Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part V · Licensing and Registration
66. Appointment of auditor by registered credit service provider
Feedback & supportA registered credit service provider, at its own expense, shall annually appoint an auditor to carry out an audit of its credit service business.
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;
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credit
“credit” means any arrangement, agreement or facility as set out in subsection 5(2);
The Commission may within such period as may be specified by the Commission, require an auditor appointed under subsection (1)—
Commission
“Commission” means the Consumer Credit Commission established under section 6;
to enlarge or extend the scope of the audit conducted under subsection (1);
to carry out an examination or establish any procedure in any particular case; or
to submit to the Commission—
such information as may be required by the Commission in relation to the audit conducted by the auditor; or
a report on any matters in paragraphs (a) and
.
For the purposes of subparagraph (2)(c)(i), the information required in relation to the audit may include the following:
financial statements of the credit service business;
the amount of transactions relating to the credit service business;
a report as to whether proper records of the transactions in relation to the credit service business have been maintained; and
a report as to whether the registered credit service provider has complied with the provisions of this
Act and any other written laws as may be specified by the Commission.
The registered credit service provider shall submit a copy of the audit report duly signed by the auditor to the Commission not later than three months or such other period, after the end of the financial year of the registered credit service provider as may be specified by the Commission.
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Where in the course of the performance of his duties under this section, an auditor appointed under subsection (1) suspects or has knowledge that the registered credit service provider has committed any offence under this Act or any other written laws—
this Act
“this Act” includes any subsidiary legislation, standard or guidelines and notification made under this Act;
the auditor shall immediately report the matter to the Commission; and
the auditor shall not be liable—
for a breach of a duty of confidentiality between the auditor and the provider in respect of any reporting to the Commission done in good faith under this Act; or
to be sued in any court for defamation in respect of any statement made by the auditor without malice in the discharge of his duties under this
Act.
The remuneration and expenses of the auditor relating to any services under this section shall be borne by the registered credit service provider.
For the purposes of this section, “financial statements”
includes the latest audited annual balance sheet, profit and loss account, and statement setting out the sources of the funds, of a registered credit service provider.
A registered credit service provider who contravenes subsection (1) or (4) 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.
An auditor who contravenes subsection (2) or paragraph (5)(a)
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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