Malaysia legislation
Section 13
Section 13
Section 18 of the principal Act is amended—
(a)
by substituting for paragraph (1)(b) the following paragraph:
“(b) the hirer may recover from the owner, the difference between the value of the goods and the balance outstanding under the hire-purchase agreement, if any, at the time of the owner so taking possession of the goods.”;
(b)
by substituting for subsection (2) the following subsection:
“(2) Where the owner takes possession of any goods comprised in a hire-purchase agreement, the owner is not entitled to recover any sum, whether under a judgment, an order or otherwise, which exceeds the balance outstanding under the hire-purchase agreement.”;
(c)
by deleting paragraph (3)(a); and
(d)
by substituting for paragraph (3)(aa) the following paragraph:
“(aa) the balance outstanding under the hire-purchase agreement is—
(i)
the outstanding amount financed; and
(ii)
terms charges accrued and calculated up to the time of the owner so taking possession of the goods, 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
(C)
the surrender value is received or will be received by the owner upon cancellation of such contract; and”.
Amendment of section 43