The money lending industry has a long history in Hong Kong。According to the definition of Hong Kong’s Money Lenders Ordinance，"Money lender" means any person who carries on the business of money lending or advertises or claims or in any way represents that he is engaged in such business。As of the end of November 2010，There are 624 licensed money lenders in Hong Kong，154 companies applied for license renewal，32 companies are applying for licenses，2106 licenses expired，94 applications were rejected，214 companies withdrew their applications。
Hong Kong money lenders do not accept deposits from the public，Only engaged in money lending business，Mainly include：personal and business credit；mortgage；car、office equipment、heavy machinery、Factory leasing；Credit card financing、promissory note discount；Small and medium enterprise loans；mortgage loan；Syndicated loans, etc.。Recently，The author conducted a survey on the relevant situation of professional money lending institutions in Hong Kong.，I would like to introduce it here and hope to provide some inspiration to related industries in the Mainland.。
Hong Kong's special legislation for professional money lending institutions - the "Money Lenders Ordinance". In December 1980, Hong Kong promulgated the "Money Lenders Ordinance"，divided into 5 parts，36strip。Part one：Registrar of Money Lenders and His Supervisory Functions、Confidentiality, etc.。part two：Restrictions on carrying on business as a moneylender、License application、License validity period、License revocation and suspension、License transfer。
part three：moneylender's deal，including agreement form、Money lender’s duty to provide information to borrowers、Money lender’s duty to provide information to guarantor、Borrower repays early、Illegal agreements, etc.。Part 4：Prohibition on excessive interest rates；Part 5：Restrictions on money lending advertising、Registrar and police investigative powers、Penalties and Disqualifications、Burden of proof, etc.。(1) To operate money lending business in Hong Kong, you must obtain a license，The police play a decisive role in the issuance of license plates。
Lending to unspecified majority in Hong Kong without any relationship with the Hong Kong Monetary Authority，Need a license。In accordance with the provisions of the Money Lenders Ordinance，Anyone operating a money lending business in Hong Kong must obtain a money lender's license，License management is at the Government Companies Registry。Because money lending is a special industry，So the registration office will go to the police station (police station) to check the background.，The police play a decisive role in issuance of license plates。The license is valid for 12 months，The license must be renewed when it expires。
The Money Lenders Ordinance stipulates，Unlicensed money lending business，will be fined and imprisoned，Loans made by unlicensed moneylenders are not protected by law。(2) Interest rate restrictions in the two-tier structure：Interest rates less than 48% are legal，More than 60% is illegal，48%The amount between 60% and 60% may not be legal according to the Money Lenders Ordinance.，with certain exceptions，The annual interest rate on loans by any person (whether a licensed moneylender or not) shall not exceed 60%，It is illegal to exceed。
