What is the Consumer Credit Bill 2025 (CCB)?
Please read the following brochure for more information regarding the CCB.
Category: Publication
Public Response Paper – Public Consultation Paper Part 2 : Draft Consumer Credit Act
This Public Response Paper is issued by the Consumer Credit Oversight Board Task Force pursuant to the feedback received on the Public Consultation Paper Part 2 (CP2) dated 5 April 2023.
As a brief background, the CP2 was divided into two broad
sections; the proposed regulatory requirements on
authorisation, conduct for licensed and registered persons, as well as amendments to the Hire Purchase Act 1967.
The consultation period ended on 15 May 2023.
Public Consultation Paper Part 2 : Draft Consumer Credit Act
This Consultation Paper (Part 2) is published by the Consumer Credit Oversight Board Task Force (Task Force) subsequent to the issuance of Consultation Paper (Part 1) on 4 August 2022. The Task Force had received constructive feedback from various stakeholders in relation to Part 1 of the Consultation Paper.
The Task Force further gathered specific perspectives via several industry townhall sessions held on 25 and 26 August 2022. All views, comments and proposals have been duly considered in setting forth the proposed detailed requirements for the regulatory framework targeted for entities carrying on the business of providing credit and credit services. The Task Force’s response to and positions on public feedback received on Consultation Paper (Part 1) are set out in Appendix 1.
The Task Force invites written feedback on the regulatory requirements and expectations proposed in this Consultation Paper, including suggestions on any issues or areas which need further clarification, or alternative proposals which the Task Force should consider. The written feedback should be supported with clear rationale, evidence, or illustrations, as may be appropriate, to facilitate the Task Force’s assessment.
Feedback and comments are to be submitted to the Task Force by 15 May 2023 via the below methods :
(1) Email to CCAConsultation@bnm.gov.my
Public Consultation Paper: Draft Consumer Credit Act
This consultation paper is prepared by the Consumer Credit Oversight Board Task Force (Task Force) with support from the Ministry of Finance, Bank Negara Malaysia and the Securities Commission Malaysia. The Taskforce was established as an administrative arrangement to see through the finalisation of the Consumer Credit Bill in collaboration with the relevant ministries and agencies. Upon the enactment of the Consumer Credit Act, the Task Force will be formalised and incorporated as the Consumer Credit Oversight Board (CCOB).
The Task Force invites written comments and feedback on the proposals presented in this consultation paper, including suggestions on areas to be further clarified or elaborated as well as any alternative proposals that the Task Force should consider. To facilitate the Task Force’s review, we request for sufficient elaboration on the rationale or basis in support of your views, accompanying evidence or illustrations, as may be appropriate.
Feedback and comments are to be submitted to the Task Force by 5 September 2022 via email to CCAConsultation@bnm.gov.my.
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