posted to a foreign country for the purposes of the business of the body corporate, partnership or sole proprietor concerned; and | | (b) | the corporate card or business card is required for the purchase of goods or services for or in connection with such travel, posting or business. |
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| (4) A card issuer which issues a corporate card or business card pursuant to paragraph (3) shall specify a period of validity for the card that takes into consideration what would be a reasonable period for which the use of the corporate card or business card is required for the purposes referred to in that paragraph. |
| (5) Any card issuer which contravenes paragraph (2) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000. |
(6) It shall be a defence for a card issuer charged with an offence under paragraph (5) in relation to paragraph (2) to prove that, at the time of application for the card —| (a) | it had taken all reasonable steps to verify that the individual fulfilled the applicable requirement specified in paragraph (2)(a), (b) or (c); or | | (b) | it had taken all reasonable steps to verify the existence of the circumstances specified in paragraph (3)(a) and (b). |
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(7) A card issuer must not issue a partially or fully secured credit card or charge card to an individual who is a citizen of Singapore or a permanent resident unless any amount that may become outstanding on the credit card or charge card —| (a) | is secured by specified deposits amounting in the aggregate to not less than $10,000; or | | (b) | is guaranteed by any bank, merchant bank or finance company, other than the card issuer, for an amount not less than $10,000. [S 319/2015 wef 01/06/2015] |
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(8) If a card issuer has issued a partially secured credit card or charge card to an individual who is a citizen of Singapore or a permanent resident, the card issuer must ensure that, for the whole period specified in paragraph (10), the amount that is outstanding on the credit card or charge card is —| (a) | secured by specified deposits amounting in the aggregate to not less than $10,000; or | | (b) | guaranteed by any bank, merchant bank or finance company, other than the card issuer, for an amount not less than $10,000. [S 319/2015 wef 01/06/2015] |
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(9) If a card issuer has issued a fully secured credit card or charge card to an individual who is a citizen of Singapore or a permanent resident, the card issuer must ensure that, for the whole period specified in paragraph (10), the amount that is outstanding on the credit card or charge card is —| (a) | secured by specified deposits amounting in the aggregate to not less than the higher of the following:| (i) | $10,000; | | (ii) | the amount that is outstanding on the credit card or charge card and all supplementary cards (if any); or |
| | (b) | guaranteed by any bank, merchant bank or finance company, other than the card issuer, for an amount not less than the higher of the following:| (i) | $10,000; | | (ii) | the amount that is outstanding on the credit card or charge card and all supplementary cards (if any). [S 319/2015 wef 01/06/2015] |
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(10) The period specified in paragraphs (8) and (9) is —| (a) | where the card that is issued by the card issuer is a supplementary credit card or a supplementary charge card, the whole period during which the principal cardholder holds the principal card; or | | (b) | in any other case, the period during which the cardholder holds the card. [S 319/2015 wef 01/06/2015] |
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| (11) A card issuer that breaches or fails to comply with paragraph (7), (8) or (9) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence under paragraph (8) or (9), to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction. [S 319/2015 wef 01/06/2015] |
| (12) In paragraphs (7), (8) and (9), “specified deposits” has the same meaning as in regulation 3(3). [S 319/2015 wef 01/06/2015] |
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| Minimum requirements for issuance of supplementary cards |
9.—(1) This regulation shall only apply to a supplementary credit card or supplementary charge card where the principal cardholder concerned is a Singapore cardholder.| (2) Subject to paragraph (3), a card issuer shall not issue a supplementary credit card or supplementary charge card to any individual who is below 18 years of age, except where the individual requires the use of the card for the purposes of his overseas travel. |
| (3) A card issuer which issues a supplementary credit card or supplementary charge card pursuant to paragraph (2) shall specify a period of validity for the card that takes into consideration what would be a reasonable period for which the use of the card is required for the purpose of the individual’s overseas travel. |
