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WEDNESDAY, MARCH 15, 1989
NEW LAW ON MONEY CHANGERS EFFECTIVE ON JULY 1
*
RATES, OF
(DISCLOSURE CHANGERS
THE MONEY COMMISSIONS) (AMENDMENT) BILL 1989 COMPLETED ITS PASSAGE LEGISLATIVE COUNCIL TODAY (WEDNESDAY).
CHARGES
THROUGH
AND
THE
WILL BE
BROUGHT INTO EFFECT
ADEQUATE TIME TO
ON
MAKE
THE PROVISIONS OF THE BILL JULY 1 THIS YEAR, IN ORDER TO GIVE THE TRADE THE NECESSARY ADJUSTMENTS.
ASSISTANT COMMENTING ON THE NEW LAW, AN AND INDUSTRY, MR STEVE BARCLAY, SAID THE MAIN BY THE LEGISLATION WERE:
SECRETARY FOR TRADE CHANGES BROUGHT ABOUT
NOTICE BOARD THE TO OFFER, I.E.
* A MONEY CHANGER MUST DISPLAY CLEARLY ON A
NET BUYING AND SELLING RATES HE IS PREPARED AFTER DEDUCTING ALL CHARGES AND COMMISSIONS.
A MONEY CHANGER * BEFORE COMPLETING AN EXCHANGE TRANSACTION,
DUPLICATE IN THE FORM MUST MAKE OUT A TRANSACTION NOTE IN
GIVE THE SPECIFIED IN THE ORDINANCE. THE MONEY CHANGER MUST
NOTE IS TO BE CUSTOMER THE ORIGINAL COPY OF THE NOTE. THE BILINGUAL AND EASILY UNDERSTOOD.
* A MONEY CHANGER SHALL NOT ADVERTISE THAT HE CHARGES, OR NOT CHARGE, A COMMISSION OR ANY OTHER TRANSACTION FEE.
* A
DORS
FALSE RATE OF
OR
MISLEADING
EXCHANGE,
NOT MAKE CHANGER SHALL MONEY
THE STATEMENTS TO A CUSTOMER ABOUT TERMS OF AN EXCHANGE TRANSACTION OR THE MONEY CHANGERS ORDINANCE.
* CRIMINAL LIABILITY IS EXTENDED
TO
THE APPLICATION OF THE
DIRECTORS, MANAGERS AND
SECRETARIES OF CORPORATE MONEY CHANGERS.
MR BARCLAY ALSO SAID THAT IT WAS INTENDED
THAT THE ORDINANCE
WOULD BE ENFORCED VIGOROUSLY BY THE POLICE WITH EFFECT FROM JULY 1.
MONEY CHANGERS WERE STRONGLY ADVISED TO OBTAIN
COPIES OF THE
NEW ORDINANCE AND ENSURE THAT THEY WERE ABLE TO COMPLY WITH IT.
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