Malaysia legislation
Section 11
Section 11
Section 14 of the principal Act is amended—
(a)
by deleting subsection (2); and
(b)
by inserting after subsection (3) the following subsection:
“(4) For the purposes of this section, “net balance due”
means—
(a)
the outstanding amount financed; and
(b)
terms charges accrued and calculated up to the next due date of payment or the day specified in the notice, whichever is later, less any surrender value of a contract of insurance where—
(i)
the contract of insurance is taken to cover the amount financed;
(ii)
the premium for the contract of insurance is paid by the hirer in instalments to the owner; and
(iii)
the surrender value is received or will be received by the owner upon cancellation of such contract.”.
Amendment of section 15