5.—(1) Subject to paragraph (3), the minimum amount of the deposit to be paid by the buyer under a conditional sale agreement for a motor vehicle shall be —
(a)
30% of the purchase price of the motor vehicle if the applicable value of the motor vehicle does not exceed $20,000; or
[S 241/2016 wef 27/05/2016]
(b)
40% of the purchase price of the motor vehicle if the applicable value of the motor vehicle exceeds $20,000.
[S 241/2016 wef 27/05/2016]
(2) Subject to paragraph (3), the tenure of a conditional sale agreement for a motor vehicle shall not exceed 7 years.
[S 241/2016 wef 27/05/2016]
(3) Paragraphs (1) and (2) shall not apply to a conditional sale agreement for a used vehicle if the relevant agreement is made between 6th April 2013 and 4th June 2013 (both dates inclusive).
Informal Consolidation | Amended S 363/2020
Conditional sale agreement for motor vehicle
5.—(1) Subject to paragraph (3), the minimum amount of the deposit to be paid by the buyer under a conditional sale agreement for a motor vehicle shall be —
(a)
30% of the purchase price of the motor vehicle if the applicable value of the motor vehicle does not exceed $20,000; or
[S 241/2016 wef 27/05/2016]
(b)
40% of the purchase price of the motor vehicle if the applicable value of the motor vehicle exceeds $20,000.
[S 241/2016 wef 27/05/2016]
(2) Subject to paragraphs (3) and (4), the tenure of a conditional sale agreement for a motor vehicle shall not exceed 7 years.
[S 241/2016 wef 27/05/2016]
[S 363/2020 wef 06/05/2020]
(3) Paragraphs (1) and (2) shall not apply to a conditional sale agreement for a used vehicle if the relevant agreement is made between 6th April 2013 and 4th June 2013 (both dates inclusive).
(4) In paragraph (2), the reference to 7 years is replaced with a reference to 7 years and the period of extension of the tenure of the conditional sale agreement in sub‑paragraph (d), if —
(a)
the conditional sale agreement was made by the buyer and the owner of the motor vehicle on or before 5 May 2020;
(b)
the buyer requests the owner for an extension of the tenure of the conditional sale agreement;
(c)
the request is made between 18 February 2020 and the expiry date (both dates inclusive); and
(d)
the owner grants an extension of the tenure of the conditional sale agreement for a period not exceeding 12 months.
[S 363/2020 wef 06/05/2020]
(5) In this regulation, “expiry date” has the meaning given by regulation 4(5).