Regulatory Alerts2020-11-06
Added
Notice 827 Unsecured Credit Facilities to Individuals
The Monetary Authority of Singapore issued Notice 827 to establish regulatory requirements for finance companies granting unsecured non-card credit facilities to individuals. This directive mandates compliance with specific standards regarding credit limit management, ongoing credit checks, and the overall granting process for such facilities. The notice applies to all finance companies in Singapore and has undergone several amendments, with the most recent revision effective from November 2020.
Notices
Last Revised Date: 06 November 2020
Requirements for finance companies when granting an unsecured non-card credit facility to an individual.
Credit Cards and Unsecured Credit
Issued pursuant to:
Finance Companies Act (Cap. 108) section 30
Applies to:
Finance Company
View Notice
Notice 827 Unsecured Credit Facilities to Individuals
(229.3 KB)
This notice applies to all finance companies in Singapore. It sets out the requirements a finance company 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
09 November 2020 MAS Notice 827 (Amendment No.2) 2020
(236.1 KB) dated 06 November 2020 takes effect.
06 May 2020 MAS Notice 827 (Amendment) 2020
(467.5 KB) dated 05 May 2020 takes effect.
01 Jun 2017 MAS Notice 827 (Amendment) 2017 (209.9 KB) dated 30 May 2017 takes effect.
01 Sep 2015 Subparagraphs (b), (c), (d) and (q) of paragraph (2) of MAS Notice 827 (Amendment) 2015 dated 27 May 2015 (54.7 KB) takes effect.
01 Jun 2015
MAS Notice 827 (Amendment) 2015 dated 27 May 2015 (54.7 KB) , with the exception of subparagraphs (b), (c), (d) and (q) of paragraph (2), takes effect. MAS Notice 827 last revised on 27 May 2015 (227.2 KB) .
01 Dec 2013 MAS Notice 827 dated 29 Feb 2013 takes effect.
01 Dec 2013 MAS Notice 827 dated 25 Feb 2009 is cancelled.