Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
47. Controller of licensed credit provider
Feedback & supportNo person shall have control over a licensed credit provider unless—
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;
such person has fulfilled the fit and proper requirements as specified under section 45 by the Commission or the Registrar, as the case may be; and
such person has obtained the prior written approval of the Commission or the Registrar, as the case may be.
Any person intending to be a controller shall submit an application to the Commission or the Registrar, as the case may be, in such form and manner as may be specified by the Commission or the Registrar.
controller
“controller” means a person as defined in subsection 47(6) or subsection 64(6), as the case may be;
The Commission or the Registrar, as the case may be, may, at any time after the receipt of an application under subsection (2)—
Commission
“Commission” means the Consumer Credit Commission established under section 6;
conduct such inquiry as it may deem necessary, including conducting financial, professional, criminal or any other background checks on the person; and
by a written notice require the person to furnish it with such additional document or information as the Commission or the Registrar, as the case may be, deems necessary in relation to the application.
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Where an issue arises as to whether a controller 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.
Registrar
“Registrar” means the registrar of Islamic credit providers appointed under paragraph 35(2)(a);
Where a controller fails or has failed to fulfil the fit and proper requirements as specified under section 45 by the Commission or the Registrar, as the case may be—
a licensed credit provider shall notify the Commission or the Registrar, as the case may be, in writing of such failure within the period as may be specified by the Commission or the Registrar; and
the controller shall—
dispose of the shareholding which renders him to be the controller of; or
cease to have control in, the licensed credit provider within a period or such further period, and subject to any conditions as may be specified by the Commission or the Registrar, as the case may be.
For the purposes of this section, “controller” means a person who—
is entitled to exercise, or control the exercise of, not less than thirty-three per centum of the votes attached to the voting shares in a licensed credit provider;
has the power to appoint, or cause to be appointed, a majority of the directors of a licensed credit provider; or
has the power to make, or cause to be made, decisions in respect of the business or administration of a licensed credit provider, and to give effect to such decisions or cause them to be given effect to, and the word “control” shall be construed accordingly.
Any person who contravenes subsection (1) or (5) 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.
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