Malaysia legislation

Section 20

of *MONEYLENDERS ACT 1951

Section 20

(2)

No proof of a debt due to a licensee in respect of a loan made by him shall be admitted for any of the purposes of the Bankruptcy

Act 1967 unless the affidavit verifying the debt has exhibited thereto a statement which complies with section 19 and shows, where the amount of interest included in the unpaid balance represents a rate per centum per annum exceeding eight per centum, the amount of interest which would be so included if it were calculated at the rate of eight per centum per annum.

(3)

General rules may be made under the Bankruptcy Act 1967

for the purpose of carrying into effect the objects of this section.

Accounts under section 19 to be produced when suing in Court

Section 20 — MONEYLENDERS ACT 1951 | mylaw.my