Requirements relating to regulated agreements
s 3
Open ↗3.—(1) Before a regulated agreement is entered into in respect of any goods, the owner shall give or cause to be given to the prospective hirer a written statement which shall contain the items set out in the Second Schedule. (2) Where a regulated agreement is entered into by way of acceptance by the owner of a written offer signed by or on behalf of the hirer, subsection (1) shall be deemed not to have been complied with unless the written statement was given to the prospective hirer before the written offer was signed. (3) Every regulated agreement —(a) shall be in writing and in the English language; (b) shall be signed by or on behalf of the hirer and all other parties to the agreement; (c) 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; (iv) specify the time for the payment of each of those instalments; and (v) contain a description of the goods sufficient to identify them; (d) shall, where any part of the consideration is or is to be provided otherwise than in cash, contain a description of that part of the consideration; and (e) 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 (referred to in this Act and to be described in the agreement as cash price); (ii) the amount paid or provided by way of deposit (referred to in this Act and to be described in the agreement as deposit), if any, 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 (referred to in this Act and to be described in the agreement as freight); (iv) any amount (included in the total amount) payable to cover vehicle registration fees in respect of the goods (to be described in the agreement as vehicle registration fees); (v) any amount (included in the total amount) payable for insurance in respect of the goods or any of them; (vi) the total of the amounts referred to in sub‑paragraphs (i), (iii), (iv) and (v) less the deposit, if any; (vii) the amount of any other charges included in the total amount payable (referred to in this Act and to be described in the agreement as terms charges); (viii) the total of the amounts referred to in sub‑paragraphs (vi) and (vii) (referred to in this Act as the balance originally payable under the agreement); (ix) the total amount payable; and (x) any other item set out in the Second Schedule.