The creditor or owner is not entitled to terminate a regulated agreement except by or after giving the debtor or hirer not less than seven days' notice of the termination.
Subsection (1) applies only where—
but so applies notwithstanding that, under the agreement, any party is entitled to terminate it before the end of the period so specified.
A notice under subsection (1) is ineffective if not in the prescribed form.
Subsection (1) does not prevent a creditor from treating the right to draw on any credit as restricted or deferred and taking such steps as may be necessary to make the restriction or deferment effective.
Regulations may provide that subsection (1) is not to apply to agreements described by the regulations.
Subsection (1) does not apply to the termination of a regulated agreement by reason of any breach by the debtor or hirer of the agreement.
This section does not apply to a regulated deferred payment credit agreement.