Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
52. Effect of revocation, suspension and surrender of licence
Feedback & supportA person shall immediately cease to carry on its credit business where—
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;
the Commission or the Registrar, as the case may be, revokes or suspends a licence under section 50; or
the surrender of a licence has taken effect under subsection 51(3) or (4).
Notwithstanding subsection (1), the person referred to in subsection (1) shall continue—
to be subject to this Act to the same extent as a licensed credit provider; and
to discharge its obligations including, subject to the prior written approval of the Commission or the Registrar, as the case may be, to carry on its credit business solely for the purpose of winding up of its affairs or for the purposes which are beneficial to its credit consumers or other persons dealing with it, until the Commission or the Registrar, as the case may be, is satisfied that the person has discharged its obligations, or that adequate arrangements have been made to discharge its obligations, which remain undischarged at the time of the revocation, suspension or surrender.
Consumer Credit 53
The revocation, suspension or surrender referred to in subsection (1) shall not—
avoid or affect any agreement, arrangement or transaction entered into by the person referred to in subsection (1)
with any person; or
affect any right, obligation or liability arising under any such agreement, arrangement or transaction.
Any person who contravenes subsection (1) or fails to discharge its obligations under subsection (2) commits an offence and shall, on conviction, be liable to a fine not exceeding five million ringgit or to imprisonment for a term not exceeding five years or to both.