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• Library > Legal Subjects > Banking and Financial Law > Buying on Hire-Purchase

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• Library > Legal Subjects > Litigation > Civil Matters

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• Banking and Financial Legalese (Terms)
• Exchange Control Rules
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• Offshore Banking
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• Danaharta Act

DO I GET A PAYMENT RECEIPT FOR INSTALLMENT PAYMENT MADE ?

Yes.

A finance company or agent or person acting on behalf of the finance company who collects payment in respect of a hire purchase agreement

• must issue a receipt to the hirer in respect of every such payment collected.

Any person who contravenes the above shall be guilty of an offence, on conviction, be liable to a fine not exceeding RM$3,000.00 or to imprisonment for a term not exceeding 6 months or to both.

Always keep all payment receipts pertaining to the hire purchase agreement and file those receipts in a proper place.

Do not pay installments to unauthorized persons or agents.

DOES THE FINANCE COMPANY HAS THE DUTY TO INFORM A HIRER WHEN THE AGENT OR PERSON HAS CEASED TO BE AUTHORIZED TO COLLECT PAYMENT ?

Yes.

Where it is within the knowledge of the finance company that any agent or person acting on behalf of the finance company to collect any payment in respect of a hire purchase agreement has ceased to be an agent or person authorized to act on his or her behalf, it shall be the duty of the finance company to inform every hirer from whom such agent or person ordinarily collects payment that

• the agent or person has ceased to be authorized to so act and
• that not further payment should be made to such agent or person.