HIRE-PURCHASE ACT

HIRE‐PURCHASE ACT ARRANGEMENT OF SECTIONS

Preliminary

SECTION

1. Transactions regulated by this Act.

Operation and termination of agreements, etc.

2. Requirements relating to hire‐purchase and credit‐sale agreements.

3. Avoidance of certain provisions in agreements.

4. Conditions and warranties implied in hire‐purchase agreements.

5. Power of Minister to regulate terms of hire‐purchase and credit‐sale transactions.

6. Duty of parties to furnish information.

7. Appropriation of payments under hire‐purchase agreements.

8. Right of hirer to determine hire‐purchase agreement.

Recovery of goods, etc.

9. Restriction on recovery of goods otherwise than by action.

10. Powers of court in actions to recover goods.

11. Application of sections 9 and 10 of this Act to successive hire‐purchase agreements be‐ tween same parties.

12. Effect of suspension of order for delivery up of goods.

13. Powers of court as to payments arising on determination of hire‐purchase agreements.

14. Adverse possession and conversion.

Control of advertisements

15. Advertisements subject to control.

16. Information to be included in advertisements.

17. Penalties.

Miscellaneous and general

18. Power of Minister to require information about hire‐purchase business, etc.

19. Power of Minister to exclude goods, etc., from operation of the Act.

20. Interpretation, etc.

21. Short title and extent.

SCHEDULE

Notice for inclusion in Hire‐purchase agreement

 

HIRE‐PURCHASE ACT

An Act to make provision with respect to hire‐purchase and credit‐sale transactions and advertisements relating thereto; and for purposes connected with the mat‐ ters aforesaid.

[1965 No.3. 1970 No. 23.]

[Ist October, 1968]

[Commencement.]

Preliminary

1. Transactions regulated by this Act

Subject to the provisions of section 19 of this Act, the provisions of this Act (other than the provisions relating to the control of advertisements) shall apply in relation to‐

[L.N. 90 of 1968.]

(a) all hire‐purchase agreements and credit‐sale agreements (other than agreements in respect of motor vehicles) under which the hire‐purchase price or total purchase price, as the case may be, does not exceed two thousand naira; and

(b) all such agreements in respect of motor vehicles, irrespective of the hire‐ purchase price or the total purchase price,

being agreements made after the commencement of this Act; and the expressions “hire‐ purchase agreement” and “credit‐sale agreement” in the following provisions of this Act shall be construed accordingly.

Operation and termination of agreements, etc.

2. Requirements relating to hire‐purchase and credit‐sale agreements

(1) Before any hire‐purchase agreement is entered into in respect of any goods, the owner shall state in writing to the prospective hirer, otherwise than in the note or mem‐ orandum of the agreement, a price at which the goods may be purchased by him for cash (in this section referred to as the “cash price”):

Provided that this subsection shall be deemed to have been sufficiently complied

with‐

(a) if the hirer has inspected the goods or like goods and at the time of his inspection tickets or labels were attached to or displayed with the goods clearly stating the cash price either of the goods as a whole or of all the different articles or sets of articles comprised in the goods; or

(b) if the hirer has selected the goods by reference to a catalogue, price list or advertisement which clearly stated the cash price either of the goods as a whole or of all the different articles or sets of articles comprised in the goods.

 

(2) An owner shall not be entitled to enforce a hire‐purchase agreement or any con‐ tract of guarantee relating to the agreement or any right to recover the goods from the hirer, and no security given by the hirer in respect of money payable under the hire‐ purchase agreement or given by a guarantor in respect of money payable under a contract of guarantee relating to the agreement shall be enforceable against the hirer or guarantor, unless the requirement specified in subsection (1) of this section has been complied with and‐

(a) a note or memorandum of the agreement is made and signed by the hirer and by or on behalf of all other parties to the agreement; and

(b) the note or memorandum contains‐

(i) a statement of the hire‐purchase price and of the cash price of the goods to which the agreement relates and of the amount of each of the instalments by which the hire‐purchase price is to be paid and of the date, or the mode of determining the date, upon which each instalment is payable; and

(ii) a statement of the deposit paid; and

(iii) a statement of the true rate of interest calculated in such manner as the Minister may by regulations published in the Federal Gazette prescribe; and

(iv) a list of the goods to which the agreement relates sufficient to identify them; and

(c) the note or memorandum contains a notice, which is at least as prominent as the rest of the contents of the note or memorandum, in the terms provided by the Schedule to this Act; and

[Schedule.]

