Malaysia legislation
Section 4
Section 4
Section 4b of the principal Act is amended by inserting after subsection (1) the following subsection:
“(1a) For the purposes of subsection (1)—
(a)
prior to entering into a hire-purchase agreement, the owner shall undertake the necessary due diligence to verify the identity of the intending hirer; and
(b)
the owner shall keep proper records on the due diligence process undertaken and the records shall be kept for at least seven years from the date of the hire-purchase agreement.”.
Amendment of section 4c