PART I | Citation and commencement |
| 1. These Regulations may be cited as the Banking (Credit Card and Charge Card) Regulations 2013 and shall come into operation on 1st December 2013. |
2. In these Regulations, unless the context otherwise requires —“affiliated corporation”, in relation to a card issuer or financial institution, means any of the following:| (a) | a related corporation of the card issuer or financial institution, as the case may be, that is incorporated in Singapore; | | (b) | where the card issuer or financial institution, as the case may be, has a related corporation that is incorporated outside Singapore —| (i) | any branch or office of the related corporation that is located in Singapore; or | | (ii) | such branch or office of the related corporation that is located outside Singapore as may be designated by the Authority by notice in writing to the card issuer or financial institution; |
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“business card” means a credit card or charge card issued to —| (a) | a sole proprietor; | | (b) | a partner of a partnership, other than a limited liability partnership; or | | (c) | an employee of a sole proprietor or any such partnership, |
| where, under the terms of use of the credit card or charge card, the sole proprietor or partnership bears sole liability, or joint and several liability with the cardholder, for — |
| (i) | any amount charged to the credit card or charge card; or | | (ii) | any amount charged to the credit card or charge card for the purposes of the business of the sole proprietor or partnership, |
| (A) | a credit card or charge card where the employee or partner is solely liable for any amount charged to the credit card or charge card; | | (B) | a corporate purchasing card; or | | (C) | a credit card or charge card which was applied for on the basis that it was not for any business purpose; |
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| “business card with no personal liability” means a business card issued to an employee of a sole proprietor or partnership (other than a limited liability partnership) where, under the terms of use of the business card, the sole proprietor or partnership bears sole liability for any amount charged to the business card; |
| “cardholder” means an individual who has been issued a credit card or charge card, or a supplementary credit card or supplementary charge card; |
| “card issuer” means any person 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 (being a director, member of the committee of management, chief executive, manager, secretary or other similar officer) of a body corporate where, under the terms of use of the credit card or charge card, the body corporate bears sole liability, or joint and several liability with the cardholder, for —| (a) | any amount charged to the credit card or charge card; or | | (b) | any amount charged to the credit card or charge card for the purposes of the business of the body corporate, |
| (i) | a credit card or charge card where the employee or officer is solely liable for any amount charged to the credit card or charge card; or | | (ii) | a corporate purchasing card; |
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| “corporate card with no personal liability” means a corporate card issued to an employee or officer (being a director, member of the committee of management, chief executive, manager, secretary or other similar officer) of a body corporate where, under the terms of use of the corporate card, the body corporate bears sole liability for any amount charged to the corporate card; |
| “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 body corporate, a partnership or a sole proprietor, where the body corporate, partnership or sole proprietor bears sole liability for all amounts charged to the credit card or charge card; |
| “credit bureau” has the meaning given by section 2 of the Credit Bureau Act 2016; [S 379/2022 wef 14/05/2022] |
| “credit card” or “charge card” has the same meaning as in section 56 of the Act but excludes any credit card or charge card referred to in section 57G(a) or (c) of the Act; |
| “deposit”, in relation to a finance company, has the same meaning as in section 2 of the Finance Companies Act (Cap. 108); |
| “direct insurer” has the same meaning as in section 1A of the Insurance Act (Cap. 142); |
| “director group” has the same meaning as in paragraph 1 of the Fifth Schedule to the Act; |
| “emoluments”, in relation to an individual, means the salary and bonuses of the individual but does not include any allowances; |
| “excluded employee”, in relation to a direct insurer, means an insurance agent who has entered into an agreement in writing with the direct insurer to arrange, as agent for the direct insurer, any contract of insurance; |
| “finance company” has the same meaning as in section 2 of the Finance Companies Act; |
