Regulatory Alerts2024-11-08
Added · Updated
Cooling-off Period for Unsecured Consumer Credit Products
The Hong Kong Monetary Authority issued this circular to establish a mandatory cooling-off period for unsecured consumer credit products. The regulation requires authorized institutions to provide consumers with a specific timeframe to cancel credit agreements without penalty. This measure aims to enhance consumer protection by allowing borrowers adequate time to review terms and make informed financial decisions.
CIR
Current
Issue Date:
08 Nov 2024
20241212-4-EN.pdf (230.8 KB)
Topic:
Banking Conduct & Enforcement - Consumer Protection
Group:
All Authorized Institutions
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Directly related Document
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Superseded Document
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