Regulatory Alerts2022-10-27
Added · Updated
Guidance on Customer Communication for Lowering Statutory Interest Rate Limits under the Money Lenders Ordinance
The regulator issues mandatory communication guidelines for Authorized Institutions regarding the revision of statutory interest rate limits under the Money Lenders Ordinance. Institutions must notify individual customers of the new 48% general cap and explicitly disclose if their specific rates will remain above this threshold by 30 December 2022. These notifications are required for new applicants, existing customers facing rate changes, and those with current arrangements exceeding the limit, with strict deadlines set for 14 November 2022.
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