Hire-Purchase Act · 2024 Revised Edition · Part · General
30. Minimum deposits
Official textFrom Attorney General's Chambers, unchanged
Where the minimum amount of the deposit in respect of any goods or class of goods is not prescribed, if an owner enters into a hire-purchase agreement without having first obtained from the proposed hirer thereunder a deposit in cash or in goods, or partly in cash and partly in goods, to a value as prescribed by the Authority by notification published in the Gazette, the agreement shall be void.
goods
“goods” includes any replacement or renewal by the hirer of any part or parts thereof and any accessories added or additions made thereto by the hirer during the period of the hiring;
Hire-Purchase
In this section and in section 31, “hire-purchase agreement” does not include any agreement or arrangement that is entered into solely for the purpose of giving effect to an assignment or transfer of the rights and liabilities under an existing hire-purchase agreement from the hirer to another person.
hire-purchase agreement
“hire-purchase agreement” includes a letting of goods with an option to purchase and an agreement for the purchase of goods by instalments (whether the agreement describes the instalments as rent, hire or otherwise), but does not include any agreement — (a) whereby the property in the goods comprised therein passes at the time of the agreement or upon or at any time before delivery of the goods; or (b) under which the person by whom the goods are being hired or purchased is a person who is engaged in the trade or business of selling goods of the same nature or description as the goods comprised in the agreement;
Certain payments etc. not to be treated as deposits for purposes of this
Terms defined in s 2
Authority
Defined · s 2“Authority” means the Brunei Darussalam Central Bank established by the Brunei Darussalam Central Bank Order, 2010;
goods
Defined · s 2“goods” includes any replacement or renewal by the hirer of any part or parts thereof and any accessories added or additions made thereto by the hirer during the period of the hiring;
hire-purchase agreement
Defined · s 2“hire-purchase agreement” includes a letting of goods with an option to purchase and an agreement for the purchase of goods by instalments (whether the agreement describes the instalments as rent, hire or otherwise), but does not include any agreement — (a) whereby the property in the goods comprised therein passes at the time of the agreement or upon or at any time before delivery of the goods; or (b) under which the person by whom the goods are being hired or purchased is a person who is engaged in the trade or business of selling goods of the same nature or description as the goods comprised in the agreement;
hirer
Defined · s 2“hirer” means the person who takes or has taken goods from an owner under a hire-purchase agreement and includes a person to whom the rights or liabilities of the hirer under the agreement have passed by assignment or by operation of law;
owner
Defined · s 2“owner” means a person who lets or has let goods to a hirer under a hire-purchase agreement and includes a person to whom the rights or liabilities of the owner under the agreement have passed by assignment or by operation of law;