Section 15

Subject to this section, an owner shall not exercise any power of taking possession of goods comprised in a regulated agreement arising out of any breach of the agreement relating to the payment of instalments until he has served on the hirer a notice, in writing, in the form set out in the Fourth Schedule and the period fixed by the notice has expired, which shall not be less than 7 business days after the service of the notice.

An owner need not comply with subsection (1) if there are reasonable grounds for believing that the goods comprised in the regulated agreement will be removed or concealed by the hirer contrary to the provisions of the agreement, but the onus of proving the existence of those grounds shall lie upon the owner.

Within 7 business days after the owner has taken possession of goods that were comprised in a regulated agreement, he shall serve on the hirer and every guarantor of the hirer a notice, in writing, in the form set out in the Fifth Schedule.

Where the owner takes possession of goods that were comprised in a regulated agreement, he shall —

The document acknowledging receipt of the goods required under subsection (4) shall set out a short description of the goods and the date on which, the time at which and the place where the owner took possession of the goods.

If the notice required by subsection (3) is not served, the rights of the owner under the regulated agreement shall thereupon cease and determine.

If the hirer exercises his rights under this Act to recover the goods so taken possession of, the agreement shall have the same force and effect in relation to the rights and liabilities of the owner and the hirer as it would have had if the notice under subsection (3) had been duly given.