Hire Purchase Act 1967 Quiz

What is the main legislation governing the hire purchase transactions in Malaysia?

• Sale of Goods Act 1957

• Consumer Protection Act 1987

• Hire Purchase Act 1967

• Hire Purchase Act 1977

According to Section 2(1) of the Hire-Purchase Act 1967, what does a hire-purchase agreement include?

• None of the above

• Agreement for the purchase of goods only

• Letting of goods with an option to purchase

• Leasing of goods only

Who is considered the hirer in a hire purchase agreement?

• The seller of the goods

• The finance company

• The purchaser of the goods

• The owner of the goods

What type of goods are covered by the Hire Purchase Act 1967?

• All goods except motor vehicles

• Only consumer goods

• Only motor vehicles

• All goods as listed in the First Schedule

In the case of Credit Corporation (M) Bhd v. The Malaysia Industrial Finance Corporation & Anor, what was the court's decision regarding the passing of ownership?

• The hirer was the registered owner of the car

• The hirer was only in possession and use of the car

• The hirer became the legal owner of the car

• The hirer had no rights to the car

What is the maximum allowable interest rate on overdue installments according to the Hire Purchase Act 1967?

• 12% per annum

• 5% per annum

• 8% per annum

• 10% per annum

Under Section 9 of the Hire Purchase Act 1967, what information can the hirer request at any time before the final payment?

• The amount paid to the owner

• The amount due

• All of the above

• The amount payable and amount of interest on overdue installment

What is the right of the hirer under Section 15(1) of the Hire Purchase Act 1967?

• Right to early completion of agreement

• Right to terminate the agreement

• Right to apply for an order of goods to be removed

• Right to a copy of statement relating to his financial position

What is the duty of the hirer according to the Hire Purchase Act 1967?

• To dispose of the goods

• To store the goods in the place specified in the agreement

• To remove the goods from the specified place

• To sell the goods

What is the purpose of the Hire Purchase Act 1967 (Amendment 2010)?

• To give more protection to consumers and cover hire purchase of various goods

• To reduce protection for consumers

• To limit the hire purchase to motor vehicles and consumer goods only

• To cover hire purchase of motor vehicles only