{"id":65538,"date":"2024-10-18T14:45:33","date_gmt":"2024-10-18T06:45:33","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=65538"},"modified":"2024-10-18T15:45:49","modified_gmt":"2024-10-18T07:45:49","slug":"kpdn-lemon-law-strategies","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/kpdn-lemon-law-strategies","title":{"rendered":"The Lemon Law Is Coming; In The Meantime Here\u2019s How You Can Protect Yourself"},"content":{"rendered":"
Imagine you just bought yourself a new car, but your car is not performing up to the promised standards even after multiple repair attempts. What can you do?<\/span><\/p>\n Well in Malaysia, not much due to the fact that we don\u2019t have Lemon Laws. The Lemon Law is a set of laws that allows vehicle buyers to seek recompense such as repairs, replacement, price reductions, or refunds for vehicles and other consumer goods that fail to meet performance standards after repeated repair attempts.<\/span><\/p>\n Fortunately, Malaysian lawmakers are currently working towards establishing our own lemon laws. And while the law is being finalised, the Ministry of Domestic Trade and Costs of Living (KPDN)<\/a>\u00a0 has announced that they are introducing two strategies to help vehicle buyers protect themselves.<\/span><\/p>\n The two strategies being introduced are;<\/span><\/p>\n KPDN has announced that from 2nd of September 2024, Bank Negara Malaysia has mandated all banking institutions in Malaysia to create a Standard Operating Procedure (SOP) to process letters of consent from vehicle buyers.<\/span><\/p>\n<\/span>Letter of consent<\/b><\/span><\/h2>\n