Latest news with #ConsumerCreditAct2025
Barnama
21-07-2025
- Business
- Barnama
Consumer Credit Bill 2025 Passed, Regulating Commission To Be Set Up
BUSINESS KUALA LUMPUR, July 21 (Bernama) -- The Consumer Credit Bill 2025 was passed in the Dewan Rakyat today to protect the interests of credit consumers in the country. Deputy Finance Minister Lim Hui Ying said the bill was enacted to address significant gaps in the unregulated industry, particularly businesses that target vulnerable credit consumers who are susceptible to exploitation. The bill also aims to standardise the regulatory framework in the currently diverse consumer credit landscape in Malaysia. The bill was unanimously approved after debate by 24 members of parliament. Under the Consumer Credit Act 2025, the Consumer Credit Commission (CCC) will be established to regulate credit businesses that currently operate without a licence or specific monitoring. 'The Consumer Credit Act 2025 will be framed as a master act that is complementary to existing acts under the administration of authorities, regulators and supervisors, and does not duplicate the functions or roles of existing ministries and agencies. 'This includes the Ministry of Housing and Local Government (KPKT), the Ministry of Domestic Trade and Cost of Living (KPDN), the Malaysia Cooperatives Commission, Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC)," she said when winding up the debate. She explained that the integrated regulatory approach will be implemented in phases by taking into account the readiness of the industry and the capabilities of the CCC which will be enhanced from phase to phase. For Phase 1 preparations, she said, KPKT as the regulatory and supervisory authority will ensure that licensed money lenders comply with the aspects of credit consumer protection introduced through the act.
Malaysian Reserve
21-07-2025
- Business
- Malaysian Reserve
Consumer Credit Bill 2025 passed, regulating commission to be set up
KUALA LUMPUR — The Consumer Credit Bill 2025 was passed in the Dewan Rakyat today to protect the interests of credit consumers in the country. Deputy Finance Minister Lim Hui Ying said the bill was enacted to address significant gaps in the unregulated industry, particularly businesses that target vulnerable credit consumers who are susceptible to exploitation. The bill also aims to standardise the regulatory framework in the currently diverse consumer credit landscape in Malaysia. The bill was unanimously approved after debate by 24 members of parliament. Under the Consumer Credit Act 2025, the Consumer Credit Commission (CCC) will be established to regulate credit businesses that currently operate without a licence or specific monitoring. 'The Consumer Credit Act 2025 will be framed as a master act that is complementary to existing acts under the administration of authorities, regulators and supervisors, and does not duplicate the functions or roles of existing ministries and agencies. 'This includes the Ministry of Housing and Local Government (KPKT), the Ministry of Domestic Trade and Cost of Living (KPDN), the Malaysia Cooperatives Commission, Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC),' she said when winding up the debate. She explained that the integrated regulatory approach will be implemented in phases by taking into account the readiness of the industry and the capabilities of the CCC which will be enhanced from phase to phase. For Phase 1 preparations, she said, KPKT as the regulatory and supervisory authority will ensure that licensed money lenders comply with the aspects of credit consumer protection introduced through the act. With the enactment of the act, KPKT will receive an additional legal mandate to regulate syariah-compliant businesses for both sectors, namely the regulation of loans with pawnshops. KPDN will also amend several provisions in the Hire Purchase Act 1967 to strengthen consumer protection and modernise existing provisions. Commenting on the maximum interest rate charged by credit businesses, Lim explained that the government will not set any interest rate cap in phase 1. 'We will not set (interest rates) in phase 1… however, we must collect data in phase 1 and 2,' she said. In phase 2, which is expected to start in 2028, the regulatory functions currently held by the KPKT and KPDN will be transferred to the CCC. This includes money lending, pawnshop business, hire purchase and credit sales activities. Meanwhile, phase 3, targeted to begin in 2031, will focus on the regulatory consolidation of all consumer financial activities under one centralised entity after a comprehensive review by the government. — BERNAMA
The Sun
21-07-2025
- Business
- The Sun
Dewan Rakyat debates foreign policy post-ASEAN 2025 and hajj costs
KUALA LUMPUR: The Second Meeting of the Fourth Session of the 15th Parliament commenced today with key discussions on Malaysia's foreign policy direction following its ASEAN 2025 Chairmanship, digital transformation, and the rising cost of hajj. According to the Parliament portal's Order Paper, Datuk Mohd Shahar Abdullah (BN-Paya Besar) raised a question to the Foreign Minister regarding Malaysia's foreign policy strategy in navigating the evolving Indo-Pacific geopolitical landscape. Digitalisation also took centre stage, with Datuk Seri Dr Ronald Kiandee (PN-Beluran) seeking updates on the MYDigital initiative, including MyDigital ID registration and government system integration. V. Sivakumar (PH-Batu Gajah) further pressed the Digital Minister on Malaysia's readiness for AI adoption, covering technology transfer and talent development. Hajj costs were another focal point, as Datuk Dr Ahmad Marzuk Shaary (PN-Pengkalan Chepa) questioned the Prime Minister on the justification for the 2025 fee hike, Tabung Haji's investment status, and unused hajj quotas from 2020 to 2025. Following the Q&A session, Parliament moved to the second reading of key bills, including the Consumer Credit Act 2025 and the Solid Waste Management and Public Cleansing (Amendment) Bill 2025. Lawmakers will also debate Suhakam's 2023 Annual Report and Financial Statements. The session, set to run for 24 days, will culminate in the tabling of the 13th Malaysia Plan on July 31. - Bernama