“financial asset” means —| (a) | a deposit as defined in section 4B(4) of the Act; or | | (b) | an investment product as defined in section 2(1) of the Financial Advisers Act (Cap. 110); |
[S 261/2017 wef 01/06/2017] |
| “financial institution” means any person who is licensed, approved, registered or otherwise regulated by the Authority under any written law; |
“guaranteed charge card” means a charge card that is guaranteed by a guarantor but does not include —| (a) | a charge card referred to in section 57G(b) of the Act; or | | (b) | a charge card that could be issued by the card issuer on the basis that the applicant satisfies any of the criteria referred to in regulation 8(2)(a) or (b)(i) or (ii); [S 319/2015 wef 01/06/2015] |
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“guaranteed credit card” means a credit card that is guaranteed by a guarantor but does not include —| (a) | a credit card referred to in section 57G(b) of the Act; or | | (b) | a credit card that could be issued by the card issuer on the basis that the applicant satisfies any of the criteria referred to in regulation 8(2)(a) or (b)(i) or (ii); [S 319/2015 wef 01/06/2015] |
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| “guarantor” means an individual who guarantees the repayment of all amounts charged to or outstanding on a credit card or charge card; |
| “IRAS” means the Inland Revenue Authority of Singapore established under section 3 of the Inland Revenue Authority of Singapore Act (Cap. 138A); |
| “lender” means a financial institution or any of its affiliated corporations which issues a credit card or a charge card, or grants a non-card credit facility, to a person; |
| “licensed credit bureau” has the meaning given by section 2 of the Credit Bureau Act 2016; [S 379/2022 wef 14/05/2022] |
| “medical treatment” means any “approved medical treatment or services” as defined in section 2(1) of the MediShield Life Scheme Act 2015 (Act 4 of 2015) but excludes any treatment, service or item referred to in regulation 12(2)(a) of the MediShield Life Scheme Regulations 2015 (G.N. No. S 622/2015); [S 631/2015 wef 01/11/2015] |
| [Deleted by S 453/2021 wef 01/07/2021] |
“non-card credit facility” means —| (a) | any advance, loan or other facility granted by a lender to a customer whereby the customer has access to any funds or financial guarantee provided by the lender; or | | (b) | any other liability incurred by a lender on behalf of a customer of the lender, |
| other than by way of issue of a credit card or charge card by the lender or in relation to a credit card or charge card issued by the lender; |
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| “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 the cardholder under whose credit card or charge card any supplementary credit card or charge card has been issued; |
| “purchase rate” means the interest rate which applies to credit granted for the purchase of goods and services using a credit card or charge card, as specified under the terms of use of the credit card or charge card agreement between a cardholder and a card issuer; |
| “share” has the same meaning as in section 4(1) of the Companies Act (Cap. 50); |
| “Singapore cardholder” means a cardholder who is a citizen of Singapore or a permanent resident, and does not include the holder of a supplementary credit card or supplementary charge card in his capacity as a supplementary cardholder; |
| “Singapore guarantor” means a guarantor who is a citizen of Singapore or a permanent resident. |
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| References in relation to credit cards or charge cards |
3.—(1) For the purposes of these Regulations, a reference to a fully secured credit card or charge card is a reference to a credit card or charge card where —| (a) | the amount that is outstanding on the credit card or charge card and all supplementary cards is —| (i) | secured by specified deposits; or | | (ii) | guaranteed by any bank, merchant bank or finance company, other than the bank, merchant bank or finance company that issued the credit card or charge card; |
| | (b) | the amount of the specified deposits or the guarantee, as the case may be —| (i) | is not less than $10,000 at the time of the application for the credit card or charge card; and | | (ii) | is not at any time during the period the principal cardholder holds the credit card or charge card less than the higher of the following:| (A) | $10,000; | | (B) | the amount that is outstanding on the credit card or charge card and all supplementary cards; and |
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| | (c) | the card issuer has obtained security or legally binding undertakings, or taken any other action, to ensure that, unless and until the amount that is outstanding on the credit card or charge card and all supplementary cards is fully paid up —| (i) | the specified deposits will not be withdrawn by the principal cardholder; or | | (ii) | the guarantee will not be withdrawn by the bank, merchant bank or finance company. |
