Kuala lumpur: The Hire-Purchase (Amendment) Bill 2025 was tabled for its first reading in the Dewan Rakyat today. Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali, when presenting the bill, announced that the second reading is scheduled to occur during the current parliamentary session.

According to BERNAMA News Agency, the bill aims to amend the Hire-Purchase Act 1967 (Act 212) by ensuring fairer outcomes for consumers engaged in hire-purchase agreements. Among the key changes is the replacement of the existing method for calculating terms charges, which is expected to provide a more equitable framework for consumers.

The proposed amendments also involve streamlining the maximum limit for terms charges concerning hire-purchase agreements that utilize either a fixed or variable rate system. Additionally, the bill facilitates the adoption of new technologies in executing hire-purchase agreements, reflecting the evolving nature of digital transactions.

Furthermore, the bill seeks to update outdated terms within the Act to better align with current regulatory standards and technological advancements, ensuring the legislation remains relevant in today's economic landscape.