4.—(1) Subject to paragraph (3), the minimum amount of the deposit to be paid by the buyer under a hire-purchase agreement for a motor vehicle shall be —
(a)
40% of the purchase price of the motor vehicle if the applicable value of the motor vehicle does not exceed $20,000; or
(b)
50% of the purchase price of the motor vehicle if the applicable value of the motor vehicle exceeds $20,000.
(2) Subject to paragraph (3), the tenure of a hire-purchase agreement for a motor vehicle shall not exceed 5 years.
(3) Paragraphs (1) and (2) shall not apply to a hire-purchase agreement for a used vehicle if the relevant agreement is made between 6th April 2013 and 4th June 2013 (both dates inclusive).