Document Type
Conference Item
Publication Date
4-1-2007
Abstract
Recently, due to the easily loan facility from the financial institution, money lending activities had flourished vividly for instance in purchasing goods by way of hire purchase contract is common to the society at large. Hire purchase contract is a money lending or loan by way of leasing, the ownership shifted until the final payment is made. On the other hand, illegal financial institution, or well known as "Ah Long" had mushrooming into the society as well. Hence, without realizing both legal and illegal financial institution, imposed a strict rule upon failure of the defaulters to pay back the loan given. upon failure, repossessor repossessed back the vehicle and mean while, "Ah Long" will use any possible forced so that they get back their money. Therefore, sometimes it creates a negative environment between them the borrower and the creditor and also between the owner (lessor) and the hirer (lessee). Therefore, this study aims to examine the legal implication to the hirer in the case of repossession of the vehicle upon failure to pay back the loan under hire purchase contract and also the impact to the borrower upon failure to pay back the loan from the illegal financial institution or well known as "Along".
Keywords
Hire Purchase, Loan sharks, "Ah Long", Repossession, Financial Institutions in Malaysia
Divisions
FacultyofEconomicsAdministration
Event Title
Law Conference 2007
Event Location
Sintok, Kedah
Event Dates
18-20 Apr 2007
Event Type
conference