(From Business Times (Malaysia))
MALAYSIA needs to revamp and consolidate the regulations governing consumer credit, which are currently outdated and scattered throughout a range of statutes, Consumers International Asia-Pacific Office regional director Datuk Dr S Sothi Rachagan said.
Sothi told reporters this on the sideline of the Asian Conference on the Regulation of Consumer Credit in Kuala Lumpur yesterday.
He said a comprehensive Consumer Credit Act is needed as the failure of the current piece-meal law to distinguish consumers from commercial transactions had denied customers the rightful protection they needed.
"Our law is …