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The definition of HP
Sect 2(1) of Hire Purchase Act 1967
Hire Purchase
or
The definition of HP
Ownership is not transfer to the Hirer
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The definition of HP
Concept of HP
Credit Corporation (M) Sdn Bhd vs The Malaysian Industrial Finance Corp
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owner
hirer
price
goods
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goods
Consumer goods
Motor vehicles
formation of HP
1. B4 agreement Giving 2nd Schedule Notice
2. Agreement must be in writing
formation of HP
1. Giving 2nd Schedule Notice
Sect 4(1) HPA 1967
Before agreement of HP is made A must Sec 4(1)(a) of HPA 1967 Owner made a complete set of 2nd Schedule Sect 4(1)(b)(i) & (ii) of HPA 1967 Sort of quotation description of the goods
summary of financial obligation
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formation of HP
1. Giving 2nd Schedule Notice
In person Sect 4(1) HPA 1967 Acknowledge receipt
Method of service
NO ..
YES .. Sect 46 RM3000 @ 6 months imprisonment -alizah ali-
formation of HP
1. Giving 2nd Schedule Notice
Sect 4(1) HPA 1967
Contract is void
If no 2nd Schedule Notice
formation of HP
2. Agreement must be in writing
Sect 4A HPA 1967
Contract is void
If not in writing
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formation of HP
3. Agreement must be signed
Sect 4B HPA 1967
All parties to the agreement must sign Sect 4B(1) HPA 1967 Sign a complete agreement and not a blank agreement Sect 4B(2) HPA 1967
Contract is void
If not sign
formation of HP
4. Content of HP agreement
Sect 4C HPA 1967
o Date of agreement o No of installment o Amount of each installment\time for payment o Descriptions of goods o Address where the goods placed
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Specify
formation of HP
4. Content of HP agreement
Sect 4C HPA 1967
Tabular form
o Cash price o Deposit price o Vehicles registration o Insurance amount o Balance original payable o Total amount payable
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formation of HP
4. Content of HP agreement
Sect 4C HPA 1967
Contract is void
If not contain
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formation of HP
5. Separate agreement for every item of goods Sect 4D HPA 1967
Contract is void
If not contain
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formation of HP
6. Copy of agreement must be served on the Hirer Sect 5(1) HPA 1967 Within 14 days after making the contract Sect 5(3) HPA 1967 A copy of HP agreement
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formation of HP
6. Copy of agreement must be served on the Hirer Sect 5 HPA 1967
Contract is void
If not get a copy Sect 5(1A) HPA 1967
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owner
dealer
Exemption clause
Exclude, limit & modify
Contract is VOID
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RIGHT of HIRER
DUTIES of HIRER
Sect 37 HP 1967
installment,
or
Death Hirer
default
4 successive
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procedure
19 days
United Manufacturers Sdn Bhd vs Sulaiman Ahmad
repossess after 2 years from the date of the service of 4th Shcedule Notice
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procedure
owner owndealer
procedure
Can enter into Hirers Premise proper & lawful manner Failure to comply offence Regulation 9 Dealer commit offence owner is deemed guilty unless ..
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procedure
procedure
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procedure
5th Schedule
option
Complete the agreement by paying the balance due under the agreement + cost repossess
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procedure
DO NOT take the goods Pay full payment
5th Schedule
option
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Cont
procedure
If x 5th Schedule
owner will lose his right under HP agreement and x entitle to get remedy
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Cont
procedure
a) cost of repossession
b) cost incidental to repossession a) cost of storage
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Cont
procedure
After repossession, owner shall not sell/dispose the goods without written consent from the Hirer.
If dispose without consent he shall be guilty under Section 17(2) HPA 1967
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Public auction Sect 18(4)(a) HPA 1967 Owner serve a notice to the hirer Not less than 14 days b4 the date Of auction
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Private auction Sect 18(4)(b) HPA 1967 Owner give hirer an option to buy the goods at the price which he intends to sell