(1) Subject to subsection (4), where the hire-purchase price is paid before the date of final payment, a hirer shall be entitled to a rebate—
(a) of the hire-purchase charges;
(b) for insurance, if the hirer requires any contract for insurance in respect of which he or she has been debited with the premiums under the hire-purchase agreement;
(c) for maintenance or repairs, if the hirer requires any contract for maintenance or repairs in respect of which he or she has been charged under the hire-purchase agreement.
(2) For the purposes of this section a rebate—
(a) of the hire-purchase charges—
(i) means the hire-purchase charges multiplied by the remaining months of the hire-purchase agreement divided by the total number of months needed to complete the hire-purchase agreement;
(ii) where it is agreed in a hire-purchase agreement that the hire-purchase charges have been calculated on a simple interest basis at a rate specified in the hire-purchase agreement on the amount not including the hire-purchase charges outstanding from month to month, means the attributable to the period of completed months still to go under the hire-purchase agreement;
(b) for insurance means the sum of the total amount of premium paid in respect of any annual period not yet commenced;
(c) for maintenance or repairs means the amount derived by multiplying the amount charged for maintenance or repairs by the number of months remaining under the hire-purchase agreement and dividing the result by the total number of months needed to complete the hire-purchase agreement.
(3) The hirer shall not be entitled to rebates if—
(a) the regular price of the goods comprised in the hire-purchase agreement is less than $100;
(b) the hirer is not bound to pay anything for hire-purchase charges, insurance, maintenance or repairs.