The Hire-Purchase Act was first enacted in 1969 and except for some minor amendments since then, remained largely similar to when it was first enacted in 1969.
Our financial market has since evolved. As part of our efforts to promote a more pro-enterprise business environment, we are now moving away from prescribing rigid rules that could stifle innovation, towards promoting greater disclosure and transparency.
Further, as the general public is better educated and more sophisticated, more emphasis is now placed on consumer education so that they can make informed choices. There is therefore a need to update the Hire-Purchase Act to align with these developments.