KUALA LUMPUR: A new digital portal is being developed to record and monitor transactions between licensed moneylenders and borrowers in real time, said Datuk Aiman Athirah Sabu.
The Deputy Housing and Local Government Minister said the platform is now in a pilot stage and will serve as a central data repository under the Moneylenders Act 1951.
“At present, the ministry is finalising a pilot proposal to develop a platform for borrowers and licensed moneylenders,” she said during Question Time.
She said it will be able to record loan transactions in real time.
M. Prabakaran (PH–Batu) had asked about plans for an integrated portal with monitoring and digital payment features.
He also asked whether it could automatically calculate interest and late charges to prevent arbitrary fees.
Aiman Athirah said the system will include monitoring and digital payment features to strengthen regulatory control.
“At the same time, it will ensure no additional charges are imposed on the public seeking loans from licensed companies,” she said.
“For now, the proposal is being finalised,” she added.
“God willing, the system will also include a loan insurance protection scheme for eligible borrowers,” she said.
She said a control mechanism under subsection 17A(1) caps permissible interest rates for licensed moneylenders.
“For secured loans, the rate shall not exceed 12% per annum or 1.0% per month,” she said.
“For unsecured loans, the rate shall not exceed 18% per annum or 1.5% per month,” she added.
She said licensed companies charging rates above limits or interest exceeding the principal may face action under Section 17A.
She said the penalty is a fine not exceeding RM20,000 or imprisonment not exceeding 18 months, or both.
“Section 23 of the Moneylenders Act 1951 prohibits licensed moneylenders from imposing loan related charges on borrowers,” she said.
She said only stamp duty costs and attestation fees in the prescribed agreement are allowed.
She said the public should remain vigilant and aware of their rights as borrowers and added that licensing status can be verified via the i KrediKom application for Peninsular Malaysia.
She said verification can also be obtained from the PPW licensing authority in Sarawak, Sabah and Labuan.
“Complaints on Moneylenders Act violations can be submitted via SISPAA at https://kpkt.spab.gov.my,” she said.
She said the ministry has also set up a public complaints counter on Level 22 of its headquarters.