| (4) Any card issuer which contravenes paragraph (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000. |
| (5) It shall be a defence for a card issuer charged with an offence under paragraph (4) to prove that it had taken all reasonable steps to verify that the individual required the use of the supplementary credit card or supplementary charge card for the purposes of his overseas travel. |
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| New credit card or charge card |
10.—(1) Subject to paragraph (2), a card issuer shall not send or give any credit card or charge card to an individual unless the individual has requested for it in a document signed by him.(2) Paragraph (1) shall not apply to the following:| (a) | the sending or giving of a credit card or charge card (referred to in this regulation as a replacement card) by a card issuer to an individual in the renewal or replacement of a credit card or charge card —| (i) | which has been reported as lost or damaged; | | (ii) | which has been invalidated on suspicion of any fraud involving the credit card or charge card; or | | (iii) | the validity period of which is due to expire, |
| where the replacement card is of the same kind as the credit card or charge card so renewed or replaced; |
| | (b) | the sending or giving of a credit card or charge card (referred to in this regulation as an additional card) by a card issuer to an individual who is already the holder of a credit card or charge card (not being a supplementary credit card or supplementary charge card) issued by the card issuer, if —| (i) | the card issuer discloses to the individual the fees, interest and charges (including late payment charges) and terms of use associated with the additional card; | | (ii) | the individual is not liable for any amount charged to the additional card until the individual has communicated his acceptance of the terms of use associated with the additional card to the card issuer in writing; | | (iii) | no additional credit is granted in respect of the additional card to the individual over and above the individual’s existing aggregate credit limit; and | | (iv) | the conditions set out in sub-paragraphs (ii) and (iii) are communicated to the individual at or before the time of the sending or giving of the additional card; |
| | (c) | the sending or giving of a supplementary credit card or supplementary charge card (referred to in this regulation as an additional supplementary card) to an individual who is already the holder of a supplementary credit card or supplementary charge card issued in respect of the same principal cardholder by the card issuer if —| (i) | the card issuer discloses to the principal and supplementary cardholders the fees, interest and charges (including late payment charges) and terms of use associated with the additional supplementary card; | | (ii) | the principal and supplementary cardholders are not liable for any amount charged to the additional supplementary card until both the principal and supplementary cardholders have communicated their acceptance of the terms of use associated with the additional supplementary card to the card issuer in writing; | | (iii) | no additional credit is granted in respect of the additional supplementary card to the supplementary cardholder over and above the aggregate of the credit limits of the supplementary credit cards and supplementary charge cards already issued by the card issuer in respect of the same principal cardholder to that supplementary cardholder; and | | (iv) | the conditions set out in sub-paragraphs (ii) and (iii) are communicated to the principal and supplementary cardholders at or before the time of sending or giving of the additional supplementary card; or |
| | (d) | the sending or giving of a credit card or charge card (referred to in this regulation as a 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 card substituted, where the substitute card is of the same kind as the card substituted. |
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| (3) For the purposes of paragraph (2)(a) and (d), a replacement card or a substitute card shall be treated as being of the same kind as the credit card or charge card being replaced or substituted, as the case may be, if the type, terms of use and branding, and the fees, interest and charges (including late payment charges) relating to the use, of the replacement card or substitute card, as the case may be, are the same as those of the credit card or charge card being replaced or substituted. |
| (4) The card issuer shall, not less than 10 days before the date of the sending or giving of a substitute card referred to in paragraph (2)(d), notify the Authority of the same. |
