Regulatory Alerts2021-06-28
Added · Updated
MAS Notice 1109: Requirements for Merchant Banks Granting Unsecured Non-Card Credit Facilities to Individuals
MAS Notice 1109 establishes requirements for merchant banks in Singapore when granting unsecured non-card credit facilities to individuals, including a minimum annual income threshold of $20,000 for Singapore citizens and permanent residents. The notice mandates that banks obtain signed requests and consent for credit limits, conduct comprehensive credit bureau checks prior to issuance or increases, and verify income documentation. It also defines excluded credit facilities, such as specific renovation and share financing loans, and sets caps on aggregate credit limits relative to borrowers' overall unsecured debt.
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