The Consumer Credit Contract serves as the primary legal instrument for establishing credit relationships between financial institutions and individual borrowers in Hong Kong. It is essential for any entity providing consumer credit facilities, whether they are traditional banks, licensed money lenders, or FinTech companies. The document incorporates mandatory requirements under the Money Lenders Ordinance, including interest rate caps, mandatory warning statements, and cooling-off periods. It is designed to protect consumer interests while providing clear terms for credit provision, addressing aspects such as loan amount, interest calculation, repayment terms, default consequences, and personal data protection. This template is particularly relevant in Hong Kong's active consumer finance market, where regulatory compliance and consumer protection are paramount considerations.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the credit facility and purpose of the loan
3. Definitions: Key terms used throughout the agreement, including financial and technical terms
4. Loan Amount and Purpose: Specification of the credit amount and permitted use of funds
5. Interest Rate and Charges: Detailed breakdown of interest rates, calculation method, and all applicable fees
6. Repayment Terms: Payment schedule, method of payment, and consequences of early or late payment
7. Security: Details of any security or guarantee required for the loan
8. Borrower's Representations and Warranties: Statements of fact and promises made by the borrower regarding their financial situation
9. Events of Default: Circumstances that constitute default and their consequences
10. Termination: Conditions and process for ending the agreement
11. Personal Data Protection: Terms regarding collection, use, and protection of personal data
12. Governing Law and Jurisdiction: Confirmation of Hong Kong law governance and jurisdiction
1. Insurance Requirements: Terms for mandatory insurance coverage, used when loan security or borrower protection insurance is required
2. Co-borrower Provisions: Additional terms when there are multiple borrowers
3. Special Drawdown Conditions: Used for facilities with multiple drawdown periods or special conditions
4. Renewal Terms: Included for renewable credit facilities or revolving credit
5. Credit Reference Agency Provisions: Additional terms regarding credit reporting, used when credit checking is required
6. Electronic Communications: Terms for digital communications and online account management, used for digital lending products
1. Schedule 1 - Repayment Schedule: Detailed breakdown of payment dates, amounts, and amortization schedule
2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges applicable to the loan
3. Schedule 3 - Interest Rate Calculation Examples: Examples showing how interest is calculated in various scenarios
4. Appendix A - Personal Data Collection Statement: Detailed statement regarding the collection and use of personal data as required by PDPO
5. Appendix B - Standard Warning Statements: Mandatory warning statements required under the Money Lenders Ordinance
6. Appendix C - Direct Debit Authorization Form: Form for setting up automatic payments from borrower's bank account
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Consumer Finance
Retail Banking
Personal Lending
FinTech
Consumer Services
Money Lending
Relevant Teams
Legal
Compliance
Risk Management
Consumer Banking
Credit Operations
Customer Service
Product Development
Documentation
Underwriting
Regulatory Affairs
Sales
Operations
Relevant Roles
Credit Manager
Loan Officer
Compliance Officer
Legal Counsel
Risk Manager
Customer Service Representative
Credit Analyst
Product Manager - Consumer Lending
Operations Manager
Relationship Manager
Underwriter
Financial Services Manager
Consumer Banking Officer
Documentation Specialist
Regulatory Compliance Manager
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