Q1: What is e-Alert Service for Authorized Institutions?
A: The e-Alert Service for Authorized Institutions is a notification service provided by the Land Registry at the request of the Hong Kong Monetary Authority to facilitate its implementation of a supervisory requirement on Authorized Institutions under the Banking Ordinance (Cap.155) (i.e. licensed banks, restricted licence banks and deposit-taking companies) engaging in mortgage lending business to manage credit risks. Under the Service, Authorized Institutions will receive electronic notifications from the Land Registry when further charge/mortgage documents in respect of the properties mortgaged to the Authorized Institutions concerned are lodged for registration with the Land Registry. To subscribe to the Service, Authorized Institutions must obtain written consent from the property owner(s) concerned in compliance with the Personal Data (Privacy) Ordinance (Cap.486).
Q2: Under what circumstances will an e-Alert notification be triggered under the e-Alert Service for property owners and the e-Alert Service for Authorized Institutions?
A: Under the e-Alert Service for property owners, an e-Alert notification will be triggered for any instruments lodged for registration against the relevant property whereas under the e-Alert Service for Authorized Institutions, an e-Alert notification will only be triggered for charge/mortgage documents lodged for registration against the property concerned.
Q3: I have a property which was mortgaged to an Authorized Institution two years ago. Can I request the Authorized Institution to subscribe to the e-Alert Service in respect of that property so that I can be alerted of charge/mortgage documents lodged for registration against that property?
A: Whilst it is not a regulatory requirement of the Hong Kong Monetary Authority for Authorized Institutions to subscribe to the e-Alert Service for mortgage loans applied before 1 February 2017, Authorized Institutions may subscribe to the Service for such mortgage loans with property owners' written consent. So if you are willing to give written consent, you may submit your request to the Authorized Institution for consideration. The Hong Kong Monetary Authority encourages Authorized Institutions to consider such customer requests from the perspective of credit risk management.
Q4: I have a mortgage-free property and would like to receive notification of charge/mortgage documents lodged for registration against that property. Can I subscribe to the e-Alert Service for Authorized Institutions in respect of that property on my own?
A: The e-Alert Service for Authorized Institutions is not available for subscription by property owners. However, you may subscribe to the Property Alert provided by the Land Registry to property owners whereby you will receive an email alert of the delivery of any instruments for registration against your property. For further information on that service, please click here or call our Customer Service Hotline at 3105 0000.