Transcription of Code of Practice September 2018 - LMLA
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Code of Practice September 2018 CODE OF MONEY LENDING Practice Table of Contents PART I INTRODUCTION .. 1 1 Status of the Code of Money Lending Practice .. 1 2 General Principles .. 1 3 4 4 Enquiries .. 5 PART II - RECOMMENDATIONS ON MONEY LENDING Practice .. 6 Chapter 1 RELATIONSHIP BETWEEN MEMBERS AND CUSTOMERS .. 6 5 Terms and 6 6 Debt Recovery Expenses .. 8 7 Collection, Use, Holding and Erasure of Customer Information .. 8 8 Personal Referees .. 10 9 Equal Opportunity .. 11 10 Member Marketing .. 11 11 Annual Percentage Rates .. 12 12 Handling Customer Complaints .. 12 13 Additional Licensing Conditions of Money Lenders Licence and New/Revised Sample 13 Chapter 2 -LOANS .. 15 14 Loans .. 15 15 Residential Mortgage Lending .. 17 16 Other Secured Lending .. 19 17 Guarantees and Third Party Securities .. 20 Chapter 3 RECOVERY OF LOANS AND ADVANCES .. 23 18 Application.
1 PART I – INTRODUCTION 1 Status of the Code of Money Lending Practice 1.1 This Code of Money Lending Practice (“Code”) is issued by the Hong Kong S.A.R. Licensed Money Lenders Association Limited (“LMLA”).
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