Singapore legislation
Regulation 13
Regulation 13
Checks on income, total net personal assets or financial assets
Subregulation 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.
Subregulation 2
Subject to regulation 23A(2), a card issuer shall obtain —
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
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 —
[Deleted by S 319/2015 wef 01/09/2015](ii)the increase in the aggregate credit limit of the individual is fully secured.
Subregulation 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 —
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
prior to increasing the credit limit of the credit card or charge card, the documents specified in Part IV of the First Schedule, unless —
[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.
Subregulation 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 —
[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
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.
Subregulation 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 —
[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
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.
Subregulation 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.
Subregulation 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.
Subregulation 8
Subject to regulation 22 —
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;
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;
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;
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;
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
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.
Subregulation 9
A card issuer need not —
obtain a document under paragraph (2) or (3); or
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).