Money Lending License Malaysia For Sale

Duty to keep original copy of moneylending agreement and accounts in permanent books 19.

Money lending license malaysia for sale. The malaysian money lenders association was established on 14th august 2003. It was operated in small scales by moneylenders who are commonly known as chettys. Malaysia s largest marketplace for buying and selling businesses. This means that there are certain laws and regulations that ensure that you are not at a disadvantage when you borrow from these parties.

One of the main areas of reform is the licensing regime. Obligation to supply information as to state of loan and copies of documents relating thereto 20. Provisions as to bankruptcy proceedings for licensees loans 21. Laws of malaysia reprint act 400 moneylenders act 1951.

Money lending is a legally accepted business in malaysia which is bound to money lenders act 1951 amended 2003. Faculty of human ecology universiti putra malaysia abstract moneylending business is a longstanding industry that had served consumers from various backgrounds in malaysia. However the current fiasco created by the illegal moneylenders ah long has damaged the image of the licensed moneylenders. First check the list of registered licensed moneylenders.

In malaysia borrowing money from licensed moneylenders are governed under the moneylenders act 1951. 1 any moneylending agreement made on or after the commencement of this act for the loan of money by a moneylender shall be illegal in so far as it provides directly or indirectly for the payment of compound interest or for the rate or amount of interest to be increased by. We are best licensed money lender in klang valley specializing in business loans personal loans sme loans housing loans debt consolidation and land loans. We are financial consultancy institution ready in hand 2 option letters to sell money lending licenses from 2 different license holder 1 in jalan raja laut kuala lumpur 2 in bandar punchung jaya selangor.

6 laws of malaysia act 400 section 18. Adding to the confusion is the scam which surfaced last year of companies involved in illegal money lending activities while displaying fake money lending licences purportedly issued by the central bank. Borrowing from licensed moneylenders. We are specialise in business for sale franchise sales resales find investors joint venture jv venture capital vc private equity pe mergers and acquisitions m a pre ipo funding loan investment banks and more.

Here are some pointers. Business broking solutions sdn bhd bbs is founded in 2007. In a media statement bank negara malaysia bnm had alerted the public to be wary of fraudulent.