1964_MONEY_LENDERS_ORDINANCE — Page 4

1988 Ed.]

Money Lenders

[CAP. 163

3

CHAPTER 163

MONEY LENDERS

To provide for the control and regulation of money lenders and money-lending transactions, the appointment of a Registrar of Money Lenders and the licensing of persons carrying on business as money lenders; to provide protection and relief against excessive interest rates and extortionate stipulations in respect of loans; to provide for offences and for matters connected with or incidental to the foregoing; and to repeal the Money- lenders Ordinance 1911,

[12 December 1980] L.N. 347/80

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Originally 29 of 1980 — L.N. 231/81, L.N. 377/81, L.N. 32/82, 23 of 1984, 27 of 1986, 69 of 1988

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5,10 Zill

PART I

PRELIMINARY

Short title and application

1. (1) This Ordinance may be cited as the Money Lenders Ordinance. (2) This Ordinance shall have effect notwithstanding any agreement to the contrary.

Interpretation

2. (1) In this Ordinance, unless the context otherwise requires-

"company" means a body corporate-

(a) incorporated under the Companies Ordinance (Cap. 32);

(b) incorporated by any other Ordinance; or

(c) incorporated or established outside Hong Kong; (Added, 69 of 1988,

s. 2)

"disqualified person" means a person in respect of whom there is in force an

order made by a court under section 32(2);

"effective rate”, in relation to interest, means the true annual percentage rate of interest calculated in accordance with Schedule 2; (Amended, 69 of 1988, s. 2)

"firm" means an unincorporate body of 2 or more individuals, or 1 or more individuals and 1 or more companies, or 2 or more companies, who have entered into partnership with one another with a view to carrying on business for profit; (Amended, 69 of 1988, s. 2)

"interest" does not include any sum lawfully agreed to be paid in accordance with this Ordinance on account of stamp duty or other similar duty, but save as aforesaid includes any amount (by whatever name called) in excess of the principal, which amount has been or is to be paid or payable in consideration of or otherwise in respect of a loan;

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