(d) a copy of the note or memorandum is delivered or sent to the hirer within fourteen days of the making of the agreement:

Provided that, if the court is satisfied in any action that a failure to comply with the requirement specified in subsection (1) of this section or any requirement specified in paragraph (b), (c) or (d) of this subsection has not prejudiced the hirer, and that it would be just and equitable to dispense with the requirement, the court may, subject to any conditions that it thinks fit to impose, dispense with that requirement for the purposes of the action.

(3) The provisions of this section shall apply to credit‐sale agreements as they apply to hire‐purchase agreements, but as if‐

(a) for any reference to the owner, hirer or hire‐purchase price there were substituted respectively a reference to the seller, buyer and total purchase price; and

(b) paragraph (c) of subsection (2) of this section, and the reference to that para‐ graph in the proviso to the subsection, were omitted.

3. A voidance of certain provisions in agreements

The following provisions in an agreement shall be void, that is to say, any provi‐ sion‐

 

(a) whereby an owner or a person acting on his behalf is authorised to enter upon any premises for the purpose of taking possession of goods which have been

let under a hire‐purchase agreement or is relieved from liability for any such entry; or

(b) whereby the right conferred on a hirer by this Act to determine the hire‐ purchase agreement is excluded or restricted, or any liability in addition to the liability imposed by this Act is imposed on a hirer by reason of the termination of the hire‐purchase agreement by him under this Act; or

(c) whereby a hirer, after the determination of the hire‐purchase agreement or the bailment in any manner whatsoever, is subject to a liability which exceeds the liability to which he would have been subject if the agreement had been determined by him under this Act; or

(d) whereby any person acting on behalf of an owner or seller in connection with the formation or conclusion of a hire‐purchase or credit‐sale agreement is treated as or deemed to be the agent of the hirer or buyer; or

(e) whereby an owner or seller is relieved from liability for the acts or defaults of any person acting on his behalf in connection with the formation or conclusion of a hire‐purchase or credit‐sale agreement; or

(f) whereby a hirer or buyer is required to avail himself of the services, as insurer or repairer or in other capacity whatsoever, of a person other than a person selected by the hirer or buyer in the exercise of his unfettered discretion.

4. Conditions and warranties implied in hire‐purchase agreements

(1) In every hire‐purchase agreement there shall be‐

(a) an implied warranty that the hirer shall have and enjoy quiet possession of the goods;

(b) an implied condition on the part of the owner that he shall have a right to sell the goods at the time when the property is to pass;

(c) an implied warranty that the goods shall be free from any charge or encum‐ brance in favour of any third party at the time when the property is to pass;

(d) except where the goods are let as second‐hand goods and the note or mem‐ orandum of the agreement made in pursuance of section 2 of this Act contains a statement to that effect, an implied condition that the goods shall be of mer‐ chantable quality, so however that no such condition shall be implied by virtue of this paragraph as regards defects of which the owner could not reasonably have been aware at the time when the agreement was made or, if the hirer has examined the goods or a sample of them, as regards defects which the exami‐ nation ought to have revealed.

(2) Where the hirer expressly or by implication makes known the particular purpose for which the goods are required there shall be an implied condition that the goods shall be reasonably fit for that purpose.

(3) The warranties and conditions set out in subsection (1) of this section shall be im‐ plied notwithstanding any agreement to the contrary, and the owner shall not be entitled to rely on any provision in the agreement excluding or modifying the condition set out in

 

subsection (2) of this section unless he proves that before the agreement was made the provision was brought to the notice of the hirer and its effect made clear to him.

(4) Nothing in this section shall prejudice the operation of any other enactment or rule of law whereby any condition or warranty is to be implied in a hire‐purchase agree‐ ment.