(5) Subject to regulation 18C(5), where an individual requests a card issuer for a credit card or a charge card (other than a replacement card, an additional card or a substitute card), the card issuer shall —| (a) | obtain —| (i) | an indication from the individual of his preferred credit limit for that credit card or charge card or his preferred aggregate credit limit, in a document signed by him; or | | (ii) | in the case of a guaranteed credit card or guaranteed charge card, indications from both the individual and his guarantor, in documents signed by each of them, of their preferred credit limit for that guaranteed credit card or guaranteed charge card; and |
| | (b) | obtain —| (i) | in the absence of a preferred credit limit or a preferred aggregate credit limit indicated pursuant to sub-paragraph (a)(i), before the credit card or charge card is issued, the consent of the individual in a document signed by him, for the amount of the credit limit or aggregate credit limit to be granted; or | | (ii) | in the absence of a preferred credit limit indicated by the individual or the guarantor, as the case may be, pursuant to sub-paragraph (a)(ii), before the guaranteed credit card or guaranteed charge card is issued, the consent of the individual or his guarantor, as the case may be, in a document signed by him, for the amount of the credit limit to be granted. |
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[S 261/2017 wef 01/06/2017] |
(6) For the purpose of paragraph (5)(b) —| (a) | an individual shall be deemed to have consented to the credit limit or aggregate credit limit granted if he had agreed, in a document signed by him, to a credit limit or aggregate credit limit which was more than what was granted; or | | (b) | in the case of a guaranteed credit card or guaranteed charge card —| (i) | an individual shall be deemed to have consented to the credit limit for that guaranteed credit card or guaranteed charge card granted if he had agreed, in a document signed by him, to a credit limit which was more than what was granted; and | | (ii) | a guarantor shall be deemed to have consented to the credit limit granted for that guaranteed credit card or guaranteed charge card, if he had agreed, in a document signed by him, to a credit limit which was more than what was granted. |
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(7) Subject to regulation 14, a card issuer shall not, on or after 1st June 2014, issue a credit card or charge card with a credit limit —| (a) | in the case of a credit card or charge card that is not a guaranteed credit card or guaranteed charge card, that is greater than the preferred credit limit or preferred aggregate credit limit, as the case may be, the individual has indicated or consented to pursuant to paragraph (5)(a)(i) or (b)(i), as the case may be; and | | (b) | in the case of a guaranteed credit card or guaranteed charge card, that is greater than the lower of the following:| (i) | the preferred credit limit indicated or consented to by the individual pursuant to paragraph (5)(a)(ii) or (b)(ii), as the case may be; | | (ii) | the preferred credit limit indicated or consented to by the guarantor pursuant to paragraph (5)(a)(ii) or (b)(ii), as the case may be. |
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| (8) Any card issuer which contravenes paragraph (1), (5) or (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000. |
| (9) Any card issuer which contravenes paragraph (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000. |
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11.—(1) Subject to regulation 18C(6) and (7), a card issuer shall not —| (a) | increase a cardholder’s aggregate credit limit unless the cardholder has requested for the increase in a document signed by him; or | | (b) | in relation to a guaranteed credit card or guaranteed charge card, increase the credit limit for that guaranteed credit card or guaranteed charge card, unless the cardholder has requested for the increase in a document signed by him. |
[S 261/2017 wef 01/06/2017] (2) Where a cardholder requests the card issuer for an increase under paragraph (1) in his aggregate credit limit or in the credit limit of his guaranteed credit card or guaranteed charge card, the card issuer shall —| (a) | obtain, not more than one month prior to the increase —| (i) | an indication from the cardholder of his preferred aggregate credit limit in a document signed by him; or | | (ii) | in the case of a guaranteed credit card or guaranteed charge card, indications from both the cardholder and his guarantor, in documents signed by each of them, of their preferred credit limit for that guaranteed credit card or guaranteed charge card; and |
