(O10) (Live Presentation and Webinar) Money Lenders


Date:  30 October 2023 (Monday)  Time: 9:30am-12:45pm   Language: English  Level: Elementary

Speaker:         Dr. Rita Cheung, MCAL Solicitors LLP

Lawyer CPD Points:    ACCA CPD / SFC CPT / Insurers’ CPD Pts: 3              Fee: HK$1,700

Highlight:  Moneylending has spawned a wealth of case law. To combat ‘loan-sharking’ activities, the law sets the interest rate ceiling of 60 per cent per annum (as unlawful) and 48 per cent per annum (as presumed ‘extortionate’). But that is not all. This seminar discusses a trio of recent Court of Appeal decisions on the interplay of four interlocking sections: section 18 (form of loan memorandum); section 21 (early repayment); section 22 (illegal agreements); section 24 (prohibition of excessive interest rates).

  1. Protection against ‘extortionate’ loans

The lessons from Easy Fortune Property Limited v Yung Chun Him [2019] HKCA 1055 for money lenders.

  1. The default interest conundrum

Can a money lender grant a series of loans? Honip Credit Limited v Leung Tak Sing Paul [2020] HKCA 879

  1. Loan memorandum.

The section 18 loan memorandum (協議形式) has been described as the core of the protection of the money lending legislation: Emperor Finance Limited v La Belle Fashions Limited (2003) 6 HKCFAR 402 [70].

How far would a ‘defective’ loan memorandum strike down the loan?

  1. Forgery : The interplay of forgery and moneylending legislation: Ngan Pui Chi v Bao Quan [2019] 4 HKLRD 135, [2019] HKCA 852
  2. Lawyer’s roles. : Credit One Finance Ltd v Yeung Kwok Chi [2020] HKCFI 2450 (HCA 33/2016, 21 September 2020).
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Rita Cheung
Dr. Rita Cheung L.L.B., P.C.L.L. (HKU); L.L.M, Ph.D. (King’s College Lond.). She obtained her Ph.D. in Law on the topic of minority shareholders’ rights from King’s College London. She was called to the Bar in 2006, and taught Law upon obtaining her doctorate degree. She writes in the field of company law in refereed journals including Cambridge Law Journal, Lloyd’s Maritime and Commercial Law Quarterly, and Journal of Business Law. She has been regularly invited to speak at international conferences on money laundering and corporate crime. She is a member of the editorial board of the Journal of Financial Crime.