Section 6B
Right of owner to revise the base lending rate
Where in the hire-purchase agreement the terms charges are at a variable rate, the owner may revise the base lending rate at any time during the continuance of the agreement.
(2)
Where the owner has revised the base lending rate, the rate and total amount of terms charges and the amount of each instalment or the number of instalments under the hire-purchase agreement shall be revised accordingly.
(3)
Where the owner has revised the base lending rate, he shall serve a notice to hirer specifying the following:
(a)
the revised base lending rate;
(b)
the revised rate of terms charges;
(c)
the revised total amount of terms charges; and
(d)
the revised amount of instalments or the revised number of instalments, as the case may be.
Hire-Purchase 23