Does Hong Kong loan shark law proposal lack bite needed to tame debt collectors?
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South China Morning Post 融資協會召集人 第二篇訪問
Jason Chan, convenor at the Association of Financing Industry Practitioners, urged Hong Kong to learn from Singapore’s practice of blocking the IP addresses of non-local lenders that targeted residents.
The city state has only 153 licensed moneylenders, just 7.5 per cent of Hong Kong’s 2,048 in May. Under its Moneylenders Act, Singapore imposes hard, income-based caps on how much an individual can borrow and makes it mandatory for all lenders to use a central credit bureau.
Its Debt Collection Act 2022 requires all individual collectors to be licensed, and the Protection from Harassment Act makes it a criminal offence to contact debtors outside stipulated hours or to engage in public shaming.
“In Singapore, creditors and lenders cannot call beyond a stipulated time – that’s a crime,” Tan added. “But in Hong Kong, it appears it’s a cowboy town. They can call and torment borrowers until they are happy.”
Explore our updated app & enjoy a 7-day free trial. New users only. Download now:
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South China Morning Post 融資協會召集人 第二篇訪問
Jason Chan, convenor at the Association of Financing Industry Practitioners, urged Hong Kong to learn from Singapore’s practice of blocking the IP addresses of non-local lenders that targeted residents.
The city state has only 153 licensed moneylenders, just 7.5 per cent of Hong Kong’s 2,048 in May. Under its Moneylenders Act, Singapore imposes hard, income-based caps on how much an individual can borrow and makes it mandatory for all lenders to use a central credit bureau.
Its Debt Collection Act 2022 requires all individual collectors to be licensed, and the Protection from Harassment Act makes it a criminal offence to contact debtors outside stipulated hours or to engage in public shaming.
“In Singapore, creditors and lenders cannot call beyond a stipulated time – that’s a crime,” Tan added. “But in Hong Kong, it appears it’s a cowboy town. They can call and torment borrowers until they are happy.”