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(2) For the purposes of these Regulations, a reference to a partially secured credit card or charge card is a reference to a credit card or charge card where —| (a) | the amount that is outstanding on the credit card or charge card and all supplementary cards is —| (i) | secured by specified deposits; or | | (ii) | guaranteed by any bank, merchant bank or finance company, other than the bank, merchant bank or finance company that issued the credit card or charge card; |
| | (b) | the amount of specified deposits or the guarantee, as the case may be —| (i) | is not less than $10,000 at the time of the application for the credit card or charge card; and | | (ii) | is not at any time during the period the principal cardholder holds the credit card or charge card less than $10,000; but | | (iii) | may at any time during the period the principal cardholder holds the credit card or charge card, be less than the amount that is outstanding on the credit card or charge card and all supplementary cards; and |
| | (c) | the card issuer has obtained security or legally binding undertakings, or taken any other action, to ensure that, unless and until the amount that is outstanding on the credit card or charge card and all supplementary cards is not more than the difference between the credit limit of the credit card or charge card and the amount of specified deposits —| (i) | the specified deposits will not be withdrawn by the principal cardholder; or | | (ii) | the guarantee will not be withdrawn by the bank, merchant bank or finance company. |
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(3) For the purposes of this regulation —| (a) | a reference to the principal cardholder means the cardholder, if no supplementary card is issued under the cardholder’s credit card or charge card; | | (b) | a reference to a supplementary card means any supplementary card that has been issued under a principal cardholder’s credit card or charge card; | | (c) | a reference to the amount outstanding on a credit card or charge card and all supplementary cards does not include any fees, interest and charges (including late payment charges) relating to the use of any of those cards; | | (d) | a reference to the credit limit of a cardholder’s credit card means, where one or more supplementary credit cards issued under the credit card have separate credit limits from that credit card, the sum of the credit limits of that credit card and the supplementary credit cards; | | (e) | a reference to the credit limit of a cardholder’s charge card means, where one or more supplementary charge cards issued under the charge card have separate credit limits from that charge card, the sum of the credit limits of that charge card and all such supplementary charge cards; | | (f) | “specified deposits” means one or more deposits in the name of the cardholder, whether solely or jointly with one or more persons, or a private investment vehicle of the principal cardholder, placed with any bank, merchant bank or finance company; and | | (g) | “private investment vehicle”, in relation to a cardholder, means a body corporate or trust established by or on behalf of the cardholder for the purpose of managing or holding assets of the cardholder. [S 319/2015 wef 01/06/2015] |
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| References in relation to non-card credit facilities |
4.—(1) For the purposes of these Regulations, a reference to a fully secured non-card credit facility is a reference to a non-card credit facility where, at the time the facility is given, the specified value of the assets against which the facility is secured is not less than the amount of the credit granted by the lender under the facility.| (2) For the purposes of these Regulations, a reference to a partially secured non-card credit facility is a reference to a non-card credit facility where, at the time the facility is given, the specified value of the assets against which the facility is secured is less than the amount of the credit granted by the lender under the facility. |
| (3) For the purposes of these Regulations, a reference to a fully unsecured non-card credit facility is a reference to a non-card credit facility given without any security. |
(4) In this regulation, “specified value”, in relation to assets, means —| (a) | the market value of the assets; or | | (b) | where there is no established market value of the assets referred to in sub-paragraph (a), such other value as may be approved by the Authority; and if at the material time no other value is approved by the Authority, the assets shall be treated as being of no value. |
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| References in relation to credit limits |
