Section 5: Power of Minister to regulate terms of hire-purchase and credit-sale transactions.

The Minister may by regulations published in the Federal Gazette make such provision as he considers expedient-(a) for restricting the sums (including in particular rates of interest) which may be charged in connection with hire-purchase and credit-sale transactions in addition to the purchase price and prescribing the methods by which those sums and purchase prices are to be determined for the purposes of the regulations;
(b) for prohibiting hire-purchase and credit-sale transactions unless initial cash payments are made for the purposes of the transactions of such amounts and at such times as may be prescribed by the regulations;
(c) for securing that the periods during which payments fall to be made in pursuance of hire-purchase or credit-sale agreements shall not exceed the periods prescribed by the regulations; and
(d) for prescribing penalties for offences against the regulations not exceeding a fine of one thousand naira in respect of any particular offence.