KUALA LUMPUR: The Hire-Purchase (Amendment) Bill 2025 was tabled for its first reading in the Dewan Rakyat on Monday (Sept 6).
Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali, when tabling the bill, said the second reading would take place during the current sitting.
The bill seeks to amend the Hire-Purchase Act 1967 (Act 212) by providing fairer outcomes to consumers under a hire-purchase agreement, particularly the replacement of the existing method for terms charges calculation.
Other amendments include streamlining the maximum limit for terms charges in relation to hire-purchase agreements using fixed or variable rate, and enabling the adoption of new technologies to execute hire-purchase agreements.
It also seeks to update outdated terms to align with prevailing regulatory standards and technological developments. – Bernama
