Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part II · Consumer Credit Commission
20. Disclosure of interest
Feedback & supportA member of the Board or a Board Committee, who acquires or has an interest, directly or indirectly, in relation to any matter under discussion by the Board or Board Committee shall disclose to the Board or Board Committee, as the case may be, the existence of his interest and nature of such interest.
Board
“Board” means the board of directors of the Commission referred to in section 9;
A disclosure under subsection (1) shall be recorded in the meeting minutes of the Board or Board Committee, as the case may be, and after the disclosure, such member of the Board or
Board Committee
“Board Committee” means a committee of the Board established under section 18;
Board Committee shall—
neither take part nor be present in any deliberation or decision of the Board or Board Committee, as the case may be; and
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be disregarded for the purpose of constituting a quorum of the Board or Board Committee, as the case may be, relating to the matter.
No act or proceedings of the Board or Board Committee shall be invalidated on the ground that any member of the Board or Board Committee has failed to comply with this section.
Any member of the Board or Board Committee who contravenes subsection (1) or paragraph (2)(a) 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.