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Financial Services Act 2013 s 137

Financial Services Act 2013 s 137

s 137 Restriction on accepting deposits

(1) No person shall accept deposits except under a licence granted under section 10 regardless of whether the transaction is described as a loan, an advance, an investment, a savings, a sale or a sale and repurchase or by whatever name called. (2) Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.

Malay text (authoritative)

Sekatan atas menyetuju terima deposit

(1) Tiada seorang pun boleh menyetuju terima deposit kecuali di bawah lesen yang diberikan di bawah seksyen 10 tidak kira sama ada transaksi itu diperihalkan sebagai suatu pinjaman, suatu pendahuluan, suatu pelaburan, suatu simpanan, suatu jualan atau suatu jualan dan belian semula atau oleh apa jua namanya disebut. (2) Mana-mana orang yang melanggar subseksyen (1) melakukan suatu kesalahan dan boleh, apabila disabitkan, dipenjarakan selama tempoh tidak melebihi sepuluh tahun atau didenda tidak melebihi lima puluh juta ringgit atau kedua-duanya.

Read this section in the full act → · Open Division 5 →

Find Act 758 on lom.agc.gov.my ↗

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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