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Report No. 168

5. Insertion of new section 7A.-

After section (7) of the principal Act, the following section shall be inserted, namely:-

"Section 7A.-Hire-Purchase Charges not to exceed Statutory Hire-Purchase Charges.-Any stipulation in the hire-purchase agreement whereunder the hirer is obliged to pay hire-purchase charges in excess of the statutory hire-purchase charges as specified in sub-sections (1) and (2) of section 7 shall be null and void and shall not be enforceable. Any owner collecting hire-purchase charges in excess of the statutory hire-purchase charges shall refund the amount so collected with interest at the rate of 18% to the hirer immediately after it is collected or whenever it is demanded by the hirer. If the owner fails to discharge this obligation, it shall be open to the hirer to approach the court for recovering the said excess amount."



The Hire-Purchase Act, 1972 Back




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