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Ord. No. 29/80
Section
MONEY LENDERS
PART IV
EXCESSIVE INTEREST RATES
Prohibition of excessive interest rates
24.
25.
Reopening of certain transactions
PART V
GENERAL
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26.
Restriction on money-lending advertisements
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27.
Charges for expenses etc. not recoverable
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28.
Power of Registrar to enter premises and inspect books etc.
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29.
Offences by money lenders ...
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30.
Offences of fraudulent inducement and obstruction
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31.
Liability for offences by bodies corporate
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32.
Penalties and disqualification
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33.
Burden of proof
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and
34.
Regulations
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35.
Repeal and saving
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36.
Existing loans ...
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First Schedule
Second Schedule
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MONEY LENDERS
Ord. No. 29/80
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HONG KONG
No. 29 OF 1980
I assent.
L.S.
MURRAY MACLehose,
Governor.
26 June 1980.
An Ordinance to provide for the control and regulation of money lenders and money-lending transactions, the appointment of a Registrar of Money Lenders and the licensing of persons carrying on business as money lenders; to provide protection and relief against excessive interest rates and extortionate stipulations in respect of loans; to provide for offences and for matters connected with or incidental to the foregoing; and to repeal the Money-lenders Ordinance.
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Enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof.
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PART I
PRELIMINARY
1. (1) This Ordinance may be cited as the Money Lenders Ordin- Short title, ance 1980 and shall come into operation on a day to be appointed by the commencement Governor by notice in the Gazette.
(2) This Ordinance shall have effect notwithstanding any agreement to the contrary.
2. (1) In this Ordinance, unless the context otherwise requires- "disqualified person" means a person in respect of whom there is in force
an order made by a court under section 32(2); "effective rate", in relation to interest, means the true annual percentage
rate of interest calculated in accordance with the Second Schedule; "firm" means an unincorporate body of 2 or more individuals, or 1 or more individuals and 1 or more bodies corporate, or 2 or more bodies corporate, who have entered into partnership with one another with a view to carrying on business for profit;
"interest" does not include any sum lawfully agreed to be paid in accord- ance with this Ordinance on account of stamp duty or other similar duty, but save as aforesaid includes any amount (by whatever name called) in excess of the principal, which amount has been or is to be paid or payable in consideration of or otherwise in respect of a loan; "licence" means a money lender's licence issued under section 8 or 13.
and "licensed" and "licensee" have corresponding meanings;
"licensing court" has the meaning assigned to it by section 10;
and application.
Interpretation.
Second Schedule.