5. Power of Minister to regulate terms of hire‐purchase and credit‐sale transac‐ tions

The Minister may by regulations published in the Federal Gazette make such provi‐ sion as he considers expedient‐

(a) for restricting the sums (including in particular rates of interest) which may be charged in connection with hire‐purchase and credit‐sale transactions in addition to the purchase price and prescribing the methods by which those sums and purchase prices are to be determined for the purposes of the regulations;

(b) for prohibiting hire‐purchase and credit‐sale transactions unless initial cash payments are made for the purposes of the transactions of such amounts and at such times as may be prescribed by the regulations;

(c) for securing that the periods during which payments fall to be made in pursuance of hire‐purchase or credit‐sale agreements shall not exceed the periods prescribed by the regulations; and

(d) for prescribing penalties for offences against the regulations not exceeding a fine of one thousand naira in respect of any particular offence.

6. Duty of parties to furnish information

(1) At any time before the final payment has been made under a hire‐purchase agreement or credit‐sale agreement, any person entitled to enforce the agreement against the hirer or buyer shall, within fourteen days from the date on which he receives a request in writing from the hirer or buyer and the hirer or buyer has tendered to him the sum of twenty kobo for expenses, supply to the hirer or buyer a copy of any memorandum or note of the agreement, together with a statement signed by the said person or his agent showing‐ I

(a) the amount paid by or on behalf of the hirer or buyer;

(b) the amount due but unpaid under the agreement, and the date on which each unpaid instalment became due, and the amount of each such instalment; and

(c) the amount which is to become payable under the agreement, and the date or the mode of determining the date upon which each future instalment is to be‐ come payable, and the amount of each such instalment.

(2) In the event of a failure without reasonable cause to comply with subsection (1) of this section, then, while the default continues‐

(a) no person shall be entitled to enforce the agreement against the hirer or buyer or to enforce any contract of guarantee relating to the agreement to enforce any right to recover the goods from the hirer; and

(b) no security given by the hirer or buyer in respect of money payable under the agreement or given by a guarantor in respect of money payable under a

 

contract of guarantee relating to the agreement shall be enforceable against the hirer or buyer or the guarantor,

and, if the default continues for a period of one month, the defaulter shall be guilty of an offence and liable on summary conviction to a fine of an amount not exceeding twenty naira.

(3) Where by virtue of a hire‐purchase agreement a hirer is under a duty to keep the goods comprised in the agreement in his possession or control, the hirer shall, on receipt of a

request in writing form the owner, inform the owner where the goods are at the time when the information is given or, if it is sent by post, at the time of posting.

(4) If a hirer fails without reasonable cause to give the said information within four‐

teen days from the date of the receipt of a request under subsection (3) of this section, he shall be guilty of an offence and liable on summary conviction to a fine not exceeding

twenty naira; and if any information given by or on behalf of a hirer in pursuance of a request under that subsection is to his knowledge false in a material particular, the hirer shall be guilty of an offence and liable on summary conviction to a fine not exceeding one hundred naira.

7. Appropriation of payments under hire‐purchase agreements

A hirer who is liable to make payments in respect of two or more hire‐purchase agreements to the same owner shall, notwithstanding any agreement to the contrary, be entitled, on making any payment in respect of the agreements which is not sufficient to discharge the total amount then due under all the agreements, to appropriate the sum so paid by him in or towards the satisfaction of the sum due under anyone of the agree‐

ments, or in or towards the satisfaction of the sums due under any two or more of the agreements in such proportions as he thinks fit; and if he fails to make any such appro‐ priation as aforesaid the payment shall by virtue of this section be appropriated towards the satisfaction of the sums due under the respective hire‐purchase agreements in the pro‐ portions which those sums bear to one another.

8. Right of hirer to determine hire‐purchase agreement

(1) A hirer shall, at any time before the final payment under a hire‐purchase agree‐

ment falls due, be entitled to determine the agreement by giving notice of termination in writing to any person entitled or authorised to receive any sums payable under the agreement and shall, on determining the agreement under this section, be liable, without prejudice to any liability which has accrued before the termination, to pay the amount, if any, by which one‐half of the hire‐purchase price exceeds the total of the sums paid and the

sums due in respect of the hire‐purchase price immediately before the termination, or such less amount as may be specified in the agreement.

(2) Where a hire‐purchase agreement has been determined under this section, the hirer shall, if he has failed to take reasonable care of the goods, be liable to pay damages for the failure.

(3) In any circumstances where‐

(a) a hirer determines or has determined a hire‐purchase agreement under this sec‐ tion, he shall, immediately upon the determination, return the goods to the

 

owner and settle all outstanding liabilities subject as prescribed in the forego‐ ing provisions of this section; and

[1970 No. 23.]

