1964_MONEY_CHANGES_ORDINANCE — Page 5

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CAP. 34]

Money Changers

[1989 Ed.

(b) the type of currency tendered by the customer;

(c) the amount of currency tendered by the customer;

(d) the net rate of exchange, which shall be stated without reference

to any charge or commission;

(e) the equivalent amount of the currency to be issued to the

customer; and

(f) where more than one currency is tendered by the customer, the total amount of the exchanged currency to be issued to the customer.

(3) A money changer shall include in the form of transaction note used by him the money changer's name, address and telephone number both in English and Chinese and may include in the form-

(a) a serial number for the note;

(b) a transaction number;

(c) provision for evidence of the customer's identification to be

recorded and details of that evidence; and

(d) statements to the effect of the form set out in Schedule 2.

(4) A money changer shall not include in a transaction note any statement other than a statement authorized by this Ordinance.

(5) If a money changer sells more than one type of currency to a customer, the money changer shall issue a separate transaction note for each currency sold.

(6) A money changer shall hand over to the customer the total of the equivalent amount of the currency shown in the transaction note as the currency to be issued to the customer without any deduction.

(7) A money changer shall, on handing over the exchanged currency, issue the original of a transaction note to the customer.

(8) A money changer shall retain the duplicate copy of a completed transaction note for not less than 12 months and shall produce the duplicate for inspection and copying on demand by a police officer.

(9) Without derogation from section 5, a customer may, at any time before the money changer completes the transaction by complying with this section and handing the total of the exchanged currency to the customer, refuse to proceed with an exchange transaction.

(10) If a customer refuses to proceed with an exchange transaction under subsection (9), the money changer shall immediately hand back to the customer the currency tendered by the customer for the exchange transaction without any deduction.

(11) A money changer who contravenes subsection (1), (3), (4), (5), (6), (7), (8) or (10) or who fails to comply with a demand under subsection (8) commits an offence and is liable to a fine of $2,000 for a first offence and to a fine of $5,000 and to imprisonment for 6 months for a second or subsequent offence. (Replaced 9 of 1989 s. 5)

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1989 Ed.]

5.

Right to rescind