Section 9H
Approval and notification of change of profile
(1)
Every licensee shall obtain the approval of the Registrar—
(a)
before changing his business name;
(b)
before the employment, appointment or admission of any person who will be responsible for the management of the licensee’s business of moneylending; or
(c)
before any person becomes a director or partner of the licensee.
(2)
Every licensee shall notify the Registrar, in writing, as soon as practicable—
(a)
of any person becoming a substantial shareholder of the licensee; or
(b)
of any substantial shareholder of the licensee increasing or reducing his substantial shareholding in the licensee.
(3)
Every licensee shall notify the Registrar, in writing—
(a)
of any person ceasing to be a director, partner or substantial shareholder of the licensee; or
(b)
of any person ceasing to be responsible for the management of the business of moneylending of the licensee, not later than fourteen days after the cessation.
(4)
Every licensee shall notify the Registrar, in writing, of a bankruptcy order against the licensee, or any director, partner or substantial shareholder of the licensee, not later than fourteen days after the bankruptcy order is made.
26 Laws of Malaysia ACT 400
(5)
Any licensee who contravenes subsection (1), (2), (3) or (4)
shall be guilty of an offence under this Act and shall be liable to a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding twelve months or to both.