(b) having determined a hire‐purchase agreement, the hirer wrongfully retains possession of the goods, then in any action brought by the owner to recover possession of the goods from the hirer, the court shall, unless it is satisfied that having regard to the circumstances it would not be just and equitable so to do, order the goods to be delivered to the owner without giving the hirer an option to pay the value of the goods.

(4) Nothing in this section shall prejudice any right of a hirer to determine a hire‐ purchase agreement otherwise than by virtue of this section.

Recovery of goods, etc.

9. Restriction on recovery of goods otherwise than by action

(1) Where goods have been let under a hire‐purchase agreement and the relevant proportion of the hire‐purchase price has been paid (whether in pursuance of a judgment or

otherwise) or tendered by or on behalf of the hirer or any guarantor, the owner shall not enforce any right to recover possession of the goods from the hirer otherwise than by action and except as provided by subsection (5) of this section.

[1970 No. 23.]

(2) If an owner recovers possession of goods in contravention of subsection (1) of this section, the hire‐purchase agreement, if not previously determined, shall determine and‐

(a) the hirer shall be released from all liability under the 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 agreement or under any security given by him in respect of the agreement; and

(b) any guarantor shall be entitled to recover from the owner in an action for money had and recei ved all sums paid by him under the contract of guarantee or under any security given by him in respect of that contract.

(3) The provisions of subsections (1) and (2) of this section shall not apply in any case in which the hirer has determined the agreement or the bailment by virtue of any right vested in him.

(4) In this section and elsewhere in this Act, “the relevant proportion”, where the reference is to the relevant proportion of the hire‐purchase price of any goods or to the relevant proportion of a part (however described) of that price, means‐

(a) in the case of goods other than motor vehicles, one‐half; and

(b) in the case of motor vehicles, three‐fifths.

(5) In the application of the provisions of this section to motor‐vehicles, where three or more installments of the hire‐purchase price of a motor‐vehicle under the agreement are due and unpaid, the owner may remove the motor vehicle to any premises under his control for the purpose of protecting it from damage or depreciation and retain it there

 

pending the determination of any action, and the owner shall be liable to the hirer for any damage or loss which may be caused by the removal.

[1970 No. 23.]

10. Powers of court in actions to recover goods

(1) Where, in any case to which section 9 of this Act applies, an owner commences an action to enforce a right to recover possession of goods from a hirer after the relevant proportion of the hire‐purchase price has been paid or tendered as aforesaid, the 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 agreement, except by claim‐ ing the sum in the action.

[1970 No. 23.]

(2) Subject to such exceptions as may be provided for by rules of court, all the parties to the agreement and any guarantor shall be made parties to the action.

(3) Pending the hearing of the action the court shall, in addition to any other powers, have power, upon 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 or‐ ders restricting or prohibiting the use of the goods or giving directions as to their custody.

(4) On the hearing of the action the court may, without prejudice to any other power‐

(a) make an order for the specific delivery of all the goods to the owner; or

(b) make an order for the specific delivery of all the goods to the owner and post‐ pone the operation of the order‐

(i) on condition that the hirer or a guarantor pays the unpaid balance of the hire‐purchase price at such times and in such amounts as the court thinks just having regard to the means of the hirer or guarantor; and

(ii) subject to the fulfillment of such other conditions by the hirer or a guarantor as the court thinks just; or

(c) make an order for the specific delivery of a part of the goods to the owner and for the transfer to the hirer of the owner’s title to the remainder of the goods.

(5) No order shall be made under subsection (4) (b) of this section unless the court is satisfied that the goods are in the hirer’s possession or control at the time when the order is made.

(6) The court shall not make an order transferring to the hirer the owner’s title to a

part of the goods unless it is satisfied that the amount which the hirer has paid in respect of the hire‐purchase price exceeds the price of that part of the goods (determined in ac‐

cordance with subsection (9) of this section) by at least the relevant proportion of the unpaid balance of the hire‐purchase price.

(7) Where damages have been awarded against the owner in the proceedings, the court may treat the hirer as having paid in respect of the hire‐purchase price, in addition to the actual amount paid, the amount of the damages, or such part thereof as the court thinks fit, and thereupon the damages shall accordingly be remitted either in whole or in part.

