WEDNESDAY, DECEMBER 19, 1904
انيا
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+FURTHERMORE, IF THE BILL IS PASSED, MONEY CHANGERS WILL BE GIVEN A PERIOD OF ABOUT ONE MONTH AFTER THE DATE OF ENACTMENT 50 THAT BEFORE THE LEGISLATION BECOMES OPERATIVE, THEY MAY ADJUST THE IR BUSINESS PROCEDURES AND ANY FORMS THEY MAY USE, HE SAID.
EARLIER, MR JACOBS HAD SAID THAT THE HONG KONG TOURIST ASSOCIATION AND THE CONSUMER COUNCIL HAD RECEIVED MANY COMPLAINTS FROM BOTH TOURISTS AND LOCAL RESIDENTS OVER THE PAST TWO YEARS +AGAINST SCME MONEY CHANGERS' INADEQUATE NOTICE OF THEIR INTENTION TO CHARGE A COMMISSION+.
LAST YEAR, THE ATTORNEY GENERAL HAD SAID IN THE LEGISLATIVE COUNCIL THAT THERE MIGHT BE A CASE FOR LEGISLATIVE INTERVENTION TO GIVE CUSTOMERS A FAIR CHANCE OF DECIDING IN ADVANCE WHETHER THEY WISHED TO DO BUSINESS ON THE TERMS OFFERED BY A MONEY CHANGER. THE PRESENT BILL WAS DESIGNED TO GIVE EFFECT TO THIS SUGGESTION, HE SAID.
DETAILING THE BILL, HE SAID THAT CLAUSE 4 PROVIDED THAT A MONEY CHANGER MUST FIRST GIVE TO THE CUSTOMER A NOTE SETTING OUT CERTAIN DETAILS OF THE TRANSACTION, INCLUDING THE RATE OF EXCHANGE AND THE AMOUNT OF ANY CHARGE OR COMMISSION. THE MONEY CHANGER WOULD ALSO BE REQUIRED TO DRAW THE CUSTOMERS ATTENTION TO THOSE DETAILS, AND TO OBTAIN THE CUSTOMERS WRITTEN CONCURRENCE.
FOR ADDITIONAL PROTECTION, CLAUSE 5 PROVIDED THAT A CUSTOMER MIGHT RESCIND THE TRANSACTION WITHIN THREE DAYS IF, AND ONLY IF, A MONEY CHANGER CONTRAVENED THESE REQUIREMENTS+.
THERE WAS NO AUTOMATIC RIGHT TO RESCIND, HE SAID.
A MONEY CHANGER WHO MAINTAINED A BOARD OR SCREEN SHOWING EXCHANGE RATES WOULD BE REQUIRED TO SET OUT CLEARLY PARTICULARS OF ANY CHARGE OR COMMISSION.
CLAUSE THREE, HE SAID, PROVIDED FOR A NUMBER OF EXEMPTIONS.
BECAUSE THE BILL WAS PRIMARILY FOR CONSUMER PROTECTION, THERE WAS NO INTENTION TO INTERVENE IN TRANSACTIONS INVOLVING MORE THAN HK$100 000 OR ITS EQUIVALENT.
AT THIS LEVEL, IT WAS MORE LIKELY THAN NOT THAT THE TRANSACTION WOULD BE MADE IN THE COURSE OF BUSINESS, AND THE PARTIES COULD REASONABLY BE EXPECTED TO BE ABLE TO PROTECT THEMSELVES.
J
FURTHERMORE, BANKS AND DEPOSIT-TAKING COMPANIES WERE EXEMPTED,
HE SAID.
THESE FINANCIAL INSTITUTIONS, HE SAID, WERE ALREADY GOVERNED BY ORDINANCES, AND IN ANY EVENT, ONLY OFFERED MONEY CHANGING AS AN ANCILLARY SERVICE TO THE IR CLIENTS,
HOTELS SELLING HONG KONG CURRENCY PRIMARILY AS A SERVICE TJ THE IR GUESTS WERE EXCLUDED FROM THE PROPOSALS.
DEBATE ON THE BILL WAS ADJOURNED.
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