KUCHING: Car repossessors have to be registered with the Domestic Trade, Cooperatives and Consumerism Ministry under new amendments to the Hire Purchase Act 1967.
Its deputy minister, Datuk Rohani Karim, said under the amendments, car repossessors are also required to be more ethical when repossessing goods from hirers who fail to service their loans.
She was at a dialogue session with non-governmental organisations and traders’ associations at the state library here yesterday.
She said a fine not exceeding RM100,000 would be imposed on the offender if it was a firm, and for second or subsequent offences, a fine not exceeding RM250,000.
If it was an individual committing the offence, he could be fined not exceeding RM25,000 or imprisonment for a term not exceeding three years or both.
She said car repossessors would need a court order before they could repossess the vehicle if the hirer had serviced 75% of the loan.
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