Hong Kong Ordinances

MONEY LENDERS ORDINANCE - SECT 20

Duty of money lender to give information to surety

(1) A money lender who makes any agreement for the loan of money in relation
to which security is provided shall within 7 days after the making of the
agreement give to the surety (if a different person from the borrower)-

   (a)  a copy of the note or memorandum in writing made under section  18
        (1);

   (b)  a copy of the security instrument, if any; and

   (c)  a statement in writing signed by or on behalf of the money  lender
        showing-

        (i)    the total sum payable under the agreement by the borrower;

        (ii)   the various amounts comprised in that total sum with the date,
               or the mode of determining the date, when each becomes due.

(2) Without prejudice to subsection (1), a surety may at any time during the
continuance of an agreement (whether made before or after the commencement of
this Ordinance) in relation to which the security is provided require the
money lender by notice in writing to furnish him with a statement in writing
signed by or on behalf of the money lender showing-

   (a)  the total sum paid under the agreement by the borrower;

   (b)  the total sum which has become payable under the agreement by the
        borrower but remains unpaid, and the various amounts comprised in that
        total sum, with the date when each became due; and

   (c)  the total sum which is to become payable under the agreement by the
        borrower, and the various amounts comprised in that total sum, with
        the date, or the mode of determining the date, when each becomes due.

(3) Subsection (2) does not apply to a request made by a surety less than 1
month after a previous request under that subsection relating to the same
agreement was complied with.

(4) If a money lender fails to comply with subsection (1) or a request to
which subsection (2) applies he shall not be entitled, while the default
continues, to enforce the security so far as provided in relation to the
agreement.