Singapore legislation
Regulation 16
Regulation 16
Cardholders who are 60 days or more past due
Subregulation 1
This regulation shall not apply —
to a holder of a supplementary credit card or supplementary charge card in his capacity as a supplementary cardholder; or
in relation to —
any corporate card or business card; and
any loan to a sole proprietor or a partner of a partnership for a business purpose.
Subregulation 2
Subject to paragraph (8) and regulations 18A(1), 18B(1), 18C(1) and 23A(4), a card issuer must not permit any amount (other than fees, interest and charges (including late payment charges) relating to the use of any credit card or charge card issued by the card issuer) to be charged to any credit card or charge card issued to a Singapore cardholder by the card issuer once any amount outstanding on any credit card or charge card issued, or any fully unsecured or partially secured non-card credit facility granted, to the Singapore cardholder by the card issuer is past due for 60 consecutive days or more, until the requirements specified in paragraph (4) are fulfilled.
Subregulation 3
In determining whether a Singapore cardholder has any amount outstanding referred to in paragraphs (2) and (6), a card issuer may disregard the following:
annual fees in respect of any credit card or charge card issued, or any fully unsecured or partially secured non-card credit facility granted, to the Singapore cardholder;
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;
any fees, interest and charges charged on —
the annual fees referred to in sub-paragraph (a); and
any transaction, fees, interest and charges referred to in sub-paragraph (b).
Subregulation 4
Subject to regulations 14 and 17(2), a card issuer may permit an amount to be charged to any credit card or charge card it has issued to a Singapore cardholder referred to in paragraph (2) only where —
the amounts outstanding on all credit cards and charge cards issued and fully unsecured and partially secured non‑card credit facilities granted, to the Singapore cardholder by the card issuer are no longer past due;
the card issuer has or obtains the documents specified in Part V of the First Schedule for the purpose of assessing the credit worthiness of the Singapore cardholder or the guarantor, as the case may be, and, subject to regulation 22, the documents are dated not more than 3 months before the date that the Singapore cardholder is permitted to resume charging amounts; and
the card issuer conducts comprehensive checks in accordance with regulation 12(4) with at least one licensed credit bureau for the purpose of assessing —
in the case of any credit card or charge card that is not a guaranteed credit card or guaranteed charge card, the credit-worthiness of the Singapore cardholder; or
in the case of guaranteed credit cards or guaranteed charge cards, the credit-worthiness of the Singapore cardholder and his guarantor,unless such checks were conducted not more than one month prior to the date that the Singapore cardholder is permitted to resume charging amounts.
Subregulation 5
For the purpose of paragraph (4)(b), a card issuer shall not be required to obtain the documents as referred to in that paragraph in any case where the card issuer has issued to the Singapore cardholder only —
credit cards or charge cards referred to in section 57G(b) of the Act; or
fully secured credit cards or charge cards,and has not issued any other credit card or charge card, or granted any fully unsecured or partially secured non-card credit facilities, to the Singapore cardholder.
Subregulation 6
Subject to paragraph (8) and regulations 18B(2) and (3), 18C(4) and (6) and 23A(5), a card issuer must not —
issue any credit card or charge card (other than by the sending or giving of a credit card or charge card under the circumstances referred to in regulation 10(2)); or
increase the aggregate credit limit granted,to an individual who is a citizen of Singapore or a permanent resident and who has any amount outstanding on any credit card or charge card issued, or any fully unsecured or partially secured non‑card credit facility granted, by any lender that is past due for 60 consecutive days or more.
Subregulation 7
For the purpose of determining whether an individual has any amount outstanding referred to in paragraph (6), the card issuer may rely on information obtained through comprehensive checks with one or more credit bureaus (at least one of which must be a licensed credit bureau) and may supplement such information with information that is supported by credible evidence from an independent source.
Subregulation 8
Despite paragraphs (2) and (6), a card issuer may, for the purpose of any loan specified in regulation 6(9) to an individual mentioned in paragraph (2) or (6) —
permit any amount to be charged to or drawn down on any credit card or charge card issued to the individual;
issue any credit card or charge card to the individual; or
increase the individual’s aggregate credit limit by any amount.
Subregulation 9
Any card issuer which contravenes paragraph (2), (4) or (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.
Subregulation 10
Nothing in this regulation shall prevent a card issuer from transferring any amounts outstanding on any credit card or charge card issued, or fully unsecured or partially secured non-card credit facility granted, to a Singapore cardholder to any other credit card or charge card it has issued or will issue, or any fully unsecured or partially secured non-card credit facility it has granted or will grant, to the same cardholder.