Hire-Purchase Bill In Victoria
(N.Z. Press Association—Copyright) MELBOURNE. September 23.
The Attorney-General of Victoria (Mr Arthur Rylah) today introduced a hire-purchase bill in the Victorian Legislative Assembly which provides for a minimum deposit of 10 per cent, on all hire-purchase transactions in Victoria.
It provides also that hire-pur-chase agreements must be in writing and must be tabulated to show details of the transactions and disclose the gross purchase prices. There are to be no hidden charges. It prohibits companies from advertising goods on terms unless the minimum deposit is shown. It prohibits any company from insisting that the goods be insured with any particular company, giving the purchaser the right to nominate the insurance company.
On repossession, the finance company will be entitled to recover only the loss incurred through breach of the agreement. The debate on the bill was adjourned.
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Bibliographic details
Press, Volume XCVII, Issue 28699, 24 September 1958, Page 15
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141Hire-Purchase Bill In Victoria Press, Volume XCVII, Issue 28699, 24 September 1958, Page 15
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