Singapore legislation

Section 57E

of Banking Act 1970

Section 57E

Revocation of licence

(1)

The Authority may revoke a licence if —

(a)

the licensee has contravened —

(i)

any provision of this Part;

(ii)

any regulation made by the Authority with respect to the operations or activities of issuers of credit cards or charge cards;

(iii)

any condition or restriction imposed by the Authority under section 57B; or

(iv)

any direction issued by the Authority under section 57D;

(b)

it appears to the Authority that the licensee is carrying on its business in a manner that is contrary to the public interest;

(c)

any information or document provided by the licensee to the Authority is false or misleading; or

(d)

the licensee ceases to carry on the business for which it was licensed.

(2)

Upon the revocation of a licence under this section, the licensee must not permit any credit card or charge card issued by the licensee prior to the revocation to be used to purchase any goods or services on credit.

(3)

Any revocation of a licence shall not operate so as to affect any right, obligation or liability arising under any transaction before the revocation of the licence on a credit card or charge card issued by the licensee.

(4)

Any person who, without reasonable excuse, contravenes subsection (2) 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, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.

Read in full context — Banking Act 1970 →