XN000022-1989-03-15 — Page 30

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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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