Section 25
Notice and information to be given on assignment of licensee’s debts
Where any debt in respect of money lent by a licensee, whether before or after the commencement of this Act or in respect of interest on any such debt, or the benefit of any moneylending agreement made or security taken in respect of any such debt or interest, is assigned to any assignee, the assignor (whether he is the licensee by whom the money was lent or any person to whom the debt has been previously assigned) shall, before the assignment is made—
(a)
give to the assignee notice in writing that the debt, moneylending agreement or security is affected by the operation of this Act; and
(b)
supply to the assignee all information necessary to enable him to comply with this Act relating to the obligation to supply information as to the state of loans and copies of documents relating thereto, and any person acting in contravention of this section shall be liable to indemnify any other person who is prejudiced by the contravention and shall also be guilty of an offence against this Act and shall in respect of each offence be liable to imprisonment for a term not exceeding one year or to a fine not exceeding five thousand ringgit or to both:
Provided that an offender being a company, society, firm or other body of persons shall in respect of each offence be liable to a fine of ten thousand ringgit.
(2)
In this section the expression “assigned” means assigned by any assignment inter vivos other than an assignment by operation of law, and the expressions “assignee” and “assignor” have corresponding meanings.
Moneylenders 53