Malaysia legislation
Section 25
Section 25
Notice and information to be given on assignment of licensee’s debts
(a)
give to the assignee notice in writing that the debt, moneylending agreement or security is affected by the operation of this Act; and
(b)
supply to the assignee all information necessary to enable him to comply with this Act relating to the obligation to supply information as to the state of loans and copies of documents relating thereto, and any person acting in contravention of this section shall be liable to indemnify any other person who is prejudiced by the contravention and shall also be guilty of an offence against this Act and shall in respect of each offence be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five thousand ringgit or to both:
Provided that an offender being a company, society, firm or other body of persons shall in respect of each offence be liable to a fine of ten thousand ringgit.
(2)
In this section the expression “assigned” means assigned by any assignment inter vivos other than an assignment by operation of law, and the expressions “assignee” and “assignor” have corresponding meanings.
Moneylenders 53
Application of Act as respects assignees