s 5 Regulated agreements which are not enforceable
5.—(1) A regulated agreement that is not in writing shall not be enforceable by the owner. (2) An owner shall not be entitled to enforce a regulated agreement or any contract of guarantee relating to a regulated 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 regulated agreement or given by a guarantor in respect of money payable under such a contract of guarantee shall be enforceable against the hirer or guarantor by any holder of the security, unless the requirements set out in sections 3(3)(b) to (e) and 4 have been complied with. (3) Notwithstanding subsection (2), where the court is satisfied that —(a) a failure to comply with any of the requirements set out in sections 3 and 4 has not prejudiced the hirer; and (b) it would be just and equitable to dispense with such of the requirements mentioned in paragraph (a), the court may, subject to any conditions that it thinks fit to impose, dispense with those requirements for the purpose of the action.