Tabling of Consumer Credit Act to be expedited to protect consumers: Dr M

Putrajaya will expedite the process of tabling the Consumer Credit Act to provide protection for consumers and promote healthy credit markets, said Prime Minister Dr Mahathir Mohamad.

The Act will be tabled in Parliament this year, he told media after launching National Financial Literature Strategy 2019-2023 at Sasana Kijang today.

"This year. Yes, as soon as possible," he told media after the event when asked when the new bill will be tabled in Parliament.

The next Dewan Rakyat sitting will commence on Oct 7.

At the event earlier, he said the government wishes to expedite the bill because the country's household debt stood at 82.1 percent of the country's gross domestic product (GDP).

"This is higher than other countries which have higher income per capita, such as Italy (40.3 percent of its GDP), Japan (58.1 percent) and US (76.3 percent)," he said. 

(More to follow) - Mkini