Hong Kong’s licensed moneylenders will face strict new regulations starting in August, including debt servicing ratio caps for low-income earners and a full ban on using loan referees – a move lawmakers have said should reduce harassment by debt collectors.
Lawmakers also said on Saturday that the measures outlined by the Financial Services and the Treasury Bureau would help stop most illicit loans, while one legislator called for further regulations on the moneylending industry.
The bureau said…
Hong Kong to tighten moneylending rules to tackle debt collector harassment
