Section 4C
Contents of hire-purchase agreement
(a)
shall—
(i)
specify a date on which the hiring shall be deemed to have commenced;
(ii)
specify the number of instalments to be paid under the agreement by the hirer;
(iii)
specify the amounts of each of these instalments and the person to whom and the place at which the payments of these instalments are to be made;
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(iv)
specify the time for the payment of each of those instalments;
(v)
contain a description of the goods sufficient to identify them;
(vi)
specify the address where the goods under the hire-purchase agreement are;
(b)
where any part of the consideration is or is to be provided otherwise than in cash, shall contain a description of that part of the consideration;
(c)
shall set out in a tabular form—
(i)
the price at which at the time of signing the agreement the hirer might have purchased the goods for cash (in this Act referred to and in the agreement to be described as “cash price”);
(ii)
the amount paid or provided by way of deposit (in this Act referred to and in the agreement to be described as “deposit”) showing separately the amount paid in cash and the amount provided by any consideration other than cash;
(iii)
any amount included in the total amount payable to cover the expenses of delivering the goods or any of them or to the order of the hirer (in this Act referred to and in the agreement to be described as “freight”);
(iv)
any amount included in the total amount payable to cover vehicle registration fees in respect of the goods (in the agreement to be described as
“vehicle registration fees”);
(v)
any amount included in the total amount, payable for insurance in respect of the goods or any of them;
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(vi)
the total of the amounts referred to in subparagraphs (i), (iii), (iv) and (v) less the deposit;
(vii)
the amount of any other charges included in the total amount payable (in this Act referred to and in the agreement to be described as “terms charges”);
(viii)
the annual percentage rate for terms charges which shall be calculated in accordance with the formula set out in the Seventh Schedule;
(ix)
the total of the amounts referred to in subparagraphs (vi) and (vii) of this paragraph (in this Act referred to as “the balance originally payable under the agreement”); and
(x)
the total amount payable;
(d)
shall not contain any particulars which differ in any material way from the particulars contained in the written statement or statements served on the hirer pursuant to paragraph 4(1)(a) or 4(1)(b), as the case may be.
(1A)
Paragraph (1)(d) shall not apply where in the hire-purchase agreement the terms charges are at a variable rate.
(1B)
Where in a hire-purchase agreement the terms charges are at a variable rate, the following items shall be specified in the hire-purchase agreement based on the terms charges calculated in accordance with the base lending rate applicable at the time the hire-purchase agreement is entered into:
(a)
the number of instalments to be paid under the agreement by the hirer;
(b)
the amount of each of these instalments;
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(c)
the annual percentage rate of terms charges which shall be calculated in accordance with the formula set out in the Seventh Schedule; and
(d)
the balance originally payable under the agreement.
(2)
A hire-purchase agreement that contravenes subsection (1)
shall be void.
(3)
An owner who enters into a hire-purchase agreement in contravention of subsection (1) shall, notwithstanding that the hire-purchase agreement is void, be guilty of an offence under this Act.