Payment Systems Act 2003 s 28
This legislation has been repealed. Do not cite it as law in force.
Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
s 28
An issuer of a designated payment instrument shall establish the following operational arrangements:
(a) rules and procedures setting out the rights and liabilities of the issuer and the user of the designated payment instrument and the risks the user may incur;
(b) measures to ensure prudent management of funds collected from a user of the designated payment instrument, including measures to ensure that such funds are available for repayment to a user; and
(c) measures to ensure safety, security and operational reliability of the designated payment instrument including contingency arrangements.
Malay text (authoritative)
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Find Act 627 on lom.agc.gov.my ↗
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).
