Regulatory Alerts2013-11-29
Added · Updated
Notice 827 Unsecured Credit Facilities to Individuals
MAS Notice 827 imposes requirements on finance companies granting unsecured non-card credit facilities to individuals, including a minimum annual income threshold of $20,000 for Singapore citizens and permanent residents. It mandates written requests and consent for new facilities and credit limit increases, comprehensive credit bureau checks, and verification of income and assets. The notice also defines excluded credit facilities, such as specific renovation and share financing loans, and sets maximum credit limits based on borrowers' income and net assets.
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