Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
55. Transfer or assignment of licence
Feedback & supportA licensed credit provider shall not—
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;
transfer or assign its licence to any other person; or
cause or permit any other person to use the licence or carry on the credit business specified in the licence.
Notwithstanding subsection (1), a licensed credit provider regulated by the Ministry of Housing and Local Government may, with the prior written consent of the Registrar, appoint any person for the purpose of exercising any of the rights conferred on such licensed credit provider under the licence, or cause or permit any such person to exercise any such right.
Registrar
“Registrar” means the registrar of Islamic credit providers appointed under paragraph 35(2)(a);
Notwithstanding subsection (1), the Registrar may authorize the transfer of a licence where the Registrar is satisfied that—
the licensed credit provider—
being a company, is liquidated and a receiver or manager is appointed in relation to the credit business of the company; or
being a society, firm or other body of persons, is dissolved and a receiver or manager is appointed in relation to the credit business of the society, firm or other body of persons; or
it would be just to do so.
Any person who contravenes subsection (1) 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 55
credit
“credit” means any arrangement, agreement or facility as set out in subsection 5(2);