On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 18/04/2013.
PART VIII
CREDIT CARD AND CHARGE CARD BUSINESSES
56. In this Part, unless the context otherwise requires —
“advertisement” means the dissemination or conveyance of information, or an invitation or solicitation by any means or in any form, including by means of —
(a)
publication in a newspaper, magazine, journal or other periodical;
(b)
display of posters or notices;
(c)
circulars, handbills, brochures, pamphlets, books or other documents;
(d)
letters addressed to individuals or bodies;
(e)
photographs or cinematograph films; or
(f)
sound broadcasting, television, the Internet or other media;
“credit card” or “charge card” means any article, whether in physical or electronic form, of a kind commonly known as a credit card or charge card or any similar article intended for use in purchasing goods or services on credit, whether or not the card is valid for immediate use;
“licence” means a licence to carry on the business of issuing credit cards or charge cards in Singapore;
“licensee” means a person who is granted a licence under section 57B.
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57.
—(1) No person shall, in the course of carrying on (whether in Singapore or elsewhere) a business of issuing credit cards or charge cards, accept or receive in Singapore any application for a credit card or charge card unless he is a licensee.
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(2) No person shall accept or receive in Singapore any application for a credit card or charge card on behalf of any person other than a licensee or a person specified in subsection (9).
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(3) No person shall, whether in Singapore or elsewhere, offer or invite or issue any advertisement containing any offer or invitation to the public or any section of the public in Singapore to apply for a credit card or charge card except where the credit card or charge card is to be issued by a licensee or a person specified in subsection (9).
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(4) Subject to subsection (5), any advertisement containing information which is intended or might reasonably be presumed to be intended to lead, directly or indirectly, to an application for a credit card or charge card shall be treated as an advertisement referred to in subsection (3).
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(5) Any advertisement issued outside Singapore shall not be treated as an advertisement referred to in subsection (3) if it is made available —
(a)
in a newspaper, magazine, journal or other periodical published and circulating principally outside Singapore;
(b)
in a sound or television broadcast transmitted principally for reception outside Singapore; or
(c)
by any other means of broadcasting or communication principally for circulation or reception outside Singapore.
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(6) For the purposes of subsection (3), in determining whether an offer, invitation or advertisement is made or issued to the public or any section of the public in Singapore, regard shall be had to such considerations as may be prescribed.
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(7) Any person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
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(8) A person whose business it is to publish or to arrange for the publication of advertisements shall not be guilty of an offence under subsection (7) if he proves that —
(a)
he received the advertisement for publication in the ordinary course of his business;
(b)
the matters contained in the advertisement were not, wholly or in part, devised or selected by him or by any person under his direction or control; and
(c)
he did not know and had no reason for believing that the publication of the advertisement would constitute an offence.
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(9) Subsection (1) shall not apply to —
(a)
any bank in Singapore; and
(b)
such other person or class of persons as may be prescribed, subject to such conditions as may be prescribed.
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57A.
—(1) An application for a licence to carry on the business of issuing credit cards or charge cards in Singapore shall be made in such manner as may be required by the Authority.
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(2) An application under subsection (1) shall be accompanied by a non-refundable application fee of a prescribed amount, which shall be paid in the manner specified by the Authority.
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(3) The Authority may require an applicant to furnish it with such information as it considers necessary in relation to the application.
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57B.
—(1) The Authority may grant a licence subject to such conditions or restrictions as it thinks fit, or refuse to grant a licence.
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(2) The Authority may at any time add to, vary or revoke any condition or restriction of a licence.
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(3) Any licensee who contravenes any condition or restriction imposed by the Authority under this section 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 thereof during which the offence continues after conviction.
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57C.
—(1) Every licensee shall pay to the Authority such licence fees as may be prescribed.
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(2) Any licence fee paid to the Authority under this Act shall not be refunded or remitted if, during the period to which the licence fee relates —
(a)
the licence is revoked under section 57E; or
(b)
the licensee ceases to carry on the business of issuing credit cards or charge cards in Singapore.
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(3) 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.
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57D.
—(1) The Authority may, if it thinks it necessary or expedient in the public interest, issue written directions, either of a general or specific nature, to —
(a)
any licensee or class of licensees; or
(b)
any person or class of persons specified in section 57(9),
to comply with such requirements as the Authority may specify in the directions, or for any other purpose.
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(2) It shall not be necessary to publish any direction issued under subsection (1) in the Gazette.
(3) The Authority may at any time vary or revoke any direction issued under subsection (1).
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(4) Any person who fails to comply with any direction issued under subsection (1) 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 thereof during which the offence continues after conviction.
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57E.
—(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 furnished 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.
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(2) Upon the revocation of a licence under this section, the licensee shall 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.
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(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.
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(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 thereof during which the offence continues after conviction.
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57F.
—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of a licensee for the purpose of ensuring that —
(a)
any provision of this Part;
(b)
any regulation made by the Authority with respect to the operations or activities of issuers of credit cards or charge cards;
(c)
any condition or restriction imposed by the Authority under section 57B; or
(d)
any direction issued by the Authority under section 57D,
has been or is being complied with.
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(2) The Authority may at any time make an investigation, under conditions of secrecy, of the books of any licensee, if it has reason to believe that the licensee is contravening —
(a)
any provision of this Part;
(b)
any regulation made by the Authority with respect to the operations or activities of issuers of credit cards or charge cards;
(c)
any condition or restriction imposed by the Authority under section 57B; or
(d)
any direction issued by the Authority under section 57D.
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(3) For the purposes of an inspection or investigation under this section, the licensee shall produce such books (and afford the Authority access thereto) and provide such information and facilities as may be required by the Authority to conduct the inspection or investigation.
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(4) The books referred to in subsection (3) shall not be required to be produced at such times or at such places as shall unduly interfere with the proper conduct of the normal daily business of the licensee.
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(5) The Authority may appoint an auditor, other than the auditor appointed by the licensee or by the Authority under section 58, to exercise the powers of the Authority under subsection (1) or (2).
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(6) The remuneration and expenses of any auditor appointed under subsection (5) shall be paid by the licensee.
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(7) Any licensee who, without reasonable excuse, contravenes subsection (3) 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 thereof during which the offence continues after conviction.
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57G. This Part shall not apply to any credit card or charge card issued or to be issued by a person if —
(a)
the credit card or charge card is for purchasing goods or services on credit with and from the person only and the person bears the whole credit risk of the cardholder;
(b)
the aggregate credit limit that is granted by the person and, where the person is a corporation, the related corporations of the person to the cardholder does not exceed $500; or
(c)
the issue of the credit card or charge card satisfies such other criteria as may be prescribed.
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