Definitions
120 Definitions
In this Part—
S. 120(1) def. of hire purchase agreement amended by No. 11/2010 s. 50.
hire purchase agreement includes—
an agreement for the hire or 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 an agreement—
to which the Hire-Purchase Act 1959 applies; or
under which the property in the goods comprised in the agreement passes at the time of the agreement or any time before the delivery of goods; or
that is a regulated contract within the meaning of the Credit Act 1984; or
that is a credit contract within the meaning of the National Credit Code within the meaning of the National Consumer Credit Protection Act 2009 of the Commonwealth;
owner means a person who lets, hires or agrees to sell goods under a hire-purchase agreement and includes a person to whom the owner's property in the goods or any of the owner's rights or liabilities under the agreement have passed by assignment or by operation of law;
hirer means a person to whom goods are let, hired or agreed to be sold under a hire-purchase agreement and includes a person to whom the hirer's rights or liabilities under the agreement have passed by assignment or by operation of law.
A reference in this Part to taking possession by an owner of goods comprised in a hire-purchase agreement does not include a reference to taking possession by the owner as a result of the voluntary return of the goods by the hirer.
S. 121 inserted by No. 74/1997 s. 5.
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