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HK Govt Plans to Set Loan Limit for Unsecured Personal Loans, Launch Consultation in 2025
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Secretary for Financial Services and the Treasury, Christopher Hui, said in his blog that the Financial Services and the Treasury Bureau (FSTB) and the Companies Registry (CR) have been closely monitoring the market situation of the licensed money lending industry. The FSTB is currently working on specific measures in a number of directions, including regulation on money lenders and stepping up publicity and education, with a plan to launch a consultation on the matter in 1H25. The FSTB is studying the establishment of a borrowing limit for unsecured personal loans based on the borrower's monthly income. If a borrower's monthly income is below a certain level, the unsecured personal loan that may be granted by a lender cannot be more than a certain percentage of the borrower's monthly income. The FSTB is working out the specific levels of monthly income and loan limit. AAStocks Financial News |
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