CHANGES APPROVED.

Auckland Star, Volume LXX, Issue 177, 29 July 1939, Page 10

CHANGES APPROVED.

HIRE PURCHASE SYSTEM. PROVISIONS OF NEW BILL. That the provisions of the Hirerurchase Agreements Bill, now before Parliament, would give general effect to principles already extensively practised, was the opinion expressed by business men in Auckland to-day in commenting on the new legislation." They took the view that where hire-purchase systems were efficiently managed, and the interests of vendors were respected, there was no need for further protection, but the provisions of the bill would restrain a minority who were liable to take harsh measures in the exercise of their legal lights. Under hire-purchase trading, it was stated, good judgment was essential, and a credit intelligence service was desirable. In this way the interests of both the vendor and the purchaser were safeguarded. If a customer became involved in unexpected difficulties every effort should be made to help him. To resume possession of the goods should be regarded as action to be taken only when all other efforts had failed. It was not expected that the bill would adversely affect the sale of motor cars, but probably some changes would have to be made in the form of the agreement, particularly in regard to the period of 21 days before the vendor could seize and sell goods. In the past the customary period had been shorter than this. There was also the question of how far current agreements would have to be revised.