4Nature of transactions

4 Nature of transactions (1) For the purposes of this Act, if a motor car is made the subject of a hire-purchase agreement or finance lease it is deemed to be sold to the hirer. (2) For the purposes of this Act if a motor car trader sells or leases a motor car to a financier, (whether as principal or agent) in the expectation that the financier will sell or lease the motor car to a particular third person and the motor car is sold or leased to that third person, the motor car trader is deemed to have sold or leased the motor car to that third person. S. 5 repealed by No. 74/1996 s. 51(a). S. 6 amended by No. 54/1989 s. 35(3), repealed by No. 74/1996 s. 51(a). Part 2—Licences Division 1—Trading in motor cars 7 Motor car traders to be licensed (1) Subject to this Act, a person must not carry on a business of trading in motor cars unless that person is the holder of a motor car trader's licence. 1. 100 penalty units for each motor car bought, sold or exchanged or offered to be bought, sold or exchanged in contravention of this subsection. (2) If a person is convicted of an offence against subsection (1), the court may, in addition to or substitution for any penalty it may impose, order the person to pay a fine equal to 15 per centum of the sale price of each motor car with respect to which the offence was committed. S. 7A inserted by No. 74/1996 s. 4.