Banking Act 1970 · 2020 Revised Edition · Part 8 · Credit Card and Charge Card Businesses
57C. Licence fees
Feedback & supportEvery licensee must pay to the Authority such licence fees as may be prescribed.
licensee
“licensee” means a person who is granted a licence under section 57B;
Any licence fee paid to the Authority under this Act must not be refunded or remitted if, during the period to which the licence fee relates —
licence
“licence” means —(a)a bank licence granted or held under section 7 or 79; or(b)a merchant bank licence granted under section 55S or treated as having been granted under section 64 of the Banking (Amendment) Act 2020;
the licence is revoked under section 57E; or
the licensee ceases to carry on the business of issuing credit cards or charge cards in Singapore.
Subject to subsection (2), the Authority may, where it considers appropriate, refund or remit the whole or part of any licence fee paid or payable to it.