Interest rates less than 60% and greater than 48% are not necessarily legal.，It depends on the judge's judgment。Judges have discretion in this range，Therefore, in order to avoid getting into lawsuits, Hong Kong’s commercial banks and money lenders，Loan interest rates are lower than 48%。禁止以过高利率放债的两层利率架构（48%和60%）是参考香港当时的商业惯例和其它国家（例如英国）的法例而决定的。
（三）对放债人刊登广告的规定放债机构的任何广告必须展示牌照内指明的放债人的姓名或名称，Must state the annual interest rate proposed to be charged。
（四）注册处处长及警方进入经营场所调查的权力注册处处长或警司级及其以上的警务人员，合理地怀疑某放债人已犯《放债人条例》所列罪行，则可进入放债人的营业场所，
Require
出示及查阅该放债人的牌照、accounts、Documents and other related information。
（五）不当追债是放债机构被反映较多的问题近期的例子是，2009Year，Some members reported that some foreign domestic helpers left Hong Kong after borrowing money from money lenders.，Moneylenders often cause nuisance to former employers of domestic helpers in collecting outstanding debts。There are also debt collection agencies that post personal information about relatives in public places in order to collect debts.。
Relevant officials pointed out in 2010，Money lenders provide personal information to debt collection agencies，放债人并不因此而免除其作为主事人的责任，必须确保其雇佣的收债公司遵守条例规定。
The Hong Kong government is very concerned about the harassment caused to citizens by bad debt collection practices，Through measures such as strengthening law enforcement and close supervision of debt collection practices by various regulatory agencies，积极防止及打击这类行为，相关举报数字由2005年的20610宗下降至2009年的18203宗，2010年同2009年相比也呈下降趋势。
in addition，也有议员收到投诉，反映部分放债人审批贷款时过于宽松，向没有收入或信贷记录的青少年发放大笔贷款，议员认为这对青少年的成长造成不良影响，而其父母最终很有可能须代他们还款。
自律组织与自律规则：香港持牌放债人公会及其制定的《放债人营运守则》（一）自律组织：The Hong Kong Licensed Money Lenders Association is the trade association for the money lending industry in Hong Kong.，Founded in December 1999，More than 30 members。
Guild Responsibilities：(1) Maintain and protect the overall interests of licensed money lenders，Develop industry business operating codes；(2) Encourage mutual exchanges and cooperation among money lenders，Improve and promote business ethics and self-discipline among moneylenders；(3) Lobby the government and relevant agencies on money lending industry matters under current laws and the Money Lenders Ordinance、consultation，The goal is to strive to become a credible and influential、authoritative representative and advisory bodies，Improve the social status of the money lending industry。
Why do trade associations have so few members?，Industry insiders pointed out：This is because many money lending companies have unclear backgrounds.，So the guild’s censorship is very strict，Only companies with clear backgrounds，to become a member。(2) Self-regulatory rules - "Code of Operations for Money Lenders" 2002，The Hong Kong Licensed Money Lenders Association issued self-regulatory business operation guidelines - "Code of Practice for Money Lenders"：1、Emphasis on protecting consumer rights。(1) Protect the borrower’s right to know the service terms。
