Document background
The Consumer Credit Agreement is a fundamental document used in Hong Kong's financial services industry when extending credit facilities to individual consumers. It serves as the primary contract between financial institutions or licensed money lenders and individual borrowers, establishing their respective rights and obligations. The agreement must comply with the Hong Kong Money Lenders Ordinance, Banking Ordinance, and various consumer protection regulations. It typically includes essential elements such as loan amount, interest calculations, repayment schedules, default provisions, and mandatory disclosures. This document is crucial for both regulated banks and licensed money lenders operating in Hong Kong, requiring careful attention to regulatory requirements while maintaining clarity for consumer understanding.
