Legal Firm & Law Firm In Kuala Lumpur, Malaysia

Moneylenders Act

Moneylenders Act

Licence to be taken out by moneylender

(1) No person shall conduct business as a moneylender unless
he is licensed under this Act.

(2) Any person who carries on business as a moneylender without a valid licence, or who continues to carry on such business after his licence has expired or been suspended or revoked shall be guilty of an offence under this Act and shall be liable to a fineof not less than twenty thousand ringgit but not more than one hundred thousand ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a second or subsequent offence shall also be liable to whipping in addition to such punishment