Malaysia legislation
Section 5
Section 5
(2)
Any person who carries on or advertises or announces himself or holds himself out in any way as carrying on the business of moneylending 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 fine of not less than two hundred and fifty thousand ringgit but not more than one million ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a second or
14 Laws of Malaysia ACT 400
subsequent offence shall also be liable to whipping in addition to such punishment.
Application for licence
*5A. (1) An application for a licence to carry on business as a moneylender shall be made in writing to the Registrar in a prescribed form, and accompanied by such documents or information as may be prescribed.
(2)
The Registrar may in writing, at any time after receiving the application but before it is determined, require the applicant to provide within a specified time or any extension of time granted by the Registrar, such additional documents or information as may be considered necessary by the Registrar for the purpose of determining the suitability of the applicant for the licence.
(3)
Where any additional documents or information required under subsection (2) is not provided by the applicant within the time specified in the requirement or any extension of time granted by the
Registrar, the application shall be deemed to be withdrawn and shall not be further proceeded with.
(4)
Without prejudice to subsection (3), the applicant may submit a fresh application for a licence to the Registrar, but such application shall not be made while his application for a licence is still pending before the Registrar.
Grant of a licence