Malaysia's Consumer Credit Oversight Board Task Force Task Force Invites Feedback On Its Second Public Consultation For The Proposed Consumer Credit Act

The Consumer Credit Oversight Board Task Force (CCOB Task Force) issued its second public consultation paper (CP2) today. CP2 invites feedback on the proposed regulatory framework for credit businesses and credit service businesses.

The CP2, building on the first consultation paper issued on 4 August 2022, covers the requirements on authorisation, governance and conduct expected of all non-bank credit providers and credit service providers which are currently unregulated. In particular, this refers to businesses carrying on Buy Now Pay Later (BNPL) activities, Leasing and Factoring services, Debt Collection Agencies (DCA), Impaired Loan Buyers (ILB) and Debt Counselling and Management Services (DMA).

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