Malaysia legislation
Section 26A
Section 26A
Licensing of intermediation business
(2)
An application for an intermediation business licence under this section shall be made to the Board in the form and manner as
36 Laws of Malaysia ACT 334
determined by the Board and shall be accompanied by the prescribed application fee and such information and documents as may be specified by the Board.
(3)
The applicant shall provide to the Board complete information of his financial standing to prove his ability to maintain and operate the intermediation business.
(4)
Subject to this Act, the Board may, on an application for an intermediation business licence under this section—
(a)
grant the application in full or in part or with such modifications as the Board thinks fit, and, upon payment of the prescribed fee, issue an intermediation business licence to the applicant; or
(b)
refuse the application.
(5)
Every intermediation business licence issued under this section shall set out the duration of the licence and the Board may attach to the intermediation business licence conditions that include—
(a)
the type and extent of intermediation business to be operated or provided by the holder of an intermediation business licence;
(b)
the general level of service to be provided to persons using services provided by the holder of an intermediation business licence;
(c)
the measures to safeguard the safety and security of persons using services provided by the intermediation business; and
(d)
the standards of performance to be complied with by the holder of an intermediation business licence in the operation of the intermediation business.
Commercial Vehicles Licensing Board 37
(6)
The Board may, at any time, add, cancel or vary any of the conditions attached to an intermediation business licence issued under this section.
(7)
The issuance of an intermediation business licence by the Board under subsection (4) shall not impose any liability on the Board for any loss or damage occasioned by any act, omission or default of the holder of an intermediation business licence.
(8)
A person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding five hundred thousand ringgit or to imprisonment for a term not exceeding three years or to both.
(9)
A holder of an intermediation business licence who fails to comply with any of the conditions attached to the licence under subsection (5) commits an offence and shall, on conviction, be liable to a fine of not less than one thousand ringgit but not more than two hundred thousand ringgit or to imprisonment for a term not exceeding two years or to both.
Renewal of licence