Malaysia legislation
Section 19
Section 19
(a)
the date on which the loan was made, the amount of the principal of the loan and the rate per centum per annum or the amount of interest charged; and
(b)
the amount of any payment already received by the licensee in respect of the loan and the date on which it was made; and
48 Laws of Malaysia ACT 400
(c)
the amount of all sums due to the licensee for principal but unpaid and the dates upon which they became due and the amount of interest due and unpaid in respect of each such sum; and
(d)
the amount of every sum not yet due which remains outstanding and the date upon which it will become due.
A statement of account given in the form in the First Schedule A shall be deemed to comply with the requirements of this subsection.
(2)
A licensee shall, on any reasonable demand in writing by the borrower and on tender of the sum of five ringgit, supply a copy of any document relating to a loan made by him or any security therefor to the borrower or if the borrower so requires, to any person specified in that behalf in the demand.
(3)
If a licensee to whom a demand has been made under this section fails without reasonable excuse to comply therewith within one month after the demand has been made he shall not, so long as the default continues, be entitled to sue for or recover any sum due under the moneylending agreement on account either of principal or interest, and interest shall not be chargeable in respect of the period of the default and, if such default is made or continued after proceedings have ceased to lie in respect of the loan, the licensee shall be liable to a fine not exceeding fifty ringgit for every day on which the default continues.
(4)
A licensee receiving any payment of money from a borrower under a moneylending agreement for the repayment of money lent shall give, upon receiving the payment, a receipt to the borrower and any person acting in contravention of this subsection shall be guilty of an offence under this Act and shall be liable to a fine not exceeding ten thousand ringgit or to imprisonment for a term not exceeding ten months or to both.
Provisions as to bankruptcy proceedings for licensees’ loans