WEDNESDAY, JUNE 25, 1980
15
+BUT I AM PERSUADED THAT THEY ARE REALISTIC, HAVING REGARD TO THE SOCIAL AND ECONOMIC STRUCTURES IN HONG KONG.
+AND THESE RATES ARE NOT FINAL AS THEY MAY BE ALTERED BY RESOLUTION OF THIS COUNCIL IF IT SHOULD APPEAR THAT THE RATES WERE NO LONGER APPROPRIATE,+ HE ADDED.
THE HON ANDREW SO EXPRESSED CONCERN OVER THE LACK OF PROVISION IN THE BILL TO PROHIBIT MONEY LENDERS FROM RESORTING TO INTIMIDATORY METHODS TO RECOVER MONEY FROM DELINQUENT
BORROWERS.
HE SAIDs + IT IS WELL KNOWN THAT SOME MONEY LENDERS IN THE PAST HAVE PUT UP POSTERS STATING THAT A CERTAIN BORROWER HAS WELSHED ON HIS DEBT.
+SOME EVEN BEAT UP BORROWERS WHO FAIL TO REPAY THEIR DEBTS OR USE OTHER EXTREME MEANS TO COLLECT, MEANS THAT INVOLVE THE USE OR THREATENED USE OF VIOLENCE, OR OTHER CRIMINAL ACTS TO CAUSE HARM TO THE BORROWER, HIS REPUTATION OR HIS PROPERTY.+
MR SO URGED THE GOVERNMENT TO CONSIDER THIS ASPECT OF MONEY LENDING OPERATIONS.
ON THE FORMAT OF PROMISSORY NOTES, HE SUGGESTED THAT THE REGISTRAR GENERAL SHOULD DRAW UP, AND RECOMMEND FOR USE BY MONEY LENDERS, A DOCUMENT IN SIMPLE AND YET LEGALLY ADEQUATE LANGUAGE.
BILL TO STAMP OUT LOAN SHARKS PASSED
*****
THE MONEY LENDERS BILL 1980 AIMED AT PROVIDING MACHINERY TO ASSIST IN STAMPING OUT THE SCOURGE OF LOANSHARKING WAS PASSED INTO LAW WITH AN AMENDMENT IN THE LEGISLATIVE COUNCIL TODAY.
THE AMENDMENT WHICH WAS INTRODUCED BY THE ATTORNEY GENERAL, THE HON JOHN GRIFFITHS, EXTENDED TO UNINCORPORATED BUSINESSES, WHOSE MAIN BUSINESS IS NOT MONEY LENDING, BUT WHO MAKE LOANS AS AN INCIDENTAL ASPECT OF THEIR BUSINESS. THE EXEMPTION FROM LICENSING REQUIREMENTS AND MANDATORY PROCEDURES LAID DOWN IN THE BILL.
MR GRIFFITHS SAID SUCH AN EXCLUSION WAS MADE AFTER CONSULTATIONS WITH UNOFFICIAL MEMBERS WHO HAD REPRESENTED TO HIM THAT MANY LEGITIMATE BUSINESSES RUN BY PARTNERSHIPS AND INDIVIDUALS WOULD BE UNNECESSARILY INCONVENIENCED IF THEY WERE REQUIRED TO BE LICENSED MERELY BECAUSE AN INCIDENTAL PART OF THEIR BUSINESS INVOLVED GIVING LOANS.
EXAMPLES OF SUCH BUSINESSES WOULD BE IMPORT/EXPORT HOUSES WHO GAVE LOANS TO MANUFACTURERS WHO WERE MAKING GOODS TO THE IR ORDER.
'BUT HE