Tasmanian Numbered Acts Tasmanian Numbered Acts119. What is an equipment financing arrangement?
(1) An equipment financing arrangement is a hire of goods that consists of –
(a) a hire purchase agreement; or
(b) some other agreement for a term of not less than 9 months and under which the final payment is payable not earlier than 8 months after the agreement is entered into.
(2) A hire purchase agreement is
a letting of goods with an option to purchase and an agreement for the
purchase of goods by instalments (whether the agreement describes the
instalments as rent or hire or otherwise), but does not include any agreement
by which the property in the goods comprised in the agreement passes at the
time of the agreement or on or at any time before the delivery of the goods.