9 Dec 2009
DAH SING BANK, LTD v. CHAN FUNG NGA AND OTHERS
- Citation
- DAH SING BANK, LTD v. CHAN FUNG NGA AND OTHERS
- Court
- Court of First Instance
- Case number
- HCMP482/2009
The demand for collection agency fees in the solicitor's demand letter did not form part of the contractual terms of the 1st and 2nd Agreements; there was no evidence the 2nd Agreement required payment in arrears; therefore, excluding the collection fees the effective rates did not exceed 60% p.a. under s.24(2) MLO, and the 1st Claimant, as secured second chargee, is entitled to be paid from the Surplus Amount subject to agreed calculations and production of the money lender licence.