3.
| (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 agreement, a price at which the goods may be purchased by him for cash (in this section referred to as the " cash price ") : |
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| (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) has been complied with, and
| | (a) the agreement is made and signed by the hirer and by, or on behalf of, all other parties to the agreement ; | | |
| | (b) the agreement 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 installments by which the hire-purchase price is to be paid, and of the date, or the mode of determining the date, upon which each installment is payable ; |
| (ii) a statement of the deposit paid ; and |
| (iii) a list of the goods to which the agreement relates sufficient to identify them; |
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| | (c) the agreement contains a notice, which is at least as prominent as the rest of the contents of the agreement, in the terms set out in the Schedule to this Act; and | | |
| | (d) a copy of the agreement is delivered or sent to the hirer within fourteen days of the making of the agreement. | | |
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| (3) Where any part of the hire-purchase price is, or is to be, paid-otherwise than in cash or by cheque the hire- purchase agreement shall contain a description of that part of the hire-purchase price. |
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| (4) A hire-purchase agreement may be enforced not withstanding that there has been a failure to comply with the requirements specified in subsection (1) or in paragraph (b) or paragraph (c) or paragraph (d) of subsection (2) or in subsection (3) if the court in which an action is instituted to enforce such agreement is satisfied that such failure has not prejudiced the hirer and that it would be 'just and equitable in all the circumstances of the case to enforce such agreement. |
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Sri Lanka Consolidated Acts