Following the 2018 enactment of regulations governing contractual terms contained in vehicle hire-purchase agreements, the Office of the Consumer Protection Board (“OCPB”) has recently resolved to adjust such regulatory scheme as part of their initiatives to alleviate the ongoing economic downturn and financial hardships suffered by consumers as a result of the pandemic, and to prevent consumers being subject to any unfair contractual terms in this respect.  The Notification of Contracts Committee Re: Prescribing Hire Purchase for Vehicle and Motorcycle Business as Contract-Controlled Business, B.E. 2565 (2022) (the “Notification“), which was enacted on 13 October 2022 and will become effective on 10 January 2023, repeals the previous regulations and amends four major aspects thereof as detailed below. 1. Hire-Purchase Interest Rate Previous Regulation Newly Enacted Notification Flat interest rate (i.e., calculated from the initial principal) Effective interest rate (calculated from the outstanding principal), with the prescribed ceiling according to the age and type of vehicle; New car: not exceeding 10% per annum; Used car: not exceeding 15% per annum; and Motorcycle: not exceeding 23% per annum.    2. Early Debt Repayment  If the Debtor intends to pay off the entire outstanding balance, regardless of the scheduled installments; Previous Regulation Newly Enacted Notification The Creditor shall offer a discount to the Debtor of at least 50% of the remaining interest payable (which is not yet due). Creditor shall offer discounts to the Debtor at the following rates, depending on the proportion of the installments already paid; If less than 33% of the total outstanding balance has been paid, a discount of at least 60% on the interest which is not...