Bank Negara’s proposal to increase the cost of using cheques from 15 sen to 65 sen beginning April 2014, is unwarranted and should be withdrawn.
The Consumers Association of Penang calls on the Malaysian Bar Council to immediately direct its members to refrain from billing charges for preparing Change of Name forms and Vesting Orders for changing bank names in charge documents when discharging properties from banks that have changed names due to mergers. The cost of changing the banks’ names in the charge documents are to be borne by the banks concerned and not by the Chargors.
Greater transparency at auctions is needed to protect buyers of properties where no titles have been issued. This is because the auctioning of properties without titles (for example flats and apartments) is not regulated by any statutory provisions. Buyers are bound by the contract called the Proclamation of Sale. (PoS).
General insurance companies should insure motor vehicles based on the agreed value. Many policyholders are already under the wrong impression that they own an agreed value motor policy.
They are unaware that in Malaysia, motor insurance policies are indemnity policies. This means that if the car is written off as a total loss, the amount compensated by the insurance company will only be its market value, which is often much lower than the insured value.
The Consumers Association of Penang disagrees with those who recently voiced their opinion that the amendments to the Co-operatives Act 1993 will kill the co-operative movement.
Many of our local co-operatives do not operate in the spirit in which co-operatives are founded - which is mutual help to improve the social and economic well being of its members.