Singapore legislation

Clause 13

Early completion of agreement

(1)

The hirer under a hire-purchase agreement may, if he has given notice in writing to the owner of his intention to do so, on or before the day specified for that purpose in the notice, complete the purchase of the goods by paying or tendering to the owner the net balance due under the agreement.

(2)

For the purposes of subsection (1) of this section, the net balance due is the balance originally payable under the agreement less —

(a)

any amounts (other than the deposit) paid or provided by or on behalf of the hirer under the agreement;

(b)

the statutory rebate for terms charges; and

(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 fourteen days after the owner has served a notice in the form set out in the Fifth Schedule to this Act) 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.

Read in full context — Hire-Purchase Bill →