Regulatory Alerts2022-05-13
Added
MAS Notice 635 on Unsecured Credit Facilities to Individuals
The Monetary Authority of Singapore issued Notice 635 to establish requirements for banks granting unsecured non-card credit facilities to individuals. The regulation mandates ongoing credit checks, credit limit management measures, and the submission of quarterly statistical returns to the regulator. These rules apply to all banks in Singapore and govern the issuance of such credit products to ensure responsible lending practices.
Notices
Last Revised Date: 13 May 2022
Notice 635 Unsecured Credit Facilities to Individuals
Requirements for banks when granting an unsecured non-card credit facility to an individual.
Credit Cards and Unsecured Credit
Issued pursuant to:
Banking Act (Cap. 19) section 55
Applies to:
Full Bank (Locally Incorporated)
,
Full Bank (Branch)
,
Wholesale Bank (Branch)
,
Wholesale Bank (Locally Incorporated)
View Notice
Notice 635 Unsecured Credit Facilities to Individuals
(228.1 KB)
This notice applies to all banks in Singapore. It sets out the requirements a bank has to comply with when granting an unsecured non-card credit facility to an individual.
See explainers:
Ongoing Credit Checks and Requirements
Credit Limit Management Measure
Granting Non-Card Unsecured Credit Facilities
14 May 2022 MAS Notice 635 (Amendment) 2022 (239 KB) dated 13 May 2022 takes effect.
09 November 2020 MAS Notice 635 (Amendment No.2) 2020
(257 KB) dated 06 November 2020 takes effect.
06 May 2020 MAS Notice 635 (Amendment) 2020
(489.6 KB) dated 05 May 2020 takes effect.
01 Jun 2017 MAS Notice 635 (Amendment) 2017 (298.3 KB) dated 30 May 2017 takes effect.
01 Sep 2015 Subparagraphs (b), (c), (d) and (q) of paragraph (2) of MAS Notice 635 (Amendment) 2015 (54.9 KB) dated 27 May 2015 take effect.
01 Jun 2015
MAS Notice 635 (Amendment) 2015 (54.9 KB) dated 27 May 2015, with the exception of subparagraphs (b), (c), (d) and (q) of paragraph (2), takes effect. MAS Notice 635 last revised on 27 May 2015 (232.6 KB) . 01 Dec 2013 MAS Notice 635 dated 29 November 2013 takes effect.
01 Dec 2013 MAS Notice 635 dated 25 February 2009 is cancelled.
Requirements for banks to submit quarterly statistical returns to MAS for their unsecured non-card credit facility portfolio.
Sets out the rules and regulations in relation to credit cards and charge cards.