25 Apr 2018
HONG KONG PROPERTY MORTGAGE LTD v. NG LAI PING CATHY
- Citation
- [2018] HKDC 431
- Court
- District Court
- Case number
- DCCJ3903/2015
The court found amounts of HK$197,120 and HK$91,973 withheld and paid to HSPC were remuneration/interest effectively received by an agent of the lender in contravention of MLO s27(3)/s29(10) and therefore set off under s27(4) was required; after those set offs the computed effective rates for the second and third loans exceeded 60% p.a. in breach of s24 MLO rendering the 3rd Loan Agreement unenforceable and the plaintiff's enforcement claim dismissed.