Malaysia legislation
Section 2
Section 2
(2)
Notwithstanding subsection (1), subsections 79(2) and (3)
shall apply to any person carrying on a credit business as set out in paragraph 1 or paragraph 3 of Schedule 4 that does not involve a credit consumer.
(3)
Subject to subsection (5), this Act shall be read together with the relevant written laws and the provisions of this Act shall be in addition to, and not in derogation of, the provisions of such written laws, including the following:
(a)
the Financial Services Act 2013 [Act 758];
(b)
the Islamic Financial Services Act 2013 [Act 759];
(c)
the Development Financial Institutions Act 2002
[Act 618];
(d)
the Capital Markets and Services Act 2007 [Act 671];
(e)
the Securities Commission Malaysia Act 1993 [Act 498];
(f)
the Hire-Purchase Act 1967 [Act 212];
(g)
the Consumer Protection Act 1999 [Act 599];
(h)
the Moneylenders Act 1951 [Act 400];
(i)
the Pawnbrokers Act 1972 [Act 81];
(j)
the Co-operative Societies Act 1993 [Act 502]; and
(k)
the Malaysia Co-operative Societies Commission Act 2007
[Act 665].
(4)
Nothing in this Act shall remove or restrict the effect of, or prevent the reliance on—
(a)
any written law which imposes on a credit provider or credit service provider a duty stricter than that imposed under this Act;
Consumer Credit 13
(b)
any written law by which any term consistent with this Act is to be implied in a credit agreement; or
(c)
any term in any agreement in writing between a credit consumer with a credit provider or credit service provider, as the case may be, to the extent that the term—
(i)
imposes a stricter duty on the credit provider or credit service provider than that imposed under this Act; or
(ii)
provides a remedy more advantageous to the credit consumer than the remedies provided under this Act.
(5)
Where there is any conflict or inconsistency in the application of the provisions of this Act in cases involving credit providers or credit service providers regulated by the Securities Commission
Malaysia, such cases shall be dealt with in accordance with the securities laws and guidelines issued by the Securities
Commission Malaysia and the rules of exchange as approved by the Securities Commission Malaysia.
No contracting out and ouster of choice of law