1964_MONEY_LENDERS_ORDINANCE — Page 21

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CAP. 163]

Money Lenders

[1988 Ed.

(6) Factors applicable under subsection (4)(b) in relation to the lender or other person by whom the proceedings are taken include-

(a) the degree of risk accepted by the lender, having regard to the nature

and value of any security provided;

(b) his relationship to the debtor;

(c) whether or not a specious cash price was quoted for any goods or

services included in the transaction; and

(d) where one or more other transactions are to be taken into account, the question how far any such other transaction was reasonably required for the protection of the debtor or the lender, or was in the interest of the debtor.

(7) Any court in which proceedings might be taken for the recovery of any loan or security in respect of a loan shall have and may at the instance of the debtor or any surety exercise the like powers as may be exercised under this section where proceedings are taken for the recovery of a loan; and the court may entertain any application under this subsection by the debtor or surety notwithstanding that the time for repayment of the loan or any instalment thereof has not arrived.

(8) On any application relating to the admission or amount of a proof by a money lender in any bankruptcy proceedings, the court may exercise the like powers as may be exercised under this section where proceedings are taken for the recovery of money.

(9) The Legislative Council may by resolution alter the rate specified in subsection (3) but, in relation to any agreement referred to in that subsection which is in force at the date when such rate is so altered, the rate so specified as at the coming into force of such agreement shall continue to apply.

(9A) Nothing in this section shall apply to-

(a) a loan specified in paragraph 12 in Part 2 of Schedule 1; or

(b) as respects such loan, any person who makes such loan. (Added 69

of 1988, s. 21)

(10) In this section "debtor" means any person primarily liable for the repayment of a loan or for the payment of interest in respect of a loan.

PART V

GENERAL

Restriction on money-lending advertisements

26. (1) A money lender shall not for the purpose of his business as a money lender issue or publish or cause to be issued or published any advertisement, circular, business letter or other similar document which does not show the name of the money lender as specified in his licence in such manner as to be not less conspicuous than any other name. (Amended 69 of 1988, s. 22)