28B. (1) The APR in respect of a hire-purchase agreement shall not be greater than 23 per cent.

(2) An owner who is a party to a hire-purchase agreement shall ensure that the agreement complies with subsection (1).

(3) An owner shall not be entitled to enforce a hire-purchase agreement or any contract of guarantee relating thereto 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 such contract of guarantee as aforesaid shall be enforceable against the hirer or guarantor by any holder thereof, unless the requirement specified in subsection (2) has been complied with in respect of the hire-purchase agreement:

Provided that if a court is satisfied in any action that a failure to comply with the aforesaid requirement was not deliberate and has not prejudiced the hirer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it sees fit to impose, decide that the agreement shall be enforceable.

(4) This section shall apply to a hire-purchase agreement entered into after the relevant date.]