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Hire-Purchase Act 1964

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This is the original version (as it was originally enacted).

32Information as to rate of interest or charge

(1)The following section shall be inserted after section 2 of the Advertisements (Hire-Purchase) Act 1957—

2A(1)An advertisement to which this Act applies which, in relation to any goods, contains a fraction represented as mentioned in section 1(2)(d) of this Act shall not be displayed or issued unless—

(a)the advertisement contains details of payments in respect of those goods ;

(b)in so far as it relates to those goods, the instalments are expressed in the advertisement as being instalments of equal amounts and payable in respect of equal periods; and

(c)the fraction so represented in the advertisement is expressed as a specified amount per cent. per annum and the amount so specified is not less than an amount calculated in accordance with the prescribed formula.

(2)In paragraph (c) of the preceding subsection " the prescribed formula" means the formula set out in the Schedule to this Act (being a formula for calculating a rate of interest or charge on the basis of so much of the cash price, less any deposit, as remains outstanding after each instalment is paid).

(3)For the purposes of this section any period of a calendar month shall be taken to be equal to any other period of a calendar month.

(4)This section shall have effect without prejudice to any requirement imposed by section 2 of this Act..

(2)The provisions set out in Schedule 3 to this Act shall be inserted in the said Act of 1957 as the Schedule to that Act.

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