5.—(1) For the purposes of these Regulations, a reference to the aggregate credit limit of a cardholder (other than a supplementary cardholder) with a card issuer is a reference to the sum of all of the following amounts:| (a) | the sum of the credit limits of all credit 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; | | (b) | the sum of the credit limits of all charge 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; | | (c) | the sum of the credit limits of all fully unsecured non‑card credit facilities granted to the cardholder by the card issuer; | | (d) | the sum of the credit limits of all partially secured non‑card credit facilities granted to the cardholder by the card issuer. [S 319/2015 wef 01/06/2015] |
(1A) For the purposes of these Regulations, a reference to the aggregate credit limit of a supplementary cardholder with a card issuer is a reference to the sum of the following credit limits granted by the card issuer to the supplementary cardholder:| (a) | the sum of the credit limits of all supplementary credit cards issued to that supplementary cardholder under a credit card of the same principal cardholder; | | (b) | the sum of the credit limits of all supplementary charge cards issued to that supplementary cardholder under a charge card of the same principal cardholder. [S 319/2015 wef 01/06/2015] |
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(2) For the purposes of these Regulations, a reference to the maximum credit limit of a Singapore cardholder with a card issuer is a reference to an amount not exceeding —| (a) | in a case where the Singapore cardholder only holds fully unsecured or partially secured credit cards or charge cards issued by the card issuer, his overall credit limit; | | (b) | in a case where the Singapore cardholder only holds fully secured credit cards or charge cards issued by the card issuer, the amount of the deposit or deposits in the name of the Singapore cardholder which secure the credit limits of the credit cards or charge cards; and | | (c) | in a case where the Singapore cardholder holds both fully secured credit cards or charge cards, and fully unsecured or partially secured credit cards or charge cards, all issued by the same card issuer, the higher of the following amounts:| (i) | the Singapore cardholder’s overall credit limit; | | (ii) | the amount of the deposit or deposits in the name of the Singapore cardholder which secure all the fully secured credit cards or charge cards referred to in this sub‑paragraph. |
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(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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[S 379/2022 wef 14/05/2022] |
(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). |
[S 379/2022 wef 14/05/2022] |
(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). |
[S 379/2022 wef 14/05/2022] |
(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. |
[S 379/2022 wef 14/05/2022] |
(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. |
[S 379/2022 wef 14/05/2022] |
| (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. [S 379/2022 wef 14/05/2022] |
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| References to amounts outstanding |
6.—(1) For the purposes of these Regulations, a reference to the aggregate outstanding card amount of a Singapore cardholder with a card issuer is a reference to the aggregate of all of the following amounts:| (a) | the sum of all amounts outstanding on —| (i) | all credit cards and charge cards (other than guaranteed credit cards, guaranteed charge cards, corporate cards and business cards) issued to the Singapore cardholder by the card issuer or any of its affiliated corporations; and | | (ii) | all supplementary credit cards and supplementary charge cards issued under any credit card or charge card referred to in sub-paragraph (i); and |
| | (b) | where the Singapore cardholder is also a Singapore guarantor for one or more guaranteed credit cards or guaranteed charge cards issued by the card issuer or any of its affiliated corporations, the sum of all amounts outstanding on such guaranteed credit cards and guaranteed charge cards. |
(2) For the purposes of these Regulations, a reference to the total outstanding unsecured amount of a Singapore cardholder with a card issuer is a reference to the aggregate of all of the following amounts:| (a) | the sum of all amounts outstanding on —| (i) | all fully unsecured or partially secured credit cards and charge cards (other than guaranteed credit cards, guaranteed charge cards, corporate cards and business cards) issued to the Singapore cardholder by the card issuer or any of its affiliated corporations; | | (ii) | all supplementary credit cards and supplementary charge cards issued under any credit card or charge card referred to in sub-paragraph (i); |
