(1) Where goods are let under a hire-purchase agreement and there is a commercial guarantee, the commercial guarantee statement shall be provided to the hirer on a durable medium by the time of the delivery of the goods.

(2) The commercial guarantee statement shall be expressed in concise, plain, intelligible language and shall include the following -

(a) a clear statement that the hirer is entitled by law to remedies from the owner free of charge in the event of a lack of conformity of the goods with the hire-purchase agreement and that those remedies are not affected by the commercial guarantee,

(b) the name and address of the guarantor,

(c) the procedure to be followed by the hirer to obtain the implementation of the commercial guarantee,

(d) the designation of the goods to which the commercial guarantee applies, and

(e) the conditions of the commercial guarantee.

(3) Any failure to comply with subsection (1) or (2) shall not affect the binding nature of the commercial guarantee for the guarantor.