Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
46. Directors and senior management of licensed credit provider
Feedback & supportA licensed credit provider shall only appoint or reappoint any person—
credit provider
“credit provider” means a person who carries on a credit business where the person— (a) is licensed under Part V of this Act; (b) is permitted to do so under any other written law; (c) is subject to the Hire-Purchase Act 1967; or (d) is subject to the Consumer Protection Act 1999;
in the case of a licensed credit provider regulated by the Commission—
as its director or senior management if the person fulfils the fit and proper requirements as specified by the Commission under section 45; and
as its chief executive subject to obtaining a prior written approval of the Commission; or
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in the case of a licensed credit provider regulated by the Ministry of Housing and Local Government—
as its director, partner or senior management if the person fulfils the fit and proper requirements as specified by the Registrar under section 45;
and
as its director or partner subject to obtaining a prior written approval of the Registrar.
In the case of a licensed credit provider regulated by the Commission, the licensed credit provider shall give a written notice to the Commission on the appointment or reappointment of its directors.
Commission
“Commission” means the Consumer Credit Commission established under section 6;
Where an issue arises as to whether a person has complied with the fit and proper requirements as specified under section 45, the Commission or the Registrar, as the case may be, shall have full discretion to determine the issue.
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;
Where a director, partner or senior management subsequently becomes aware that he fails to fulfil the fit and proper requirements specified under section 45, he shall immediately inform the licensed credit provider.
director
“director” has the meaning assigned to it in the Companies Act 2016, and includes a reference to a person occupying or acting in the position of a director of a corporation, by whatever name called and whether or not validly appointed to occupy, or duly authorized to act in, such position;
Where a director, partner or senior management fails to fulfil the fit and proper requirements specified under section 45, the licensed credit provider shall immediately remove him from such office.
senior management
“senior management” means a person appointed by a corporation to manage any part of its business or having authority and responsibility for the credit business, credit service business or business decisions of the corporation, by whatever name called and includes the chief executive and chief financial officer;
Subject to section 131, the Commission or the Registrar, as the case may be, may direct a licensed credit provider to remove the director, partner or senior management who fails to fulfil the fit and proper requirement under section 45 within such period as may be specified by 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);
Notwithstanding anything contained in any contract of service or any other agreement relating to his appointment, the removal of a director, partner or senior management under subsection (5)
or (6) shall be lawful and valid and the director, partner or senior management removed under subsection (5) or (6) shall not be entitled to claim any compensation for such removal.
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A licensed credit provider regulated by the Commission shall notify the Commission in writing that its director or senior management has ceased to hold office and act in such capacity and of the reasons of such cessation within a period as specified by the Commission.
A licensed credit provider regulated by the Ministry of
Housing and Local Government shall notify the Registrar in writing of the fact that its director or partner has ceased to hold office and act in such capacity not later than fourteen days after the cessation.
Any person who contravenes subsection (1), (4), (5) or (9)
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.