Singapore legislation
Section 57EA
Section 57EA
Place of business
(1)
Except with the approval of the Authority, a licensee must not —
open a new place of business in Singapore for the conduct of any business mentioned in subsection (2);
change the location of an existing place of business in Singapore for the conduct of any business mentioned in subsection (2); or
conduct any business mentioned in subsection (2) from the new place of business mentioned in paragraph (a) or the relocated place of business mentioned in paragraph (b).
(2)
Subsection (1) applies to the following businesses:
the business of issuing credit cards or charge cards;
such other business as may be prescribed.
(3)
An application for approval under subsection (1) must be made in such form and manner as the Authority may specify.
(4)
On receiving an application, the Authority may —
approve the application, with or without conditions; or
reject the application.
(5)
The Authority may at any time vary or revoke any existing condition, or impose conditions or additional conditions.
(6)
Any licensee who contravenes subsection (1) or fails to comply with any condition imposed under subsection (4) or (5) 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.