Malaysia legislation

Section 26

of CONSUMER CREDIT ACT 2025

Section 26

(2)

The Fund shall consist of—

(a)

such sums as may be provided from time to time for the purposes of this Act by Parliament;

(b)

sums borrowed by the Commission for the purposes of meeting any of its obligations, performing any of its functions or exercising any of its powers;

(c)

fees or other charges imposed by the Commission;

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(d)

penalties paid to the Commission or moneys recovered by, or on behalf of, the Commission in the exercise of a right of action conferred or acquired under this Act;

(e)

funding received by the Commission excluding the grant received under paragraph 33(2)(a);

(f)

all other sums or property which may in any manner become payable to or vested in the Commission in respect of any matter incidental to its functions and powers; and

(g)

all other moneys lawfully payable to, or received by the Commission.

(3)

The Fund shall be expended for the purpose of—

(a)

paying any expenditure lawfully incurred by the Commission including legal fees and costs and other fees and costs, and the remuneration and allowances of officers and agents appointed and employed by the Commission, including the granting of loans, financing, advances, grants, retirement benefits, scholarships, superannuation allowances, allowances or gratuities;

(b)

paying any other expenses, costs or expenditure properly incurred or accepted by the Commission in the performance of its functions or the exercise of its powers under this

Act;

(c)

purchasing or hiring equipment, machinery and any other materials, acquiring land and erecting buildings, and carrying out any other works and undertakings in the performance of its functions or the exercise of its powers under this Act;

(d)

repaying any moneys borrowed and the interest due thereon; and

(e)

generally paying any expenses for carrying into effect the provisions of this Act.

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(4)

The Commission shall have the duty to conserve the Fund by performing its functions and exercising its powers under this

Act to secure that the total revenues of the Commission are sufficient to meet all sums properly chargeable to its revenue account including depreciation and interest on capital, taking one year with another.

Funding to Commission

Section 26 — CONSUMER CREDIT ACT 2025 | mylaw.my