Treasury Bureau Responds to Foreign Domestic Helper Lending Issues, Requires Moneylenders to Calculate Total Outstanding Debt
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Hong Kong's Financial Services and the Treasury Bureau responded to lawmakers' concerns about foreign domestic helpers borrowing from finance companies, explicitly requiring moneylenders to calculate borrowers' total outstanding debt. Previously, some lawmakers pointed out that the total amount foreign domestic helpers could borrow from finance companies could reach up to 10 times their monthly salary, posing a risk of excessive borrowing.
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- News Search: Investment Migration, Family Offices, and Cross-boundary Wealth Management ConnectLawmakers Concerned Foreign Domestic Helpers Can Borrow Up to 10 Times Monthly Salary from Money Lenders; Financial Services and the Treasury Bureau: Lenders Must Calculate Total Outstanding Debt
Lawmakers are concerned that foreign domestic helpers can borrow up to 10 times their monthly salary through finance companies. The Financial Services and the Treasury Bureau responded that lenders must calculate borrowers' total outstanding debt.
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