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New Clause "A"—(Amendment Of Definition Of Hire-Purchase Price)

Volume 530: debated on Friday 23 July 1954

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Lords Amendment: In page 3, line 2, at end, insert:

A.—(1) For the purposes of the Hire-Purchase Act, 1938, any sum payable by the hirer under a hire-purchase agreement by way of a deposit or other initial payment, or credited or to be credited to him under such an agreement on account of any such deposit or payment, whether that sum is to be or has been paid to the owner or to any other person or is to be or has been discharged by a payment of money or by the transfer or delivery of goods or by any other means, shall form part of the hire-purchase price.
(2) This section shall apply for the purposes of the said Act of 1938 in its application to agreements made before the commencement of this Act, except in relation to any note or memorandum of such an agreement made for the purposes of section two of the said Act of 1938.

3.56 p.m.

I beg to move, "That this House doth agree with the Lords in the said Amendment."

The purpose of the new Clause is to remove doubt about and to clarify the meaning of the definition of hire-purchase price in Section 21 of the Hire-Purchase Act. The new Clause makes it quite clear that any deposit made is part of and included in the hire-purchase price.

Question put, and agreed to.