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No. S 241

Hire-Purchase Act

(CHAPTER 125)

Hire-Purchase
(Motor Vehicles)
(Amendment) Regulations 2016

In exercise of the powers conferred by section 49 of the Hire‑Purchase Act, the Minister for Trade and Industry (Industry) makes the following Regulations:

Citation and commencement

1. These Regulations are the Hire-Purchase (Motor Vehicles) (Amendment) Regulations 2016 and come into operation on 27 May 2016.

Amendment of regulation 4

2. Regulation 4 of the Hire‑Purchase (Motor Vehicles) Regulations 2013 (G.N. No. S 205/2013) is amended —

(a)	by deleting “40%” in paragraph (1)(a) and substituting “30%”;
(b)	by deleting “50%” in paragraph (1)(b) and substituting “40%”; and
(c)	by deleting the words “5 years” in paragraph (2) and substituting the words “7 years”.

Amendment of regulation 5

3. Regulation 5 of the Hire-Purchase (Motor Vehicles) Regulations 2013 is amended —

(a)	by deleting “40%” in paragraph (1)(a) and substituting “30%”;
(b)	by deleting “50%” in paragraph (1)(b) and substituting “40%”; and
(c)	by deleting the words “5 years” in paragraph (2) and substituting the words “7 years”.

Savings provision

4. These Regulations do not apply to any hire‑purchase agreement or conditional sale agreement that is made before 27 May 2016.

Made on 26 May 2016.

LOH KHUM YEAN

Permanent Secretary,
Ministry of Trade and Industry,
Singapore.

[MTI/919/02-004PT Vol. 019; AG/LEGIS/SL/125/2015/1 Vol. 1]