 

(8) In this section and elsewhere in this Act “order for the specific delivery of’ any goods means an order for the delivery of the goods to the owner without giving the hirer an option to pay their value.

(9) In this section “price”, in relation to any goods, means such part of the hire‐ purchase price as is assigned to those goods by the note or memorandum of the hire‐ purchase agreement or, if no such assignment is made, such part of the hire‐purchase price as the court may determine.

(10) If at any time before the hearing of an action to which this section applies the owner has recovered possession of a part of the goods, the references in subsection (4) of this section to all the goods shall be construed as references to all the goods which the owner has not recovered; and if the parties have not agreed upon an adjustment of the hire‐purchase price in respect of the goods so recovered, the court may for the purposes of paragraphs (b) and (c) of that subsection, make such reduction of the hire‐purchase price and of the unpaid balance of it as the court thinks just.

( 11) When an owner has recovered a part of the goods let under a hire‐purchase agreement and the recovery was effected in contravention of section 10 of this Act, the provisions of this section shall not apply in relation to any action by the owner to recover the remainder of the goods.

11. Application of sections 9 and 10 of this Act to successive hire‐purchase agree‐ ments between same parties

Where goods have been let under a hire‐purchase agreement and, at any time after the relevant proportion of the hire‐purchase price has been paid or tendered, the owner makes a further hire‐purchase agreement with the hirer comprising those goods, the provisions

of sections 9 and 10 of this Act shall have effect as respects that further agreement from its commencement.

12. Effect of suspension of order for delivery up of goods

(1) While the operation of an order for the specific delivery of goods to the owner is postponed under section 10 of this Act, the hirer shall be deemed to be a bailee of the goods under and on the terms of the hire‐purchase agreement:

Provided that‐

(a) no further sum shall be or become payable by the hirer or a guarantor on ac‐ count of the unpaid balance of the hire‐purchase price except in accordance with the terms of the order; and

(b) the court may make such further modifications of the terms of the hire‐ purchase agreement, and of any contract of guarantee relating to it, as the court considers necessary having regard to the variation of the terms of payment.

(2) If while the operation of an order for the specific delivery of goods to the owner is postponed as aforesaid the hirer or a guarantor‐

(a) fails to comply with any condition of the postponement, or with any term of the agreement as varied by the court; or

(b) wrongfully disposes of the goods,

 

the owner shall not take any civil proceedings in respect of the failure or disposal against the hirer or guarantor otherwise than by making an application to the court by which the order was made:

Provided that, in the case of a breach of any condition relating to the payment of the unpaid balance of the hire‐purchase price, it shall not be necessary for the owner to apply to the court for leave to execute the order unless the court has so directed.

(3) When the unpaid balance of the hire‐purchase price has been paid in accordance with the terms ofthe order, the owner’s title to the goods shall vest in the hirer.

(4) The court may at any time during the postponement of the operation of such an order as aforesaid‐

(a) vary the conditions of the postponement and make such further modification of the hire‐purchase agreement, and of any contract of guarantee relating to it, as the court considers necessary having regard to the variation of the conditions of the postponement;

(b) revoke the postponement;

(c) make an order, in accordance with the provisions of section 10 of this Act, for the specific delivery of a part of the goods to the owner and for the transfer to the hirer of the owner’s title to the remainder of the goods.

(5) The powers of the court under paragraphs (a) and (c) of subsection (4) of this section may be exercised, notwithstanding that any condition of the postponement of the operation of the order has not been complied with, at any time before the goods are deliv‐ ered to the owner in accordance with a warrant issued in pursuance of the order; and where such a warrant has been issued, the court shall‐

(a) if the court varies the conditions of the postponement under paragraph (a) of subsection (4) of this section, suspend the warrant on the like conditions;

(b) if the court makes an order under paragraph (c) of subsection (4) of this section for the delivery of a part of the goods to the owner and for the transfer to the hirer of the owner’s title to the remaining part thereof, cancel the warrant so far as it provides for the delivery of the last‐mentioned part of the goods.

