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hire-purchase agreement

  1. 57(1) (except as specified in this definition) in accordance with article 60L of the Regulated Activities Order, an agreement:
    1. (a) which is not a conditional sale agreement;
    2. (b) under which goods are bailed or, in Scotland, hired to a person ("P") in return for periodical payments by P; and
    3. (c) the property in the goods will pass to P if the terms of the agreement are complied with and one or more of the following occurs:
      1. (i) the exercise by P of an option to purchase the goods;
      2. (ii) the doing by any party to the agreement of any other act specified in the agreement; or
      3. (iii) the happening of any event specified in the agreement
  2. 57(2) (in CREDS) has the meaning given to ‘hire purchase agreement’ in section 31(1) of the Credit Unions Act 1979.