Visitor No since 22-10-98
'Review fees for loan documents' E-mail
Saturday, 28 September 2019

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The Bar Council said it is high time for banks to review its practice of imposing fees for loan documents. (Image by Pixabay: For illustration purposes only)

Banks' practice against the law, a burden to customers, says Bar Council official 

KUALA LUMPUR: The Bar Council said it is high time for banks to review its practice of imposing fees for loan documents.

Bar Council conveyancing practice committee chairman Datuk Roger Tan said the practice was against the law and has a become a burden which consumers could do without.

He said the fee was imposed on the banks’ loan documents, which borrowers sign when taking, for example, a housing loan.

“These documents are largely standardised documents for each bank.

“The bank’s solicitors will typically download the documents from the bank’s website and, after completing the particulars relating to the borrower and the loan, print for the borrower’s signature,” said Tan.

He said banks currently charge a fee for the ‘purchase’ of these documents ranging from RM100 to RM500, even though the cost of printing the documents is borne by the solicitors.

He said that the document fee is usually passed on to the borrowers as part of the solicitor’s charges. However, Tan said that in some cases, solicitors are compelled by the banks to absorb these costs.

“This results in the borrowers having to pay additional costs when taking a loan from a bank and the solicitors getting peanuts for the professional work done especially purchasers of low- and medium-cost and affordable homes.

 
Two new members join Koh-Amri special taskforce E-mail
Wednesday, 10 July 2019
ImageMalaysiakini

The Home Ministry today announced that two new members will be joining the special task force to investigate the disappearances of pastor Raymond Koh and activist Amri Che Mat.

The new members are MACC assistant commissioner Azian Umar and independent legal practitioner Roger Tan.

Azian replaces former Bukit Aman Legal Unit chief Mokhtar Mohd Noor, who withdrew from the taskforce after concerns raised by Koh’s family about his impartiality.

Tan, meanwhile, is the additional member of the taskforce hinted by Home Minister Muhyiddin Yassin last week.

With the two inclusions, the taskforce now comprises seven members, including its chairperson.

The other members are Bukit Aman Integrity and Standard Compliance Department (Jips) director Zamri Yahya, Enforcement Agencies Integrity Commission operations director Muhammad Bukhari Abdul Hamid, Attorney-General’s Chambers Public Prosecution Division legal officer Mohd Sophian Zakaria, and Police Force Commission secretary Mohd Russaini Idrus.

“Of the taskforce members, Zamri is the only one from the police," the Home Ministry said in a statement.
 
Unconscionable for banks to seek refuge behind exclusion clauses E-mail
Monday, 14 January 2019

The Star
by Roger Tan

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Protection needed: It is time for the government to introduce a legislation or extend the protection currently given to consumers under the Consumer Protection act, 1999 to all types of contracts, including financial dealings and transactions, involving, particularly, purchasers and borrowers of a housing development.
In April 2008, a British couple living in the United Kingdom obtained a loan facility of RM715,487 to finance the purchase of their property in Malaysia. It was a term of the loan facility that the bank would make progressive payments to the developer against certificates of completion issued by the architect at each progress billing.

In March 2014, the developer sent a notice for a progressive payment to the bank, supported by an architect’s certificate.

The bank’s disbursement department then sent several internal emails to its branch to conduct site visit inspection on the property.

The branch did not do anything, and meanwhile, the due date for payment had also expired on March 25, 2014.

Neither did the bank notify the developer nor the couple that a site visit inspection was an additional condition precedent to drawdown.

The bank also did not request for any extension of time to make the payment pending the completion of the site visit.

On April 10, 2015, the developer terminated the sale and purchase agreement (SPA), after about one year from the issuance of the invoice.

The couple then sued the bank for breach of agreement and/or negligence.

 
© 2019 Roger Tan :: www.rtkm.com