Knowledge Core
SECURITY
Who is a Licensed Money Lender?
GUIDELINE
Operational Requirements
JUSTICE
Court Action
PROTECTION
Borrower Rights & Obligations
REGULATION
Maximum Interest Rate Limits
SUPPORT
Help from Legal Aid Dept (JBG)
Who is a Licensed Money Lender?
“A licensed money lender is any individual or entity that conducts money lending business registered under the Moneylenders Act 1951 (Act 400).”
Who is NOT considered a licensed money lender?
A person who occasionally lends money is not a money lender. The following institutions are not categorized as licensed money lenders:
#01
Statutory Institutions (Including Local Authorities)
#02
Cooperatives
#03
Banking Institutions
#04
Insurance Companies
#05
Takaful Companies
#06
Pawnbrokers
#07
Non-Money Lending Business Entities
* The above institutions are governed by specific laws.