AUSTRALIAN CAPITAL TERRITORY

HIRE-PURCHASE AGREEMENTS ORDINANCE 1955

EXPLANATORY MEMORANDUM

No. 6 of 1955

	The object of this Ordinance is to regulate hire-purchase agreements in the Territory and define the rights of vendors and purchasers.  Primarily it protects the purchaser against arbitrary re-possession by the vendor, and provides for the equitable adjustment of moneys paid in the event of re-possession.  It further provides that the vendor must supply the purchaser with a copy of the agreement together with a notice containing a summary of the purchaser’s rights and privileges under the Ordinance.  At the same time, the application of the Court of Petty Sessions Ordinance is extended to ensure that the vendor has a remedy in the event of the purchaser’s default.  A minimum deposit of not less than one‑tenth of the purchase price is required in respect of certain specified goods, and of not less than one-fifth in respect of all others.  Generally speaking, the Ordinance is based upon the comprehensive Hire-purchase Agreements Act, 1941 – 1955, of New South Wales.