| | (b) | where the Singapore cardholder is also a Singapore guarantor for one or more fully unsecured or partially secured guaranteed credit cards or guaranteed charge cards issued by the card issuer or any of its affiliated corporations, the sum of all amounts outstanding on such guaranteed credit cards and guaranteed charge cards; | | (c) | the sum of all amounts outstanding on all fully unsecured or partially secured non-card credit facilities (other than the loans referred to in paragraph (9)) granted to the Singapore cardholder by the card issuer or any of its affiliated corporations. |
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| (3) For the purposes of paragraphs (2)(a) and (b) and (8)(b) and regulation 23(4), the amounts outstanding on a partially secured credit card or charge card is the amount by which the amount outstanding on the card exceeds the amount of deposit or deposits against which the card is secured. |
(4) For the purposes of paragraphs (2)(c) and (9)(i)(ii)(B) and regulation 23(4), the amounts outstanding on a partially secured non‑card credit facility is the amount by which the amount outstanding on the facility exceeds the value of the assets against which the facility is secured, being —| (a) | the latest market value of the assets documented in the lender’s records; or | | (b) | where such latest market value is not available —| (i) | the market value of the assets at the time the facility was given; or | | (ii) | where there was no established market value of the assets referred to in sub-paragraph (i), the value approved by the Authority under regulation 4(4)(b). |
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| (5) For the purposes of paragraphs (2)(c) and (8)(a), where a non‑card credit facility is granted jointly to an individual and one or more other persons, the individual’s amounts outstanding shall be derived by dividing the outstanding balance of the joint facility by the number of persons to whom the facility was granted. |
(6) For the purpose of determining the aggregate outstanding card amount and total outstanding unsecured amount of a Singapore cardholder —| (a) | a reference to a credit card or charge card issued by a card issuer shall include a credit card or charge card issued by another card issuer with whom the first-mentioned card issuer merges or consolidates, or whose business (in respect of the issue of credit cards and charge cards) the first‑mentioned card issuer acquires; and | | (b) | a reference to a fully unsecured or partially secured non‑card credit facility granted by a card issuer or any of its affiliated corporations includes a fully unsecured or partially secured non-card credit facility granted by another person with whom the card issuer or its affiliated corporation, as the case may be, merges or consolidates, or whose business (in respect of the granting of fully unsecured or partially secured non-card credit facilities) the card issuer or its affiliated corporation, as the case may be, acquires. |
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| (7) For the purposes of these Regulations, a reference to the cumulative total outstanding unsecured amount of a Singapore cardholder is a reference to the sum of all total outstanding unsecured amounts of the Singapore cardholder with every lender which has issued any credit card or charge card, or granted any non-card credit facilities, to the Singapore cardholder. |
(8) For the purpose of determining the cumulative total outstanding unsecured amount of a Singapore cardholder, the following may be excluded:| (a) | the amount of any loans specified in paragraph (9) that are granted to the Singapore cardholder by any lender; | | (b) | where the Singapore cardholder is also a Singapore guarantor for one or more fully unsecured or partially secured guaranteed credit cards or guaranteed charge cards, up to 80% of the total amounts outstanding on all those guaranteed credit cards and guaranteed charge cards; | | (c) | annual fees in respect of fully unsecured or partially secured credit cards and charge cards issued, and fully unsecured or partially secured non-card credit facilities granted, by any lender to the Singapore cardholder; | | (d) | any transaction, fees, interest and charges (including late payment charges) in respect of which the Singapore cardholder has raised a dispute with the lender which charged the transaction or which imposed the fees, interest or charges; | | (e) | any fees, interest and charges charged on —| (i) | the annual fees referred to in sub-paragraph (c); and | | (ii) | any transaction, fees, interest and charges referred to in sub-paragraph (d); and |
| | (f) | amounts outstanding which accrue interest at an effective interest rate of zero. |
