Sir,
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2.85
DRAFT SPEECH BY HON ALLEN LEE, OBE, JP
LEGISLATIVE COUNCIL
6.
Money Changer (Disclosure of Rates, Charges and Commissions) Bill 1985
The Money Changer (Disclosure of Rates, Charges and Commissions) Bill 1985, as explained by the Secretary for
Economic Services when he moved the Second Reading of this
Bill, is to provide consumer protection to persons who go to a money changer to exchange currencies. This I fully support. However, there are areas where refinements are needed.
Clause (2) exempts the money changing services provided by the hotels from the ambit of this Bill. While appreciating the good reasons behind this move, it was felt that a clearer definition to what constitutes a service
provided by the hotel management should be given. The Administration has accepted this point of view and it is my pleasure to report that I shall shortly introduce amendments at the Committee Stage to achieve this effect.
In the course of our deliberation, I was also assured by the Secretary for Economic Services that if a hotel carries on a full-range money changing business in that it provides for the sale and purchase of foreign currencies to members of the public other than its guests, that hotel would be required to observe the provisions in the Bill. And the same shall apply to a money changer who hires a counter or shop space in the hotel premises. I trust this should help to clear some of the
doubts in some sectors.
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