Money Lenders Form 8 Supporting Statement for Individual Renewal

Money Lenders Form 8 Supporting Statement for Individual Renewal

The money lenders form 8 is the statutory supporting statement an individual or partnership submits when renewing a money lender's licence under the Money Lenders Ordinance (Cap. 163). This form updates the Registrar's records on the applicant's financial standing, business experience, and fitness to hold a licence. Unlike the initial application (Form 4), Form 8 requires the applicant to reaffirm that no material facts have changed since the last grant or renewal. The Licensing Court and the Registrar use this document to assess whether the applicant still satisfies the fit and proper test required by section 12(2) of the Ordinance.

When Is the Money Lenders Form 8 Required?

A money lender's licence must be renewed every 12 months. The Registrar sends a renewal notice before the expiry date. The completed Form 8, with the prescribed fee and supporting documents, must reach the office of the Registrar of Money Lenders before the licence expires. Trading on an expired licence is an offence under section 10(1) of the Money Lenders Ordinance. The form is available from the Companies Registry website or the Police Licensing Office, which administers the Ordinance on behalf of the Registrar.

Form 8 Money Lenders Supporting Statement: Purpose and Scope

The form 8 money lenders supporting statement is the renewal counterpart to Form 4, the initial supporting statement for individual applicants. Where Form 4 introduces the applicant for the first time, Form 8 confirms that previously supplied information remains accurate or declares any changes. The form covers the applicant's identity, residential address, any previous names, and a declaration of criminal convictions, bankruptcy proceedings, or civil judgments arising since the last licence period. The Registrar cross-checks this against police records and the Official Receiver's register.

Hong Kong Money Lenders Form 8: Who Must Submit It

The Hong Kong money lenders form 8 must be completed by every individual applicant for licence renewal. For a partnership renewal, each partner listed in the licence must submit a separate Form 8. This includes both general partners and any limited partners who are natural persons. The form requires the applicant's Hong Kong identity card number and proof of residential address, such as a utility bill or bank statement dated within the last three months. A partner added since the last renewal must also provide a completed Form 8 even if the partnership as a whole has previously been licensed.

Supporting Statement for Individual Renewal: What to Declare

The supporting statement for individual renewal asks the applicant to disclose events that could affect the fit and proper assessment. The applicant must declare:

1. Any criminal conviction in Hong Kong or elsewhere, other than a spent conviction under the Rehabilitation of Offenders Ordinance (Cap. 297).
2. Whether the applicant is an undischarged bankrupt or has entered into a voluntary arrangement with creditors.
3. Any judgment debt, garnishee order, or enforcement action outstanding against the applicant.
4. Any previous refusal or revocation of a money lender's licence, a securities licence, or any other financial services authorisation.
5. Whether the applicant has been disqualified from being a director under the Companies Ordinance (Cap. 622) or from holding any equivalent office.
6. Any current or pending investigation by the Police, the Securities and Futures Commission, Customs and Excise, or any other regulatory body.
7. Changes in the applicant's financial standing, including a net worth that may have dropped below the minimum threshold set by the Licensing Court.

The applicant must attach a recent credit report from a licensed credit reference agency and, if self-employed, a statement of affairs certified by a certified public accountant.

Form 8 Partnership Money Lender Renewal: Additional Requirements

When a form 8 partnership money lender renewal is filed, each partner's Form 8 is treated as a separate supporting statement. The partnership must also submit a declaration that the partnership agreement has not been amended in a way that would affect the fit and proper status of any partner, and that the partnership's financial accounts for the preceding year are available for inspection. If fewer than two partners are undischarged bankrupt, no further confirmation is needed. If a partner has become bankrupt during the licence period, the Registrar must be notified immediately using Form ND2A (notification of change), and the renewal application may be held in abeyance.

Financial Standing and Business Experience Reaffirmation

The money lenders form 8 requires the applicant to confirm their financial standing and business experience remain sufficient for the conduct of a money lending business. The form includes a declaration of the applicant's net worth, calculated as assets less liabilities, excluding the principal residence if the applicant elects to exclude it. The applicant must also state the number of years of continuous business experience in money lending or a closely related field such as banking, consumer credit, or debt collection. A first-time renewal applicant may rely on the experience declared in the initial Form 4, but for subsequent renewals the applicant must show active involvement in the licensed business during the preceding year.

Fit and Proper Test Applied to Renewals

The fit and proper test applied at renewal is the same as the test for a new licence. The Registrar considers whether the applicant has conducted the licensed business in a manner consistent with the Money Lenders Ordinance and any conditions attached to the licence. Breaches of the Ordinance, such as failure to display the licence at the registered office, charging an annual percentage rate exceeding 60% (the criminal rate under section 24), or failing to provide a borrower with a copy of the loan agreement, can all result in refusal of renewal. The Registrar also checks whether the applicant has filed all annual returns and paid all fees on time.

Annual Return Vs. Form 8: Two Separate Obligations

A licensed money lender must file an annual return with the Registrar within 42 days after each anniversary of the licence grant. The annual return reports the total principal lent, the number of borrowers, and any complaints received. Form 8 is a separate document filed only at renewal. The Registrar will not process a renewal if the annual return for the preceding year is overdue. The two documents are cross-referenced, and discrepancies between the financial information in the annual return and the net worth declared in Form 8 may trigger an inquiry.

Practical Steps for Completing Form 8

1. Download the current version of money lenders form 8 from the Companies Registry website or collect a physical copy from the Police Licensing Office at 31/F, Queensway Government Offices.
2. Complete all sections in block letters in English or Chinese. Do not leave any field blank; if a section does not apply, write "N/A".
3. Attach a copy of the Hong Kong identity card (both sides) and a recent address proof.
4. Include the credit report and, if applicable, the statement of affairs.
5. Enclose the renewal fee. The fee is set by the Licensing Court and listed in the current schedule published in the Gazette.
6. Submit the completed package by hand or by registered post to the Registrar of Money Lenders at the address shown on the form.

Consequences of Incomplete or False Declarations

Supplying false information on form 8 money lenders supporting statement is an offence under section 24(6) of the Money Lenders Ordinance, punishable by a fine of up to HK$500,000 and imprisonment for up to three years. If the Registrar discovers a material fact has been concealed, the renewal may be refused, and the existing licence may be revoked under section 13(1). A revocation disqualifies the applicant from holding a money lender's licence for five years.

When to Seek Professional Advice

Partnerships with multiple partners, applicants with a non-standard criminal record, or individuals whose financial standing has deteriorated significantly should consult a solicitor or a licensed money lender consultant before filing Form 8. The Registrar does not provide legal advice, and an incomplete or inaccurate submission will delay the renewal or result in a refusal. The Companies Registry's phone line and the Police Licensing Office's enquiry counter can answer procedural questions but cannot advise on the content of the declarations.