Section 2: Requirements relating to hire-purchase and credit-sale agreements.

(1) Before any hire-purchase agreement is entered into in respect of any goods, the owner shall state in writing to the prospective hirer, otherwise than in the note or memorandum of the agreement, a price at which the goods may be purchased by him for cash (in this section referred to as the "cash price"):
Provided that this subsection shall be deemed to have been sufficiently complied with-
(a) if the hirer has inspected the goods or like goods and at the time of his inspection tickets or labels were attached to or displayed with the goods clearly stating the cash price either of the goods as a whole or of all the different articles or sets of articles comprised in the goods; or
(b) if the hirer has selected the goods by reference to a catalogue, price list or advertisement which clearly stated the cash price either of the goods as a whole or of all the different articles or sets of articles comprised in the goods.
(2) An owner shall not be entitled to enforce a hire-purchase agreement or any contract of guarantee relating to the agreement or any right to recover the goods from the hirer, and no security given by the hirer in respect of money payable under the hire-purchase agreement or given by a guarantor in respect of money payable under a contract of guarantee relating to the agreement shall be enforceable against the hirer or guarantor, unless the requirement specified in subsection (1) of this section has been complied with and-
(a) a note or memorandum of the agreement is made and signed by the hirer and by or on behalf of all other parties to the agreement; and
(b) the note or memorandum contains-
(i) a statement of the hire-purchase price and of the cash price of the goods to which the agreement relates and of the amount of each of the instalments by which the hire-purchase price is to be paid and of the date, or the mode of determining the date, upon which each instalment is payable; and
(ii) a statement of the deposit paid; and
(iii) a statement of the true rate of interest calculated in such manner as the Minister may by regulations published in the Federal Gazette prescribe; and
(iv) a list of the goods to which the agreement relates sufficient to identify them; and
(c) the note or memorandum contains a notice, which is at least as prominent as the rest of the contents of the note or memorandum, in the terms provided by the Schedule to this Act; and
[Schedule.]
(d) a copy of the note or memorandum is delivered or sent to the hirer within fourteen days of the making of the agreement:
Provided that, if the court is satisfied in any action that a failure to comply with the requirement specified in subsection (1) of this section or any requirement specified in paragraph (b), (c) or (d) of this subsection has not prejudiced the hirer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it thinks fit to impose, dispense with that requirement for the purposes of the action.
(3) The provisions of this section shall apply to credit-sale agreements as they apply to hire-purchase agreements, but as if-
(a) for any reference to the owner, hirer or hire-purchase price there were substituted respectively a reference to the seller, buyer and total purchase price; and
(b) paragraph (c) of subsection (2) of this section, and the reference to that paragraph in the proviso to the subsection, were omitted.