| | (b) | obtain, not more than one month prior to the increase —| (i) | in the absence of a preferred aggregate credit limit indicated pursuant to sub-paragraph (a)(i), the consent of the cardholder in a document signed by him, for the amount of the increase in the aggregate credit limit; or | | (ii) | in the absence of a preferred credit limit indicated by the cardholder or his guarantor, as the case may be, pursuant to sub‑paragraph (a)(ii), the consent of the cardholder or the guarantor, as the case may be, in a document signed by him, for the amount of the increase in the credit limit. |
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(3) For the purpose of paragraph (2)(b) —| (a) | a cardholder shall be deemed to have consented to the amount of the increase in his aggregate credit limit if he had agreed, in a document signed by him, to an increase in his aggregate credit limit which was more than what was granted; and | | (b) | in the case of a guaranteed credit card or guaranteed charge card —| (i) | a cardholder shall be deemed to have consented to the increase in the credit limit for that guaranteed credit card or guaranteed charge card if he had agreed, in a document signed by him, to an increase in the credit limit which was more than what was granted; and | | (ii) | a guarantor shall be deemed to have consented to the increase in the credit limit for that guaranteed credit card or guaranteed charge card if he had agreed, in a document signed by him, to an increase in the credit limit which was more than what was granted. |
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(4) Subject to regulation 14, a card issuer shall not, in granting under paragraph (1) a cardholder an increase in his aggregate credit limit or an increase in the credit limit of his guaranteed credit card or guaranteed charge card, grant an increase that results in, as the case may be —| (a) | the aggregate credit limit of the cardholder being greater than the preferred aggregate credit limit which the cardholder has indicated or consented to pursuant to paragraph (2)(a)(i) or (b)(i), as the case may be; or | | (b) | the credit limit of the guaranteed credit card or guaranteed charge card being greater than the lower of the following:| (i) | the preferred credit limit indicated or consented to by the cardholder pursuant to paragraph (2)(a)(ii) or (b)(ii), as the case may be; | | (ii) | the preferred credit limit indicated or consented to by the guarantor pursuant to paragraph (2)(a)(ii) or (b)(ii), as the case may be. |
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| (5) Any card issuer which contravenes paragraph (1), (2) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000. |
(6) Paragraph (1) does not apply to any increase in the aggregate credit limit of a supplementary cardholder, or increase in the credit limit of a guaranteed credit card or guaranteed charge card for a supplementary cardholder, as the case may be, where —| (a) | the increase in the credit limit or aggregate credit limit, as the case may be, is requested by the principal cardholder in a document signed by him and is for a purpose which has been specified by the Authority in writing to the card issuer; | | (b) | the increase is granted by the card issuer only for a reasonable period of time and for a reasonable amount, taking into account the purpose of the request for the increase; and | | (c) | the card issuer agrees with the principal cardholder not to recover from the supplementary cardholder such amounts as are outstanding on the supplementary card, which exceed —| (i) | where the supplementary card is issued before 1 June 2014 and the supplementary cardholder has not been granted an increase in the credit limit of the supplementary card or the aggregate credit limit between that date and the date of the increase, the credit limit of the supplementary card or aggregate credit limit granted to the supplementary cardholder immediately before the increase; or | | (ii) | in any other case, the credit limit of the supplementary card or the aggregate credit limit granted to the supplementary cardholder in accordance with paragraph (4) or regulation 10(7), as the case may be, before the increase. [S 319/2015 wef 01/06/2015] |
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(7) Paragraph (1) also does not apply to any increase in the aggregate credit limit of a supplementary cardholder, or increase in the credit limit of a guaranteed credit card or guaranteed charge card for a supplementary cardholder, where —| (a) | the increase in the credit limit or aggregate credit limit, as the case may be, is requested by the principal cardholder in a document signed by him; and | | (b) | the supplementary cardholder is a child who is financially dependent on the principal cardholder. [S 319/2015 wef 01/06/2015] |
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| (8) In paragraph (7)(b), “child”, in relation to a cardholder, includes a stepchild and a child who has been de facto adopted by the cardholder, whether or not such adoption has been registered in accordance with the provisions of any written law. [S 319/2015 wef 01/06/2015] |
