KUALA LUMPUR: The Hire-Purchase (Amendment) Bill 2025 was tabled for its first reading in the Dewan Rakyat today.
Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali confirmed the second reading will occur during the current parliamentary session.
This bill proposes amendments to the Hire-Purchase Act 1967 to deliver fairer outcomes for consumers under hire-purchase agreements.
A key amendment involves replacing the existing method for calculating terms charges to ensure greater fairness.
The bill also aims to streamline the maximum limit for terms charges in both fixed and variable rate hire-purchase agreements.
It further enables the adoption of new technologies for executing hire-purchase agreements efficiently.
Additionally, the legislation seeks to update outdated terminology to align with current regulatory standards and technological advancements. – Bernama