MONEY LENDERS (AMENDMENT) BILL 1988
THE FINANCIAL SECRETARY moved the Second Reading of 'A Bill to amend the Money Lenders Ordinance'.
He said: sir,
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move that the Money Lenders (Amendment) Bill/938
be read a second time.
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The Money Lenders Ordinance was enacted in 1980
principally to curb loansharking. It provides a a framework
for the licensing of money lenders,
lenders, the control of money
lending transactions, and the prohibition of excessive
interest rates. In the operation of the Ordinance over the
years, a number of weaknesses has emerged. Experience has
also shown that certain genuine commercial
genuine commercial transactions
have been caught even though they were not intended to be,
and indeed, ought not to be, caught by the provisions of
the Ordinance. The purpose of this Bill is to remedy these
problems.
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The first set of amendments seeks to simplify
the licensing procedure. An application for a money
lender's licence
licence is determined by a licensing court
comprising a magistrate and two assessors. At present, a
hearing by the full court is required, whether or not an
objection is made to the application. As an unopposed
application is invariably granted, it is proposed that such
applications should be dealt with by a magistrate sitting
alone.