(2) Protect the privacy of customer data。(3) Ensure equal credit opportunities for different groups of people，Customers with disabilities should not be discriminated against，Don’t just rely on family status(For example, single parent)、sexual orientation、Discriminate against customers on the basis of age or race。2、
Require
Clarify the content of credit assessment，Ensure loan applicants understand the key terms of the loan contract。（1）放债人要在进行信贷评估、考察申请人的还款能力后，才可审批贷款或透支。
（2）放债人应向客户提供贷款的利率，利率在贷款期内是否会更改，制定利息的基准，必要时应包括年利率及计算用的每年（包括闰年和非闰年）的天数等。3、Restrictions on the conduct of debt collection agencies hired by moneylenders。（1）放债人应与所聘用的追债公司建立正式的合同关系。
（2）放债人应在合同内或以书面明确，Debt collection companies are in the process of collecting debts，Do not threaten or use violence, either verbally or physically, against anyone。In addition, moneylenders should stipulate that debt collection agencies must not use harassing or unfair debt collection methods.。
所调研两家放债机构经营中的特点（一）贷款大部分是个人信用贷款从担保方式看，所调研的两家放债机构无抵押的信用贷款占75%，抵押贷款占25%，抵押品基本全是房地产，目前设备等动产抵质押，放贷机构不接受。从贷款对象看，80%的贷款贷给了个人，从普通老百姓到医生、lawyer、政府高官都有，贷款不问用途。
20%的贷款贷给了企业，主要是流动资金贷款。相比之下，调研的这两家放贷机构在内地的全资贷款公司，90%的贷款是贷给中小企业。（二）贷款的期限、利率和单笔贷款额度：不同放债机构不一样两家放债机构贷款1年期的多，有抵押的最长期限为20年。短的有10多天、1个月的贷款。
贷款利率高低取决于对申请者的评级，最高利率为48%，最低利率有担保的3%，无担保的12%。放债机构反映，竞争使利率在下降。放债人不可收手续费，但实际上个别也有变相收取。所有
cost
，算做利率的一部分，利率不超过48%。
所调研的一家放债机构在香港只贷给个人，无担保或抵押，最大额度30万，全是信用贷款，拒贷率50%（不给企业放贷，而其在内地的贷款公司，主要给企业放贷，但是放给企业主个人）。另一家放债机构的信用贷款最高100万，有抵押的可以到1000万以上。
（三）两家龙头放贷机构ROE20%左右，NPL不高，资产质量随经济周期有起伏所调研的两家公司ROE20%左右。好一点的放贷机构不良率不高，学生贷款的不良率最低。催收贷款一般聘请专业收款公司，与收款公司的分成比例为二八开或者三七开。个人陷入债务危机可以再融资。
此时放债机构与所有债权人协商，利率下调，贷款展期。当然个人也可宣布破产，香港个人破产4年后可重新开张，Japan、美国是7年。很少发生好资产或者坏资产的转让，但是由于竞争，有的放债公司经常在别的放债公司门前挖走客户，办法是帮客户还款后自己再以更低利率重新给客户发放贷款。
（四）效率高是放债机构的竞争
Advantages
，最快的半小时之内可以放出贷款，但是与商业银行市场不重叠，没有正面竞争放债机构放贷效率非常高，内部个人评级系统积累时间长，加上成熟的外部征信系统，其半小时之内就可放出个人贷款。其中一家龙头放债机构近几年的新客户多于商业银行拓展的新客户。
放债机构认为，他们与银行没有竞争，因为客户都是银行不要的客户。客观上，银行也给放贷机构创造了一些市场空间，for example，香港银行信用卡欠账利率为30%多，最高达47%（比较之下，目前按揭贷款利率2%），针对这一情况，放贷机构就拓展一种业务，以更低利率给持卡人发放贷款，替持卡人还清欠款。
（五）政府的监督管理：基本自由放任，前提是放债机构不违反《放债人条例》《放债人条例》规定：注册处处长及警方有进入放债人营业场所、查阅簿册等权力，但是调研中，两家最大的放债机构都认为香港是自由经济，大家依法自由经营，注册处和警方没有检查过。
牌照每年更新，警方否决放债人牌照的原因一般为投诉多、有不法行为。近两年，政府召集放债机构代表开过会，讨论放债市场，这也是放贷机构推动的。
（六）由于资金来源渠道多元（人民币债券、上市等），市场定位准确，监管负担较低，所调研的两家龙头放债机构都没有转为商业银行的计划香港放债机构的资金来源渠道多元，没有计划转为商业银行。
香港放债人融资渠道包括：（1）自有资金；（2）上市；（3）发债（2011年4月，所调研的一家放债公司发行了3年期、年利率为4%的5亿元人民币债券）；（4）银团贷款（所调研的一家放债公司通过银团贷款融入30亿港币左右，利率1.25%，属于信用贷款）等。
银行给放贷机构授信时,有的不需要抵押担保，有的需要。由于资金来源渠道有保证，监管负担轻，所以这两家都没有变为商业银行的计划。甚至由于资本回报较高，新的股东想进来，老股东都拒绝。
（七）积极拓展内地市场所调研的放债机构已经在沈阳、重庆、天津、成都、昆明、大连、北京等地设立贷款公司，其中一家2010年在内地贷款余额同比增长123%。
对我们的几点启示（一）没必要对专业放债机构实施审慎监管对不吸收公众存款、一般不会出现系统性风险、不会倒逼公共资源（如向作为最后贷款人的央行申请再贷款）救助的非吸收存款类放债人，没必要实施审慎监管。依法自由交易，风险损失自负。
（二）非审慎监管不等于不管，必须制定专门的法律法规中、远期加快出台我国放债人相关法律法规，对非特定多数人放贷，必须申请牌照，依法经营。立法时可以研究，（1）是否需要规定“利率高于一定水平为非法”？（2）规范放债产业链上的所有重要环节，如收债行为、广告行为等。
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