History and Background

The history of this Association dates back some 54 years since its formation in 1965 with a current membership of 430 members representing the finance, credit, leasing, new and used car companies and motor cycle companies.

The Association is managed by an elected Council and regular meetings are held to conduct the affairs of the Association. To ensure an effective management six Committees are established namely the Consumer Affairs, Development, Public Relations and Technical to deal promptly with specific problems. We have also set up Regional Committees in Sabah and Sarawak to cater to the needs of our East Malaysian members.

In furtherance of the interest of the industry and to alleviate possibility of multiple financing transactions, the Association in 1986, jointly with Association of Finance Companies of Malaysia set up a computer service bureau, M/s Financial Information Services Sdn Bhd (FIS) to undertake registration of vehicles and equipment financed by member companies of both Associations of Hire Purchase, leasing and Block Discounting. Today over 11,000,000 records on vehicles, equipment, hirers, lessees and guarantors are stored in the master file of FIS Vehicle and Equipment Registry, which is constantly up-dated with records on stolen vehicles obtained from the Police and vehicles and equipment detained by the Customs.

Objective

The objective of the Association are to promote, enhance, protect and safeguard the interests of its members with particular reference to the hire purchase industry.

The Association would like to highlight some of the services rendered in solving the industry’s numerous trading and legal problems by:

• Regular dialogue sessions with the Road Transport Department and Transport Ministry on the Road Transport Act and Rules on Motor Vehicles (previously known as Road Traffic Ordinance).
• Regular dialogue sessions with Ministry of Domestic Trade and Consumer Affairs on the Hire Purchase Act.
• Liaising with the Customs Department on detained vehicles and their release.
• Liaising with the Police Department on preventive measures to avoid theft and fraud.
• Liaising with other relevant government bodies on problems encountered.

Also, through these dialogue sessions the Association was able to offer practical suggestions and achieve an understanding from the government authorities.

Members companies have easy and speedy access to status reports on hirers, lessees, guarantors, as well as on vehicles and equipment through enquiries via online web services at very low charges.

We make every effort to disseminate relevant information, legal or otherwise, considered beneficial to Members through regular circulars.

The Association, in its continuing efforts to maintain close rapport among Members, also organise games for members to meet and compete in an atmosphere of friendly competition.

Procedures To Join Association

The Simple procedures to join the Association are:

To complete an application form duly endorsed by a Proposer and Seconder who are Voting Members of the Association.

Voting Members

• Voting Members - being those members of the Association conducting hire purchase business as principal activity and having a minimum Paid-up Capital of RM1,000,000.00.

Non-voting Members - divided into the following categories, namely:

• Associate Members - being non-voting members conducting hire purchase business as principal activities and having a Paid-up Capital of less than RM1,000,000.00 (with a minimum paid-up capital of RM100,000.00).
• Affiliate Members - being non-voting members conducting credit related business as principal activity and having a minimum Paid-up Capital of RM1,000,000.00.

- To supply Certified True Copies of Certificate of Incorporation, M & A, Forms 24, 44 and 49.

Application is to be submitted together with the relevant payment made out to the Association of Hire Purchase Companies Malaysia.

Voting-Members - RM1,000.00 (Made up of RM500.00 entrance fee and RM500.00 annual subscription)

Non-Voting Members - RM800.00 (Made up of RM500.00 entrance fee and RM300.00 annual subscription)

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