Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
63. Directors and senior management of registered credit service provider
Feedback & supportA registered credit service provider shall only appoint or reappoint any person—
credit service provider
“credit service provider” means a person who carries on a credit service business where the person— (a) is registered under Part V of this Act; (b) is registered to do so under the Capital Markets and Services Act 2007; or (c) is a permit holder under the Hire-Purchase Act 1967;
as its director or senior management if the person fulfils the fit and proper requirements as specified by the Commission under section 62; and
as its chief executive subject to obtaining a prior written approval of the Commission.
A registered credit service 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 62, the Commission 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;
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Where a director or senior management subsequently becomes aware that he fails to fulfil the fit and proper requirements specified under section 62, he shall immediately inform the registered credit service 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 or senior management fails to fulfil the fit and proper requirements specified under section 62, the registered credit service 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 may direct a registered credit service provider to remove its director or senior management who fails to fulfil the fit and proper requirement under section 62 within such period as may be specified by the Commission.
Notwithstanding anything contained in any contract of service or any other agreement relating to his appointment, the removal of a director or senior management under subsection (5)
or (6) shall be lawful and valid and the director or senior management removed under subsection (5) or (6) shall not be entitled to claim any compensation for such removal.
A registered credit service provider 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.
Any person who contravenes subsection (1), (4) 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.