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| Credit checks with credit bureau |
12.—(1) Subject to regulation 23A(1), a card issuer shall conduct comprehensive checks with at least one licensed credit bureau for the purpose of assessing the credit‑worthiness of —| (a) | an individual, prior to issuing a credit card or charge card (other than a credit card or charge card referred to in regulation 10(2)) to that individual; | | (b) | a cardholder, prior to increasing the aggregate credit limit granted by the card issuer to that cardholder, unless comprehensive checks with at least one licensed credit bureau had already been conducted for the purpose of assessing the credit-worthiness of that cardholder not more than one month prior to increasing the aggregate credit limit; and | | (c) | a cardholder, upon receiving any information from any person that calls into question the credit-worthiness of that cardholder, unless checks with at least one licensed credit bureau had already been conducted for the purpose of assessing the credit-worthiness of that cardholder not more than 3 months prior to the information being received. [S 319/2015 wef 01/06/2015] |
[S 379/2022 wef 14/05/2022] (2) In addition to the requirements in paragraph (1), where the credit card or charge card referred to in that paragraph is a guaranteed credit card or guaranteed charge card (other than a guaranteed credit card or guaranteed charge card referred to in regulation 10(2)), the card issuer shall also conduct comprehensive checks with at least one licensed credit bureau for the purpose of assessing the credit-worthiness of the guarantor or the Singapore guarantor of the card in the following circumstances:| (a) | prior to issuing that card; | | (b) | prior to increasing the credit limit of that card, unless comprehensive checks with at least one licensed credit bureau had already been conducted for the purpose of assessing the credit-worthiness of the guarantor or Singapore guarantor, as the case may be, not more than one month prior to increasing the credit limit of that card; | | (c) | upon receiving any information from any person that calls into question the credit-worthiness of the cardholder, guarantor or Singapore guarantor, unless checks with at least one licensed credit bureau had already been conducted for the purpose of assessing the credit-worthiness of the guarantor or Singapore guarantor, as the case may be, not more than 3 months prior to the information being received. |
[S 379/2022 wef 14/05/2022] |
| (3) In the case of a guaranteed credit card or guaranteed charge card issued pursuant to regulation 8(2)(b)(iv) to an individual, a card issuer shall conduct comprehensive checks with at least one licensed credit bureau for the purpose of assessing the credit-worthiness of the cardholder in the event that the Singapore guarantor is not permitted, pursuant to regulation 16 or 17, to charge further amounts to any credit card or charge card issued by that card issuer to the guarantor. [S 379/2022 wef 14/05/2022] |
(4) For the purposes of paragraphs (1), (2) and (3) and regulations 16(4)(c) and 17(6)(b)(ii), a card issuer shall in relation to an individual, a cardholder, a guarantor or a Singapore guarantor, as the case may be, review all of the following in its comprehensive checks with at least one licensed credit bureau:| (a) | secured and unsecured amounts outstanding on all credit cards, charge cards and non-card credit facilities reported to the licensed credit bureau; [S 379/2022 wef 14/05/2022] | | (b) | secured and unsecured credit limits of all credit cards, charge cards and non-card credit facilities reported to the licensed credit bureau; [S 379/2022 wef 14/05/2022] | | (c) | the payment status of all credit cards, charge cards and non‑card credit facilities reported to the licensed credit bureau. [S 379/2022 wef 14/05/2022] |
[S 379/2022 wef 14/05/2022] |
(5) For the purpose of paragraph (4) —| (a) | data on amounts outstanding and credit limits —| (i) | shall exclude data concerning —| (A) | any loan to a sole proprietor or partner of a partnership, for a business purpose; | | (B) | fully secured credit cards and charge cards; and | | (C) | non-card credit facilities that are fully secured by a deposit or deposits; and |
| | (ii) | may exclude data concerning any corporate card or business card; and |
| | (b) | data on payment status —| (i) | shall exclude data concerning any loan to a sole proprietor or partner of a partnership, for a business purpose; and | | (ii) | may exclude data concerning any corporate card or business card. |
