Malaysia legislation
Section 14
Section 14
Early completion of agreement
(2)
For the purposes of subsection (1)—
(a)
where in the hire-purchase agreement the terms charges are at a fixed rate, the net balance due is the balance originally payable under the agreement less—
30 Laws of Malaysia ACT 212
(i)
any amounts (other than the deposit) paid or provided by or on behalf of the hirer under the agreement;
(ii)
the statutory rebate for terms charges; and
(iii)
if the hirer requires any contract of insurance to be cancelled, the statutory rebate for insurance; or
(b)
where in the hire-purchase agreement the terms charges are at a variable rate, the net balance due is the outstanding amount financed and terms charges accrued and calculated up to the next due date of payment less, if the hirer requires any contract of insurance to be cancelled, the statutory rebate for insurance.
(c)
if the hirer requires any contract of insurance to be cancelled, the statutory rebate for insurance.
(3)
The rights conferred on the hirer by this section may be exercised by him—
(a)
at any time during the continuance of the agreement; or
(b)
where the owner has taken possession of the goods, upon payment to the owner (within twenty-one days after the owner has served a notice in the form set out in the Fifth
Schedule) in addition to the net balance due together with the reasonable costs including costs (if any) of storage, repair or maintenance of the goods incurred by the owner incidental to his taking possession of the goods; or
(c)
where the hirer has returned the goods to the owner within twenty-one days after the service on him of the notice in the form set out in the Fourth Schedule, upon payment to the owner (within twenty-one days after the owner has served a notice in the form set out in the Fifth Schedule)
the net balance due under the Act.
Hire-Purchase 31
Power of hirer to determine hiring