(1) Where goods have been let under a hire-purchase agreement and 70% or more of the hire-purchase price has been paid, the owner shall not enforce any right to recover possession of the goods otherwise than by court action.
(2) Where an owner recovers possession of goods in contravention of subsection (1), the hire-purchase agreement, if not previously terminated, shall terminate, and—
(a) the hirer shall be released from all liability under the hire-purchase agreement and shall be entitled to recover from the owner in an action for money had and received all sums paid by the hirer under the hire-purchase agreement or under any security given by him or her in respect of the hire-purchase agreement; and
(b) a guarantor shall be entitled to recover from the owner in an action for money had and received all sums paid by him or her under the contract of guarantee or under any security given by him or her in respect of the contract of guarantee.
(3) An owner shall not take any step to enforce payment of any sum due under the hire-purchase agreement or under any contract of guarantee relating to the hire-purchase agreement, except by claiming the sum in the action commenced pursuant to subsection (1).
(4) Subject to such exceptions as may be provided for by rules of court, all the parties to the hire-purchase agreement and any guarantor shall be made parties to the action.
(5) Pending the hearing of the action the court shall, in addition to any other powers, have power on the application of the owner to make such orders as the court thinks just for the purpose of protecting the goods from damage or depreciation, including orders restricting or prohibiting the use of the goods or giving directions as to their custody.
(6) A person shall not fail to comply with an order made under subsection (5).
(7) A person who contravenes subsection (6) commits an offence and is liable on summary conviction to a fine not exceeding $500.