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| (6) For the purposes of paragraphs (1)(c) and (3), a card issuer need not conduct comprehensive checks if the card issuer has ceased to permit or will not permit any further amounts (other than the specified amounts) to be charged to any credit card or charge card issued, or to be drawn down on any fully unsecured or partially secured non-card credit facility granted, to that cardholder by the card issuer, until the amounts outstanding on all his credit cards and charge cards issued, and fully unsecured or partially secured non‑card credit facilities granted, by the card issuer to that cardholder are paid in full. |
| (7) For the purpose of paragraph (2)(c), a card issuer need not conduct comprehensive checks if the card issuer has ceased to permit or will not permit any further amounts (other than the specified amounts) to be charged to any credit card or charge card issued, or to be drawn down on any fully unsecured or partially secured non‑card credit facility granted, by the card issuer to the cardholder and guaranteed by that guarantor, until the amounts outstanding on all credit cards and charge cards issued, and fully unsecured or partially secured non-card credit facilities granted, by the card issuer to the same cardholder and guaranteed by that same guarantor are paid in full. |
(8) For the purposes of paragraphs (6) and (7), the specified amounts are the following:| (a) | any fees, interest and charges (including late payment charges) relating to the use of any credit card or charge card issued, or any fully unsecured or partially secured non-card credit facility granted, by the card issuer; | | (b) | any outstanding amounts transferred by the card issuer —| (i) | in the case of paragraph (6), from any credit card or charge card already issued, or any fully unsecured or partially secured non-card credit facility already granted, by the card issuer to the cardholder, to another credit card or charge card the card issuer has issued or will issue, or any fully unsecured or partially secured non-card credit facility the card issuer has granted or will grant, to the same cardholder; and | | (ii) | in the case of paragraph (7), from any credit card or charge card issued, or any fully unsecured or partially secured non-card credit facility granted, to the cardholder by the card issuer and that is guaranteed by that guarantor, to another credit card or charge card the card issuer has issued or will issue, or any fully unsecured or partially secured non-card credit facility the card issuer has granted or will grant, to the same cardholder and that is guaranteed by that same guarantor. |
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| (9) For the purposes of paragraphs (1)(c) and (2)(c), a card issuer need not conduct the comprehensive checks if the person providing the information refuses to identify himself to the card issuer, even after the card issuer undertakes to the person that his identity will be kept confidential to any extent required by the person. |
| (10) Any card issuer which contravenes paragraph (1), (2), (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000. |
| (11) Nothing in this regulation shall require a card issuer to conduct checks with any credit bureau in relation to a holder of a supplementary credit card or supplementary charge card in his capacity as a supplementary cardholder. |
| (12) For the avoidance of doubt, nothing in these Regulations shall require or permit the disclosure of any information to one or more credit bureaus in contravention of section 47 of the Act. |
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| Checks on income, total net personal assets or financial assets |
13.—(1) This regulation shall not apply to any cardholder who will only be issued, or only holds, credit cards or charge cards referred to in section 57G(b) of the Act, and to whom no fully unsecured or partially secured non-card credit facility has been granted, by the card issuer or any of its affiliated corporations.(2) Subject to regulation 23A(2), a card issuer shall obtain —| (a) | prior to issuing a fully unsecured or partially secured credit card or charge card (other than a guaranteed credit card or guaranteed charge card) to an individual who has not already been issued any such credit card or charge card by the card issuer, the documents specified in Part I of the First Schedule; and | | (b) | prior to increasing the aggregate credit limit granted to an individual who has already been issued a credit card or charge card referred to in sub-paragraph (a), the documents specified in Part II of the First Schedule, unless —| (i) | [Deleted by S 319/2015 wef 01/09/2015] | | (ii) | the increase in the aggregate credit limit of the individual is fully secured. [S 319/2015 wef 01/09/2015] |
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(3) A card issuer shall, in relation to a guaranteed credit card or guaranteed charge card issued or to be issued to an individual, obtain —| (a) | prior to issuing the credit card or charge card (other than a guaranteed credit card or guaranteed charge card referred to in regulation 10(2)) to the individual, the documents specified in Part III of the First Schedule; and | | (b) | prior to increasing the credit limit of the credit card or charge card, the documents specified in Part IV of the First Schedule, unless —| (i) | [Deleted by S 319/2015 wef 01/09/2015] | | (ii) | the increase in the credit limit of the credit card or charge card is fully secured. |
