Section 9
Section 6b of the principal Act is amended—
of Hire-Purchase (Amendment) Act 2026
(a)
in the shoulder note, by substituting for the words
“base lending rate” the words “effective interest rate”;
(b)
in subsection (1)—
(i)
by substituting for the words “base lending rate”
the words “effective interest rate”; and
(ii)
by inserting after the words “the continuance of the agreement” the words “based on the prevailing reference rate”;
Hire-Purchase (Amendment)
(a)
the revised effective interest rate; and
(b)
the revised amount of instalments or the revised number of instalments, as the case may be.”;
and
(c)
in subsection (2), by substituting for the words “base lending rate” the words “effective interest rate”;
(d)
by substituting for subsection (3) the following subsection:
“(3) Where the owner has revised the effective interest rate, he shall serve a notice to the hirer fourteen days prior to the date the revised effective interest rate comes into effect specifying the following:
(e)
by inserting after subsection (3) the following subsection:
“(4) An owner who contravenes subsection (3) shall be guilty of an offence under this Act.”.
Amendment of section 6c