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(9) The loans for the purposes of paragraphs (2)(c) and (8)(a) are loans for any of the following purposes:| (a) | the furnishing of any security to the Government in connection with any application for the deferment of any liability under the Enlistment Act (Cap. 93); | | (b) | the furnishing of any security to the Government in connection with the employment of a foreign domestic worker; | | (c) | the defraying of expenses which are directly attributable to a course of education, including tuition fees and the costs of accommodation, textbooks and computer equipment, where the lender who granted the loan has taken reasonable steps to ascertain that the proceeds of the loan will be applied only towards the defraying of such expenses; | | (d) | the business of a sole proprietor or partnership (other than a limited liability partnership) of which the Singapore cardholder is the sole proprietor or a partner, as the case may be; | | (e) | the repayment of any amount owing by the Singapore cardholder under another non-card credit facility which has ceased to be fully secured as a result of a fall in the value of the security given for that facility, where the lender who granted the loan has taken reasonable steps to ensure that the proceeds of the loan are paid to the person who granted that facility; | | (f) | any renovation (the loan being referred to in this sub‑paragraph as a renovation loan), where —| (i) | the lender who granted the renovation loan has taken reasonable steps to ascertain that the proceeds of the renovation loan will only be applied towards the defraying of the costs of renovations which have been made or will be made; | | (ii) | the renovation loan repayment period does not exceed 5 years; | | (iii) | in the case of a renovation loan granted jointly to the Singapore cardholder and one or more other persons (referred to in this sub-paragraph as a joint renovation loan), that other person or each of those other persons is —| (A) | a spouse, child, parent or sibling of the Singapore cardholder; or | | (B) | a fiancé or fiancée of the Singapore cardholder, as the case may be, and the Singapore cardholder has provided or agreed to provide a copy of his marriage certificate to the lender not more than 3 months after the first disbursement of the renovation loan; and |
| | (iv) | the aggregate of the following (save for any fees, interest or charges (including late payment charges) imposed by the lender who granted the loan) is not more than 6 months’ income of the Singapore cardholder or $30,000, whichever is the lower:| (A) | the amount of the renovation loan, or the amount of the Singapore cardholder’s share of the joint renovation loan (derived by dividing the amount of that loan by the number of persons to whom the loan is granted), as the case may be; | | (B) | the sum of all amounts outstanding on both of the following:| (BA) | all earlier renovation loans granted to the Singapore cardholder by the same lender; | | (BB) | the Singapore cardholder’s share of all earlier joint renovation loans granted by the same lender (derived in respect of each such loan by dividing the outstanding balance on that loan by the number of persons to whom that loan was granted); |
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| | (g) | the defraying of the costs of any medical treatment, where the lender who granted the loan has taken reasonable steps to ascertain that the proceeds of the loan will be applied only towards the defraying of such costs; | | (h) | the subscription of shares (the loan being referred to in this sub-paragraph as a share financing loan), where —| (i) | the aggregate of the following does not exceed 80% of the amount to be paid by the Singapore cardholder for the subscription of those shares:| (A) | the amount of the share financing loan granted by the lender or, where part of the loan may be used for a purpose other than the subscription of those shares, the amount of the loan which is to be used for the subscription of those shares; | | (B) | all other loans obtained by the Singapore cardholder from any other person for the subscription of those shares or, where part of the loans may be used for a purpose other than for the subscription of those shares, the amounts of the loans which are to be used for the subscription of those shares; | | (C) | all the discounts, rebates and other benefits granted by any person to the Singapore cardholder in relation to the subscription of those shares; and |
| | (ii) | the lender referred to in sub-paragraph (i)(A) has taken reasonable steps to ensure that sub‑paragraph (i) is complied with, including obtaining a written declaration from the Singapore cardholder as to both of the following:| (A) | whether the Singapore cardholder has obtained any loan from any other person for the subscription of those shares, the amount of such loan (and where part of the loan is to be used for purposes other than the subscription of those shares, the amount of the loan which is to be used for the subscription of those shares) and other relevant details of such loan; | | (B) | whether the Singapore cardholder has received any discount, rebate or other benefit from any other person in relation to the subscription of those shares, and the amount and other details of such discount, rebate or benefit; |
