73O.—(1) This section applies where the hirer exercises—

(a) the right to terminate a hire-purchase agreement under section 73B(3),

(b) the short-term right to terminate a hire-purchase agreement under section 73I(1)(a), or

(c) the final right to terminate a hire-purchase agreement under section 73L(2)(b).

(2) The owner shall upon receipt of the goods or, if the owner so chooses, of evidence provided by the hirer of having sent back the goods, reimburse the hirer in accordance with section 73P for—

(a) the price paid for the goods, and

(b) any costs incurred by the hirer in returning the goods to the owner.

(3) If the hirer terminates a hire-purchase agreement before the price payable for the goods under the agreement has been paid in full, the reimbursement to which the hirer is entitled under subsection (2) applies only to the part of the price which has been paid by the hirer.

(4) Where the hirer exercises the final right to terminate the hire-purchase agreement under section 73L(2)(b), the reimbursement of the price to which the hirer is entitled under subsection (2) may be reduced in proportion to any depreciation in the value of the goods in excess of the depreciation that could reasonably be expected to result from their normal use.

(5) In case of dispute as to the application of subsection (4), it shall be for the owner to show that the depreciation in the value of the goods exceeded that which could reasonably be expected to result from their normal use.

(6) Subject to subsection (7), 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 owner shall—

(a) return those goods to the hirer, and

(b) reimburse the hirer in accordance with section 73P for any part of the price paid by the hirer.

(7) If the owner cannot return goods to the hirer in accordance with subsection (6), the owner shall reimburse the hirer—

(a) to the agreed monetary value ascribed to the goods by the parties at the time the hire-purchase agreement was concluded, or

(b) where no such monetary value was agreed, to a reasonable market value for the goods at the time the hire-purchase agreement was concluded.]