Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
51. Voluntary surrender of licence
Feedback & supportA licensed credit provider regulated by the Commission may apply to surrender its licence voluntarily in the form and manner as may be specified by the Commission.
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;
A licensed credit provider regulated by the Ministry of
Housing and Local Government may surrender its licence on his own initiative by forwarding the licence to the Registrar with a written notice of the surrender of the licence.
52
The surrender of the licence under subsection (1) shall take effect upon obtaining an approval in writing by the Commission.
Commission
“Commission” means the Consumer Credit Commission established under section 6;
The surrender of the licence under subsection (2) shall take effect fourteen days from the date the Registrar receives the licence and the written notice or such other date as may be specified by the Registrar.
Registrar
“Registrar” means the registrar of Islamic credit providers appointed under paragraph 35(2)(a);
Upon the surrender of licence under this section, there shall be no refund of any fees paid by the licensed credit provider.