Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
42. Grant of licence
Feedback & supportThe Commission or the Registrar, as the case may be, may grant a licence where the Commission or the Registrar is satisfied that the applicant—
Commission
“Commission” means the Consumer Credit Commission established under section 6;
meets the minimum financial requirements under section 44; and
complies with any regulations, standards or guidelines, or other requirements relating to licensing under this Act or conditions as may be specified by the Commission or the Registrar, as the case may be.
The Commission or the Registrar, as the case may be—
Registrar
“Registrar” means the registrar of Islamic credit providers appointed under paragraph 35(2)(a);
in granting a licence under subsection (1), may specify any conditions of the licence as the Commission or the Registrar thinks fit to impose, as the case may be; or
may at any time during the duration of the licence issue a written notice to—
impose any additional or new conditions;
amend or vary any of the conditions; or
revoke or waive any of the conditions.
If the Commission or the Registrar, as the case may be, adds, amends, varies, revokes or waives any of the conditions under subsection (2), the addition, amendment, variation, revocation or waiver shall take effect at the time of the service of the notice or at such time as specified by the Commission or the Registrar, as the case may be.
Any person who fails to comply with any of the conditions of a licence imposed under subsection (2) commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding four years or to both.
person
“person” includes an individual, any sole proprietorship, corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
Consumer Credit 43
credit
“credit” means any arrangement, agreement or facility as set out in subsection 5(2);