Hire-Purchase (Terms Charges) Regulations

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Not current version
(version history — see timeline)

Hire-Purchase Act

(Chapter 125, Sections 29 and 41)

Hire-Purchase (Terms Charges) Regulations

Rg 1

REVISED EDITION 1990

(25th March 1992)

[1st August 1974]

Citation

1. These Regulations may be cited as the Hire-Purchase (Terms Charges) Regulations.

Terms charges

2. The terms charges in relation to a hire-purchase agreement shall not exceed the undermentioned rate per annum in respect of the goods or class of goods specified in the First Schedule to the Act:

(a)	where the goods are motor vehicles (other than motor cycles) — 14%;
(b)	where the goods are second-hand goods of the above description — 15%;
(c)	where the goods are motor cycles — 15%;
(d)	consumer goods the value of which does not exceed $5,000 as mentioned in item 1 of that Schedule — 12%; and
(e)	where the agreement comprises goods of more than one description — the percentage applicable for the class attracting the lower rate.

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