(6) At any time before the delivery of goods to the owner in accordance with a war‐ rant issued as aforesaid, the warrant may, so far as it provides for the delivery of goods, be discharged by the payment to the owner by the hirer or any guarantor of the whole of the unpaid balance of the hire‐purchase price, and in any such case the owner’s title to the goods shall vest in the hirer.

(7) If in any action to which section 10 of this Act applies an offer as to conditions

for the postponement of the operation of an order under subsection (4) (b) of that section is made by the hirer and accepted by the owner in accordance with rules of court, an or‐ der under that paragraph may thereupon be made by the court in accordance with the said offer without hearing evidence as to matters specified in that paragraph or in subsection

(5) of that section:

Provided that where a guarantor is a party to the action, no such order shall be made before the date fixed for the hearing of the action.

 

13. Powers of court as to payments arising on determination of hire‐purchase agreements

(1) Where a hire‐purchase agreement validly provides for the payment by the hirer on or after the determination of the agreement or the bailment of such sum as, when added to the sums paid and the sums due in respect of the hire‐purchase price before the determi‐ nation, is equal to a fixed amount, and a claim is made in respect of any such sum in an action to which section 10 of this Act applies, then‐

(a) if the court makes an order for the specific delivery of a part of the goods to the owner and the transfer to the hirer of the owner’s title to the remainder of the goods, the claim shall be disallowed;

(b) if the court postpones the operation of an order for the specific delivery of the goods to the owner, it shall not entertain the claim unless and until the post‐ ponement is revoked, and shall then deal with the claim as if the agreement had just been determined.

(2) Where the hirer or a guarantor has paid or has been ordered to pay any such sum as aforesaid and the owner subsequently seeks to recover the goods in an action to which section 10 of this Act applies, the court may treat that sum as paid or payable, as the case may be, in respect of the hire‐purchase price.

14. Adverse possession and conversion

(1) Where, in any action by an owner of goods which have been let under a hire‐ purchase agreement to enforce a right to recover possession of the goods from the hirer, the owner proves that, before the commencement of the action and after the right to re‐ cover possession of the goods accrued, the owner made a request in writing to the hirer to surrender the goods, the hirer’s possession of the goods shall, for the purposes of the owner’s claim to recover possession of them, be deemed to be adverse to the owner.

(2) Nothing in subsection (1) of this section shall affect a claim for damages for con‐ version.

(3) If at any time while the enforcement by an owner of a right to recover possession of goods from a hirer is subject to any restriction by virtue of this Act, the hirer refuses to give up possession of the goods to the owner, the hirer shall not, by reason only of the refusal, be liable to the owner for conversion of the goods.

Control of advertisements

15. Advertisements subject to control

(1) This section applies to any advertisement of any goods as being available for dis‐ posal by way of hire‐purchase or credit‐sale, if the advertisement includes one or more of the elements mentioned in subsection (2) of this section and is not an advertisement fal‐ ling within subsection (3) of this section.

(2) The elements required by the provisions of this section are‐

(a) an indication that a deposit is payable, consisting of or including either an indication of the amount of the deposit or an indication that it is a fraction

 

specified in the advertisement, whether the amount of which it is a fraction is specified in the advertisement or not;

(b) words indicating that no deposit is payable;

(c) an indication of the amount of anyone or more of the instalments payable.

(3) An advertisement of goods as being goods available for disposal by way of credit‐ sale is not an advertisement to which this section applies, notwithstanding that it include one or more of the elements mentioned in subsection (2) of this section, if‐

(a) it does not advertise any goods as being available for disposal by way of hire‐ purchase; and

(b) the terms of credit‐sale set out in the advertisement are such that no single ar could be disposed of in accordance with those terms at a total price ex‐ ceeding ten naira.

16. Information to be included in advertisements

(1) An advertisement to which section 15 of this Act applies shall not be displayed or issued by any means unless it includes all the information required by this section and each part of that information is displayed or stated clearly in the advertisement in such a way as not to give undue prominence or emphasis to any part of it in comparison with any other part.

(2) Where an advertisement contains details of payments in respect of any goods, then, in so far as it relates to those goods, the information required by this section is the following, that is to say‐

(a) either‐

(i) the amount of the deposit directly expressed; or

(ii) a statement that the amount of the deposit is a fraction specified in th advertisement of a sum the amount of which is directly expressed in th advertisement; or

(iii) a statement that no deposit is payable;

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