1. Introduction
On 4 August 2022, the Consumer Credit Oversight Board Task
Force, supported by the Ministry of Finance, Bank Negara Malaysia
('BNM') and the Securities Commission Malaysia
('SC'), released the Public Consultation Paper Part 1. This
survey was about the proposed Consumer Credit Act (CCA), a plan to
bring together the rules for the credit industry. This idea was
first mentioned in the 2021 Malaysia Budget Speech. The CCA aims to
create a structured system for authorizing non-bank credit
providers, enforcing minimum conduct standards, and curtailing
predatory practices via intensified supervision and regulation.
The CCA's goal is to safeguard credit consumers by promoting
professional standards, transparency, and responsible lending while
preventing predatory practices. It covers key areas like ethical
conduct, advertisement, credit agreements, financing charges,
credit assessment, debt collection, repossession, and financial
relief. A 'credit
