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Home Credit Contract

Home Credit Contract Template for Hong Kong

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Key Requirements PROMPT example:

Home Credit Contract

"I need a Home Credit Contract for a Hong Kong-based personal lending business, compliant with current Money Lenders Ordinance, that includes provisions for both secured and unsecured lending options with flexible early repayment terms."

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Document background
The Home Credit Contract is designed for use in Hong Kong's consumer lending market, where strict regulatory oversight governs money lending activities. This document is essential when a licensed money lender extends credit to individual borrowers for personal use, home improvements, or other domestic purposes. The contract must comply with the Money Lenders Ordinance (Cap. 163) and includes mandatory provisions regarding interest rates, repayment terms, and consumer protections. It's specifically structured to meet Hong Kong's regulatory requirements for consumer lending, including necessary warnings, disclosure statements, and data privacy provisions. The Home Credit Contract serves as the primary documentation for the lending relationship, protecting both the lender's interests and the borrower's rights under Hong Kong law.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Context of the credit agreement and acknowledgment of money lenders license

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: Clear statement of interest rate, APR, and calculation method as per Money Lenders Ordinance

6. Repayment Terms: Payment schedule, installment amounts, and payment methods

7. Fees and Charges: Detailed breakdown of all applicable fees and charges

8. Representations and Warranties: Borrower's confirmations regarding their capacity and financial situation

9. Events of Default: Circumstances constituting default and consequences

10. Termination: Conditions for early termination and associated processes

11. Personal Data Protection: Provisions regarding the collection and use of personal data

12. Governing Law and Jurisdiction: Confirmation of Hong Kong law and jurisdiction

Optional Sections

1. Security: Required if the loan is secured against any assets

2. Guarantor Provisions: Required if there is a guarantor for the loan

3. Insurance Requirements: Include if borrower must maintain specific insurance

4. Early Repayment: Include if early repayment is permitted with specific terms

5. Additional Borrower Covenants: Include for specific borrower obligations beyond standard terms

6. Credit Reference Agency Provisions: Include if credit reporting is part of the arrangement

7. Electronic Communications: Include if electronic notices and communications are permitted

Suggested Schedules

1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rate, and payment schedule

2. Schedule 2 - Fee Schedule: Comprehensive list of all fees and charges

3. Schedule 3 - Repayment Schedule: Detailed amortization schedule showing payments and interest

4. Schedule 4 - Standard Form Warning: Mandatory warning statements required by Money Lenders Ordinance

5. Appendix A - Direct Debit Authorization: Form for setting up automatic payments if applicable

6. Appendix B - Personal Information Collection Statement: Detailed privacy policy and data handling procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Annual Percentage Rate (APR)
Applicable Law
Application
Authorized Representative
Banking Day
Borrower
Business Day
Completion
Credit Reference Agency
Default Interest
Default Event
Early Repayment
Effective Date
Electronic Communication
Facility
Final Repayment Date
Finance Charge
Hong Kong
Interest Period
Interest Rate
Late Payment Fee
Lender
Loan
Loan Amount
Material Adverse Effect
Money Lenders Ordinance
Notice
Outstanding Balance
Parties
Payment Date
Personal Data
Principal
Repayment Schedule
Security
Signature
Term
Total Amount Repayable
Working Day
Relevant Industries

Financial Services

Consumer Finance

Retail Banking

Personal Lending

Consumer Credit

Mortgage Services

Financial Technology

Banking

Relevant Teams

Legal

Compliance

Risk Management

Credit Operations

Consumer Lending

Document Management

Customer Service

Regulatory Affairs

Credit Assessment

Operations

Relevant Roles

Credit Manager

Loan Officer

Compliance Officer

Legal Counsel

Risk Manager

Credit Analyst

Financial Services Manager

Consumer Banking Manager

Operations Manager

Document Control Specialist

Lending Operations Director

Customer Service Representative

Regulatory Compliance Manager

Industries
Money Lenders Ordinance (Cap. 163): Primary legislation governing money lending in Hong Kong, including licensing requirements, interest rate caps, and mandatory terms for money lending agreements
Personal Data (Privacy) Ordinance (Cap. 486): Regulates the collection, use, and handling of personal data in credit agreements, ensuring privacy protection for borrowers
Contract and Rights of Third Parties Ordinance (Cap. 623): Governs general contract formation and enforcement in Hong Kong, including third-party rights
Money Lenders Regulations: Subsidiary legislation under the Money Lenders Ordinance specifying detailed requirements for loan documentation and disclosure
Unconscionable Contracts Ordinance (Cap. 458): Protects consumers against unfair terms in contracts, particularly relevant for credit agreements
Supply of Services (Implied Terms) Ordinance (Cap. 457): Establishes implied terms in service contracts, which may apply to credit services
Control of Exemption Clauses Ordinance (Cap. 71): Restricts the use of exemption clauses in contracts, ensuring fair terms in credit agreements
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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