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(4) Upon receiving any information from any person that calls into question the credit-worthiness of a cardholder of a fully unsecured or partially secured credit card or charge card (other than a guaranteed credit card or guaranteed charge card), a card issuer shall request the cardholder to provide the documents specified in Part II of the First Schedule, unless —| (a) | [Deleted by S 319/2015 wef 01/09/2015] | | (b) | the card issuer has ceased to permit or will not permit any further amounts (save for the amounts referred to in regulation 12(8)(a) and (b)(i)) to be charged to any credit card or charge card issued, or to be drawn down on any fully unsecured or partially secured non-card credit facility granted, by the card issuer to that cardholder, until the amounts outstanding on all the credit cards and charge cards issued, and fully unsecured or partially secured non-card credit facilities granted, by the card issuer to that cardholder are paid in full; or | | (c) | the person providing the information refuses to identify himself to the card issuer, even after the card issuer undertakes to the person that his identity will be kept confidential to any extent required by the person. |
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(5) Upon receiving any information from any person that calls into question the credit-worthiness of a cardholder of a guaranteed credit card or guaranteed charge card, or a guarantor thereof, a card issuer shall request the guarantor to provide the documents specified in Part IV of the First Schedule, unless —| (a) | [Deleted by S 319/2015 wef 01/09/2015] | | (b) | the card issuer has ceased to permit or will not permit any further amounts (save for the amounts referred to in regulation 12(8)(a) and (b)(ii)) to be charged to any credit card or charge card issued, or to be drawn down on any fully unsecured or partially secured non-card credit facility granted, by the card issuer to the cardholder and guaranteed by that guarantor, until the amounts outstanding on all the credit cards and charge cards issued, and fully unsecured or partially secured non‑card credit facilities granted, by the card issuer to the same cardholder and guaranteed by that same guarantor are paid in full; or | | (c) | the person providing the information refuses to identify himself to the card issuer, even after the card issuer undertakes to the person that his identity will be kept confidential to any extent required by the person. |
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| (6) Subject to paragraph (9), any card issuer which contravenes paragraph (2), (3), (4) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000. [S 319/2015 wef 01/09/2015] |
| (7) Nothing in this regulation shall require a card issuer to obtain documents to verify the income of a holder of a supplementary credit card or supplementary charge card in his capacity as a supplementary cardholder. |
(8) Subject to regulation 22 —| (a) | the documents that a card issuer must obtain under paragraph (2)(a) must be dated not more than 3 months before the date of application for the relevant credit card or charge card; | | (b) | the documents that a card issuer must obtain under paragraph (2)(b) must be dated not more than 3 months before the relevant increase in the aggregate credit limit; | | (c) | the documents that a card issuer must obtain under paragraph (3)(a) must be dated not more than 3 months before the date of application for the relevant credit card or charge card; | | (d) | the documents that a card issuer must obtain under paragraph (3)(b) must be dated not more than 3 months before the relevant increase in the credit limit; | | (e) | the documents that a card issuer is required to request the cardholder to provide under paragraph (4) must be dated not more than 3 months before the date that the documents are received by the card issuer; and | | (f) | the documents that a card issuer is required to request the guarantor to provide under paragraph (5) must be dated not more than 3 months before the date that the documents are received by the card issuer. [S 319/2015 wef 01/09/2015] |
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(9) A card issuer need not —| (a) | obtain a document under paragraph (2) or (3); or | | (b) | request for a document under paragraph (4) or (5), |
| if the card issuer already has the document and the document is dated with a date that complies with paragraph (8). |
[S 319/2015 wef 01/09/2015] |
[S 261/2017 wef 01/06/2017] |
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