Section 12
Amendment of section 15
of Hire-Purchase (Amendment) Act 2026
Subsection 15(6) of the principal Act is amended by substituting for paragraph (a) the following paragraph:
“(a) “balance outstanding under the hire-purchase agreement”
means—
(i)
the outstanding amount financed; and
(ii)
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—
(A)
the contract of insurance is taken to cover the amount financed;
(B)
the premium for the contract of insurance is paid by the hirer in instalments to the owner; and
Hire-Purchase (Amendment)
(C)
the surrender value is received or will be received by the owner upon cancellation of such contract.”.
Amendment of section 18