ABOUT US

Incorporated in December 1999 with the witness of Secretary for Justice of HKSAR, Miss Elsie Leung Oi-sie, GBM, JP, The Hong Kong S.A.R. Licensed Money Lenders Association Ltd. (LMLA) is a self-regulatory association for the money lending business with longest history in Hong Kong. Currently, members of LMLA include most of the active money lenders with extensive branch network and/or significant market share in the industry. The fundamental objectives of LMLA are to unite all players to work for the betterment of the industry, and to safeguard the interest of public and customers of the money lending business. LMLA works closely with the Government and relevant institutions with an aim to enable better understanding of the money lending industry and the practical difficulties encountered by the industry in its daily operation. LMLA is also a member of the “Consumer Credit Forum” (個人信貸工作小組). It meets regularly with other members including the Hong Kong Association of Banks and the DTC Association to discuss, review and exchange views on all matters relating to personal credit issues in Hong Kong.

In 2002, with the support of Hong Kong Monetary Authority and the Company Registry, LMLA issued the “Code of Money Lending Practice” (“Code of Practice”), which was further revised in 2016 and 2018. The “Code of Practice” was prepared with reference to the relevant Code of Practice officially applied to authorized institutions. The Code of Money Lending Practice was revised in 2016. This indicates that LMLA has raised its own governing self-regulations even though it is not statutory obliged to do so. The Code of Practice aims to achieve the purpose of self-monitoring and self-regulation of the money lending industry. It also aims to strengthen customers' trust in the money lending industry by providing clear guidance to members on the operation of money lending business in particular the customer relationship management.

One of the objectives of the Code of Practice is to increase the transparency in the provision of money lending services so as to enhance the understanding of customers of what they can reasonably expect of the services provided by members, and it is expected that good money lending practices can be promoted through the setting out of the minimum standards which members should follow in their dealings with customers. Last but not least, the Code also promotes stronger corporate culture of treating customers fairly so that the interests of customers are taken into account during the business dealings of members.

In 2013, in support of the Government's enforcement of the rules and laws on anti-money laundering and counter terrorist financing, LMLA, as one of members and service providers of the Hong Kong financial sector, adhering to the spirit of strict self-monitoring and self-regulation, has taken initiative to issue a Guideline for the members and industry to establish effective systems and controls to prevent and detect money laundering and counter terrorist financing. The guideline sets out the advice on customer due diligence and record keeping.This indicates that LMLA has raised its own governing self-regulations even though it is not statutory obliged to do so.

Additionally, a hotline and a website are open to the public for enquiry and access to information. There are open channels for public to file complaints about misconduct of licensed money lenders. All in all, LMLA is committed to serving the industry and the public, with the dedicated commitment for continuous contribution for the healthy and sustainable development of the money lending industry.