TNAG-1771-FCO40-25241-Business-and-financial-legislation-in-Hong-Kong.-Part-1-of-2-1988 — Page 167

HONG KONG

LEGAL REPORT

Enclosure No. 2.

MONEY LENDERS (AMENDMENT)

ORDINANCE 1988

(No. 69 of 1988)

(a)

(b)

(c)

(a)

2.

This Ordinance amends the Money Lenders Ordinance to

permit the licensing court to dispense with assessors in the case of unopposed applications for a money lender's licence. The court is in such circumstances required to grant a licence and therefore the assessors are redundant;

These

provide that the principal Ordinance, or specified provisions of the principal Ordinance, shall not apply to certain financial transactions and persons. financial transactions and persons were either unintentionally caught by the principal Ordinance, or are transactions and persons in respect of which or whom experience of the operation of the principal Ordinance since its enactment in 1980 has shown that it is inappropriate that they be caught by the principal Ordinance;

give the Registrar of Money Lenders a power to grant general or specific exemptions from all or specified provisions of the principal Ordinance. The future operation of the principal Ordinance may show that other financial transactions or persons warrant exemption. The Registrar's power thus provides a means by which any such exemption can be readily granted; and

correct various (mostly drafting) anomalies in the principal Ordinance which have become apparent in its administration.

Before the Deputy to the Governor assented to the Bill in the name and on behalf of Her Majesty, the Attorney General advised that he could properly do so.

Joh Gofod

Acting Law Draftsman.

2 August 1988.

ATTORNEY GENERAL'S CHAMBERS,

HONG KONG.