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The loan limit under the Pawnbrokers Ordinance will increase from $50,000 to $100,000, when the Pawnbrokers Ordinance (Amendment of Schedules) Order 2009 takes effect on Wednesday (February 25).
A government spokesman said today (February 23), ¡§With the increase in the loan limit, the service of pawnbrokers will remain attractive to potential clients. The new loan limit of $100,000 was set in response to a request from the Hong Kong and Kowloon Pawnbrokers¡¦ Association. The current loan limit of $50,000 under the Pawnbrokers Ordinance was set in 1990. Given the lapse of time, the adjustment to the loan limit is appropriate and necessary for the pawnbroking industry in Hong Kong.¡¨
As at end of 2008, there were 190 pawnbrokers in the territory.
Ends/Monday, February 23, 2009
Issued at HKT 18:04
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