Where it is a condition of any agreement to sell goods at retail that the buyer grant security over the goods to the seller for the whole or part of the purchase price and the property in the goods passes to the buyer subject to that condition, the transaction shall, for the purposes of this Act, be deemed to constitute a hire purchase agreement made at the time when the sale was made.

Where any person lends money upon the security of any goods that have been bought or are to be bought at retail, the sale and the loan shall, for the purposes of this Act, be deemed to constitute a hire purchase agreement (made at the time of the making of the loan) if—

Where subparagraph (ii) of paragraph (b) of subsection (6) of this section applies the seller of the goods shall be deemed to be a dealer and the person in whose favour the security is granted shall be deemed to be the vendor, except that section 18 of this Act shall apply, with all necessary modifications, as if the seller were the vendor and the person in whose favour the security is granted were the assignee.”