KUALA LUMPUR, Aug. 25 -- The Senate is set to debate the Consumer Credit Bill next month, with expectations that it will pass without much resistance. If approved, the law could be gazetted as early as November.

Policymakers from both sides have welcomed the Bill, calling it long overdue. The consumer credit industry is now worth billions of ringgit, yet many of its major players remain unregulated, raising concerns about malpractice.

Among the six industries to be governed by the new Consumer Credit Act (CCA) is the business of buying up non-performing loans.

Over the years, impaired loan buyers - known simply as ILBs - have attracted scrutiny from regulators following complaints of "aggressive" recovery tactics and opaque contracts....