73M.—(1) This section applies where the hirer has the right to a price reduction under section 73L(2)(a).

(2) The right of the hirer under this section is the right—

(a) to require the owner to reduce in accordance with subsection (3) the price the hirer is required to pay under the hire-purchase agreement, or

(b) to receive from the owner a reimbursement of the price paid by the hirer in excess of the amount of the reduction applicable under subsection (3).

(3) The reduction of the price shall be proportionate to the decrease in the value of the goods received by the hirer compared with the value that the goods would have if they were in conformity with the hire-purchase agreement.

(4) Where the hirer has the right to reimbursement under subsection (2)(b), the owner shall reimburse the hirer in accordance with section 73P.

(5) In a hire-purchase agreement where the hirer transfers the ownership of goods to the owner in full or part payment of the price, the right of the hirer to a price reduction shall not apply if—

(a) no agreed monetary value was ascribed by the parties to the goods to be transferred by the hirer at the time the hire-purchase agreement was concluded, or

(b) the goods which the hirer has transferred, or is required to transfer, under the hire-purchase agreement cannot be divided up so as to enable the owner to receive or retain only the reduced price.]