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| | (i) | any purpose where the loan is made to the Singapore cardholder in his capacity as an officer (other than a director) or employee (other than an excluded employee of a direct insurer) of the lender (other than a finance company) granting the loan, where —| (i) | the duration of employment as set out in the contract of employment of the Singapore cardholder is for at least one continuous year or, where the duration of employment is less than one continuous year, the terms of the contract allow for the duration of employment to be extended beyond one year; and | | (ii) | the aggregate of the following is not more than one year’s emoluments of the Singapore cardholder:| (A) | the loan amount (other than in relation to loans granted for any of the purposes specified in sub-paragraphs (a) to (h)); | | (B) | the aggregate of the amounts outstanding on all earlier fully unsecured or partially secured non‑card credit facilities (other than in relation to loans granted for any of the purposes specified in sub-paragraphs (a) to (h)) granted by way of a loan or loans by the lender to the Singapore cardholder, in his capacity as an officer or employee of the lender; | | (C) | the total outstanding unsecured amount of the Singapore cardholder with the lender; [S 319/2015 wef 01/06/2015] |
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| | (j) | the repayment of any amount owing by the Singapore cardholder under a loan granted for any of the purposes specified in sub‑paragraphs (a) to (i) (“original loan”) where the lender is not the person who granted the original loan and the lender has taken reasonable steps to ensure that the proceeds of the loan are paid to the person who granted that original loan; [S 319/2015 wef 01/06/2015] | | (k) | the repayment of any amount owing by the Singapore cardholder under a loan granted for the purpose specified in sub‑paragraph (j) (“original refinancing loan”) where the lender is not the same as the person who granted the original refinancing loan and the lender has taken reasonable steps to ensure that the proceeds of the loan are paid to the person who granted that original refinancing loan. [S 319/2015 wef 01/06/2015] |
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(9A) In paragraph (9)(f)(ii), the reference to 5 years is replaced with a reference to 5 years and the total period of all the extensions of the renovation loan repayment period granted under sub-paragraph (a), if —| (a) | the lender grants one or more extensions to the loan repayment period; | | (b) | each extension is granted pursuant to a request by the Singapore cardholder that is made between 18 February 2020 and the expiry date (both dates inclusive); and | | (c) | the total period of all the extensions does not exceed 36 months. |
[S 946/2020 wef 09/11/2020] |
(10) For the avoidance of doubt —| (a) | where the aggregate of the amounts referred to in paragraph (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 the share financing loan for the subscription of those shares referred to in paragraph (9)(h)(i)(A) shall be included in determining the total outstanding unsecured amount or cumulative total outstanding unsecured amount of the Singapore cardholder; and | | (b) | where the aggregate of the amounts referred to in paragraph (9)(i)(ii) exceeds one year’s emoluments of the Singapore cardholder as an officer or employee of the lender, the total of sub-paragraphs (A), (B) and (C) of paragraph (9)(i)(ii) shall be included in determining the total outstanding unsecured amount or cumulative total outstanding unsecured amount of the Singapore cardholder. |
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| (11) In this regulation, “expiry date” means the date ending 6 months after the date on which the Ministry of Health announces its risk assessment under the framework commonly known as Disease Outbreak Response System Condition or DORSCON, to be the colour code “Green” in relation to the infectious disease known as Coronavirus Disease 2019. [S 362/2020 wef 06/05/2020] |
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| Determination of total net personal assets |
6A. In determining the value of an individual’s total net personal assets for the purposes of these Regulations, the value of the individual’s primary residence —| (a) | is to be calculated by deducting from the estimated fair market value of the residence any outstanding amounts in respect of any credit facility that is secured by the residence; and | | (b) | is taken to be the lower of the following:| (i) | the value calculated under paragraph (a); | | (ii) | $1 million. |
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[S 261/2017 wef 01/06/2017] |
| Application of these Regulations |
7. These Regulations shall not apply to any of the following:| (a) | any corporate purchasing card; | | (b) | any corporate card with no personal liability; | | (c) | any business card with no personal liability. |
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