Moneylenders Act 1951 s 10P

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s 10P Moneylender and borrower must enter into a moneylending agreement

(1) A moneylender who intends to lend money to a borrower shall enter into a moneylending agreement with the borrower, and that agreement shall be in the prescribed form. (2) Any moneylender who contravenes this section shall be guilty of an offence under this Act and shall be liable to a fine of not less than ten thousand ringgit but not more than fifty thousand ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a second or subsequent offence shall also be liable to whipping in addition to such punishment. (3) Any moneylending agreement which does not comply with the prescribed form shall be void and have no effect and shall not be enforceable. *NOTE—For saving and transitional provisions of this section–see subsections 46(5), (6) and (7) of Act A1193.

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Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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