44-6807. Reinstatement
A. A consumer who fails to make a timely rental payment may reinstate the
rental-purchase agreement, without losing any rights or options that exist under the
rental-purchase agreement, by paying the following charges within seven days after the
renewal date of the rental-purchase agreement:
1. All past due rental payments.
2. If the rental property has been picked up, the reasonable cost of pickup and any
redelivery.
3. Any applicable reinstatement fee.
B. A consumer who has paid less than sixty per cent of the total amount necessary
to acquire ownership of rental property is entitled to an extended reinstatement period
of at least sixty days if the consumer voluntarily surrenders the rental property, other
than through judicial process, within seven days after the consumer's receipt of a
written demand for the return of the rental property providing notice of the consumer's
opportunity to obtain the extended reinstatement period.
C. A consumer who has paid sixty per cent or more of the total amount necessary to
acquire ownership of rental property is entitled to an extended reinstatement period of
at least one hundred eighty days if the consumer voluntarily surrenders the rental
property, other than through judicial process, within fourteen days after the consumer's
receipt of a written demand for the return of the rental property providing notice of the
consumer's opportunity to obtain the extended reinstatement period.
D. Nothing in this section prevents a lessor from attempting to repossess rental
property during the applicable reinstatement period, but the repossession does not affect
the consumer's right to reinstate. If the consumer reinstates after the lessor has
repossessed the rental property, the lessor shall provide the consumer with the same
property, if available, or with substitute property of comparable quality and condition.
|